Housing Prices are Just Plain Wrong
Check this graph out. It’s appalling.
Of course, many people go rich flipping houses. Good for them. Except those same people caused what amounts to a speculator boom which will make buying a new home all but impossible for many people for years to come. When the loans dry up, as they’re beginning to. As the defaults and foreclosures escalate and cascade, as they are now, it will crash the value of a lot of properties bringing more misery and defaults. And many of those flippers will be burned.
The only salvation, I think is, so much inventory will be on market, sellers will be desperate to unload their properties. But if the problem levels out, the cycle could repeat.
Housing prices here in Nevada have gotten absurd. And forget about California. Despite what they say about real estate, I think some hard times will be ahead for people who play too much with it. Unless they can ride tings out.
A lot of flippers have too many mortgages to maintain. And people aren’t buying like they were.
Yep. The house next to mine has been up for sale for nearly six months now. A year or two ago it would have been snapped up in a couple of weeks.
Posted by on 07/04 at 02:34 AMJoke: What do hurricanes and divorce have in common? In Alabama either one can wipe out the family trailer.
This sad but true joke is a statement of the level of poverty felt state wide. Many who can buy land can’t afford to build their dream home, but can move a double wide onto the property. I’m lucky and blessed that I own my own home and the land.
From: Andrew Sullivan The Daily Dish
“I don’t believe my role is to replace the verdict of a jury with my own,” - George W.
Bush on why he signed death warrants for 152 inmates as governor of Texas.
The quote is from his own book, “A Charge To Keep.” I think that’s a debate-ender, isn’t it?I always check to see your take on the various news topics. I don’t usually comment, but I’m always interested in your views.
Posted by on 07/04 at 08:09 AM
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