BAKERSFIELD BUBBLE MARKET CALL - The bottom is in!

Former housing bubble BEAR and the man (ME) whole predicted this financial mess says the following:

I am officially calling a bottom in the local housing market and saying its a good time to buy a house, IF you can afford the payments (no more than 30% of monthly income), put down at least 10%, have good credit to afford a low FIXED RATE interest loan and have 6 months of cash reserves (to cushion the blow of the unexpected, job loss, medical bills, etc..).

Will the house prices continue to drop...probably another 5-10%. But if you put down 10% you will be able to cushion the blow.

Right now median house prices are less than 2.6 times median income..during the boom we were at 8.1 times, clearly unsustainable