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Huh?? Dude, I don't follow your trail of posts, I have no idea what your theories of home buying are.
My theory is this: If you ain't got no job, lower mortgage rates are not going to enable you to buy a home. And if you DO own a home and lose your job, that house keeps you from picking up and going to a place where you can get a job.
Which in my mind and this current rate of rapidly rising unemployment, makes home buying at any mortgage rate including zero, a bad investment. Because it's starting to look like the great Okie migration, people may have to leave and go wherever just to turn a dime. Without much notice.
If you are advocating that no one should buy a home now, well that to me is foolish....
Say you're a hardworking couple who lived below their means and have an ample emergency fund w/a sizable down payment looking for a modest home. (You are currently renting). You don't think its a good idea to start pursuing home ownership? I hope that's not your feeling....
If you are advocating that no one should buy a home now, well that to me is foolish....
Say you're a hardworking couple who lived below their means and have an ample emergency fund w/a sizable down payment looking for a modest home. (You are currently renting). You don't think its a good idea to start pursuing home ownership? I hope that's not your feeling....
You've misunderstood his argument. He's not against homeownership per se, but in today's very fragile economy with record job losses, tying oneself to a piece of real estate might not be the best idea.
I'd pay up $99.99 for a house (maybe a little more), though.
It occurred to me that my little house, built in '37, is like a 'time capsule' of how simply average Americans lived back in those days, just after the Great Depression. Small homes, small rooms, nothing too fancy...a place to hang your hat after an honest day's work. I shudder to think what the cost of my house was in '37. I'd guess <$5k.
Houses have gotten bigger and exponentially more expensive while families have gotten smaller and wages haven't kept up, yet so many people living beyond their means and using false 'equity' to finance stupid behavior got us to where we are today. All fueled by that 'get something for nothing' mentality spun by the credit markets and the Pigmen it employed.
Day after day I read this kind of crap about what the government "needs to do to stabilize the housing market." All of the "experts" talk about everything from interest rates to lending standards.
Why is it that these sorts of articles never mention that housing is simply too expensive still for most people? Why don't they talk about the fact that there's too much supply on the market, that easy credit resulted in overbuilding?
Because the 'experts' they talk to all have a vested interest and that vested interest does not involve helping you, but milking you for cash.
Many sites talk about the over pricing. Heres mine
But talking to home owners AND people who are thinking of buying all get the same thing from the media..
1- now is the time to buy and get a deal (even though in reality you will be upside down as soon as you sign the papers)
2- may be last chance to buy before it goes up again (slaps head)
3- there is no recession (whoops, now there is one) but not a depression! And the recession is almost over
4- today- 'we are at the bottom' , tomorrow...'well, now we are at the bottom'...last week 'we are at the bottom'...followed closely by experts saying 'buy now, it is the best time'
who are these people speaking to and why would they give such bad advice...lol
Day after day I read this kind of crap about what the government "needs to do to stabilize the housing market." All of the "experts" talk about everything from interest rates to lending standards.
Why is it that these sorts of articles never mention that housing is simply too expensive still for most people? Why don't they talk about the fact that there's too much supply on the market, that easy credit resulted in overbuilding?
Because, if they let house prices go down it will hurt Big Business... the people who sell it will also take a loss but that is their fault for buying too high... If people are buying a Playstation for $2000 and it was already known that it was only worth $400... Big Business stand to make a lot of money... at the same time, people who bought the $2000 Playstation found out there are better (newer generations of Playstation) selling for $500 but think their Playstation is "special" and deserve at least $1200... what are you going to do? The idiots will buy their "special" Playstation whereas the smarter people will look elsewhere and that is what is happening in the housing market... The problem is the government is trying to price fix the whole thing by making the "special" Playstation stay at $1200 and trying to raise the price of newer generation of Playstation by trying to "increase demand"... offering loan modifications, low interest rates, looser credit, etc. etc. Mind you... do you think OPEC control oil prices is good for you? Do you think deBeers controlling diamond prices is good for you? Do you think overpaying is good for you or the economy? That's what the government is trying to do and Big Business loves it... think about it... if they can sell their newer generation of Playstations for $1200 instead of $500, that's great for them... for troubled homeowners, it lets them keep some of their "government-supported" inflate house value... who does it help? Not the US Taxpayers who PAY to keep this crap going on but also PAY to buy a overinflated house price...
Not the US Taxpayers who PAY to keep this crap going on but also PAY to buy a overinflated house price...
Which leads me to believe it's high time for widespread taxpayer revolt. Imagine what would happen if 50% of taxpayers refused to file federal returns? Imagine if 100% refused! People could keep paying their local and state taxes to keep their communities going, but bankrupting the feds would stop this crap - not to mention illegal foreign wars - full stop.
Americans are already upset at high enough levels to make this happen. They simply need to stop reading the idiots who quote the "experts" in articles like this and act on their instincts.
Day after day I read this kind of crap about what the government "needs to do to stabilize the housing market." All of the "experts" talk about everything from interest rates to lending standards.
Why is it that these sorts of articles never mention that housing is simply too expensive still for most people? Why don't they talk about the fact that there's too much supply on the market, that easy credit resulted in overbuilding?
they don't want to mention that housing is still too expensive because too many powerful people stand to lose money and POWER if real estate corrects to its REAL market price! i'd venture to say that every major bank is technically insolvent. if commercial and residential real estate falls further not even the fed will be able to bail the banks out. it is for this reason that they're distorting inventory numbers by keeping the majority of their homes off the market.
the conspiracy theorist in me believes that the powers that be want us to take on more debt.
There are all kinds of forclosures out there for people to bid on now. I really don't think that homes are going to drop to where they are less than the price of materials and labor, Homeowners will keep their homes first and the homebuilders will go bankrupt first.If you wait to get a lower price you may endup with no home at all.
i think they're going to go well below what they cost to build. i think this because the unemployment levels cannot support these prices. going forward however, we'll be building much cheaper homes in the future. better thought out, more energy efficient with lower maintenance costs.
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