As a real estate agent in the state of Florida, I have seen the extreme of what he describes. The housing bubble popped, and subsequently the whole financial world suffered. This is one large real estate and lending market correction.

People were paying too much for houses, and those same people were getting mortgages that they couldn't afford or didn't qualify for. Now foreclosures are high and lending is tight.

If I would suggest one piece of investing advice or personal finance advice, it would be that the next 12 months will probably be one of the best times to buy a house for the next few decades. I have seen home prices drop very low, quite quickly; and just like in the stock market these prices will not stay this low for very long.





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