The housing mess: 5 'dumb' questions: an interesting article...

I read an article on MSN this morning and thought that it was not only well written but also made understanding some of today's housing situation easier for a person not in the real estate business.

The article was: The housing Mess: 5 'Dumb' Questions, by Marilyn Lewis. It basically said that not understanding the financial market and housing mess isn't really so dumb at all since there are are a lot of factors that lead us to our current situation.

The questions addressed were:

1. Why on earth are we still building?
2. Do we simply have too many houses?
3. Where do those foreclosed families go?
4. Why not offer foreclosures to poor people?
5. How long can a house sit before it's not salable?

I thought that it was particularly interesting that she noted that the Carolina's were one of the few places that demand for new construction was still relatively high.

If you are a buyer who is considering buying a distressed property make sure that you get the expertise of a buyer's agent. Even if you have purchased property in the past distressed property sales can be more challenging and more risky despite what may seem to be the obvious reward: a great deal. When Lewis answered the last question she touched on some of the structural things that can go wrong with a home that sits empty. Having someone who is there to guide you through the process can end up saving you a lot of heartache and money in the long run.