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This bubble has burst. I believe the tax break was designed to provide enough time for the bigger money to get out of the market before it slides back to sanity.
I expect the price of houses will continue to fall until they sell around the 2.5 times income range. This should bring the higher end below 500k and the lower end below 75k in the less prosperous parts of the country. I also expect the "executive" suburbs near the bigger cities to remain higher, but not as high, priced as the last decade.
I have seen a historic house including a few acres of land for sale in my town for less than 300k. As I do not have the ability to pay that big a mortgage, and never did, this is only of academic interest for me.
I thnik tah banks are in no hurry to unbudle those loans on their books. Likely many of thsoe homes wil still be there in 10 eyars as they worl slowly thru this. Certainly the adminsitration has not made this their 2nd highest priority and private investors no longer have a interest in a governamnt'privte partnership to solved it like geithener talked about before GM and chrysler;.
This bubble has burst. I believe the tax break was designed to provide enough time for the bigger money to get out of the market before it slides back to sanity.
I expect the price of houses will continue to fall until they sell around the 2.5 times income range. This should bring the higher end below 500k and the lower end below 75k in the less prosperous parts of the country. I also expect the "executive" suburbs near the bigger cities to remain higher, but not as high, priced as the last decade.
I have seen a historic house including a few acres of land for sale in my town for less than 300k. As I do not have the ability to pay that big a mortgage, and never did, this is only of academic interest for me.
Good points. A good rule of thumb is prices will be what they were in 2000, a retrace of the bubble. That is what bubbles do.
Hoping rates/prices at the least hold steady for a few years as I won't be in the market till then.
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