Starter Houses on Long Island? (refinance, square footage, incomes)

[clamboy]

I think were better than halfway through an overdue 20% correction.
(weve lowered ours 15% from the top of the Market...we'll see)
There are a few markets that will always be fairly strong

LI/NJ/Farfield CT/Westchester/SoCal/SiliconValley/So Fla etc
C

[LongIslandBubble]

Originally Posted by clamboy

I think were better than halfway through an overdue 20% correction.
(weve lowered ours 15% from the top of the Market...we'll see)
There are a few markets that will always be fairly strong

LI/NJ/Farfield CT/Westchester/SoCal/SiliconValley/So Fla etc
C

Wishful thinking. You're naming the most overvalued markets. Have you sold yet?

[nbres]

younger people tend to stay with their parents longer and the elder tend to stay with their children; thus increasing vacancies. At the same time, those who bought will turn parts of their house into rentals in a struggle to keep their houses; further increasing vacancies which will drive rents down.

This is already happening, but is it going to get worse?

I think the New York metro area will continue to hang on as long as the high paying jobs on Wall Street exist and the super wealthy don't abandon Manhattan. There is no other place like New York. Though the gap between the wealthy and everyone else is likely to grow. Things are very much up in the air for Long Island.

[LongIslandBubble]

Originally Posted by nbres

This is already happening, but is it going to get worse?

I think the New York metro area will continue to hang on as long as the high paying jobs on Wall Street exist and the super wealthy don't abandon Manhattan. There is no other place like New York. Though the gap between the wealthy and everyone else is likely to grow. Things are very much up in the air for Long Island.

If you've been reading the news lately, you will know that wall street is in serious trouble; that is why bernanke had to inject billions of dollars into the market because wall street was crying like a baby.

Can you believe that Bill Gross was begging Bush to bailout house owners?
Gross:*Bush needs to*rescue homeowners - Aug. 23, 2007

He doesn't give a rats ass about these people; he just wants the artificial prosperity to continue, which it can't. This socialist pig wants to drop this whole problem on the taxpayers for his own greedy reasons. They want to try to put the big fire out with gasoline!

The only things that are up in the air on Long Island are the taxes, inventories, foreclosures and denial.

[LongIslandBubble]

How come my URL's always get screwed up?

[nbres]

I don't know: just left click to highlight and then right click to copy and then right click again where you want to paste.

[LongIslandBubble]

Originally Posted by nbres

I don't know: just left click to highlight and then right click to copy and then right click again where you want to paste.

That's exactly what I have been doing.

[LongIslandBubble]

Here is Nouriel Roubini's take on Manhatten:
http://nymag.com/realestate/features/21675/

[clamboy]

Originally Posted by LongIslandBubble

Here is Nouriel Roubini's take on Manhatten:
Q&A With Real-Estate Pessimist and NYU Economist Nouriel Roubini -- New York Magazine

Just drag and drop the url

Works well

C

[nbres]

The government will never let the wealthy lose money because the government is controlled by the wealthy. About 2% of Americans control about 50% of the wealth today. So unless the economy goes into another real depression there is no way the Federal Reserve is going to ignore the interests of the controlling class. Click below to watch Jim Cramer goes nuts.


YouTube - Cramer Screams: Fed Chairman Wake UP! (Aug. 3, 2007)

My prediction is that the Federal Reserve will continue to lower interest rates in order to entice more borrowing and thus encourage spending. The problem is how do they get people to borrow more when everyone is already in debt. I mean, so many Americans have crappy low paying jobs which will never allow them to repay their debts.