The agency for Fannie Mae called back and countered our offer...we're still $22K apart. Maybe they need the extra $$ to pay out those Executive Bonuses, poor folks! Having the agent go back and explain how I arrived at my numbers due to the amount of work the house requires. If they don't come down, I told her I was in no rush and could wait since anyone paying their price for that house probably "deserved" it :-) I'll just keep putting $$ away each month and there'll be more foreclosures to be had.
FWIW, I personally have enjoyed reading books by Harry S Dent, his most recent being The Great Crash Ahead. Although not all his economic forecasts have been accurate, I gleen a lot of insight on his study of demographics and how spending patterns affect the economy. Factors into my interest in starter home rental properties as the echo boomers (kids of Baby Boomers) begin entering the workforce, start having families, buying first homes, etc. No indorsement intended, just shedding light on factors behind my thinking.