Dan Fauske, head of the Alaska Housing Finance Corporation, spoke with the editorial board recently and had this advice for Alaska and the housing market:
Keep your cool. The market has slowed. Sellers have to flexible. Don't bank on your home equity to rise like a rocket anymore. But recognize that in Alaska we haven't suffered the subprime debacle the way parts of the Lower 48 have.
We're not isolated, we'll feel some of the pain of tighter credit. But the fundamentals - smart money management, three to six months reserve to cover housing and bills, credit card restraint - still work.
Ah, some of us are still learning. But Mr. Fauske's message is on the money: Don't panic. Either the circumstances don't warrant panic, or it's too late for panic to do any good.