Quote:
Originally Posted by propain
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Did anyone actually look at these links
1) Over a month old, using numbers from march, and actually says very little of substance except 'here's what to look for' I am looking now and dont see what was prognosticated, where's the rebound?
2) What is the date on this article, also helium.com what is that. The article itself has problems, most likely written prior to rates going up which has largely removed some of the mentioned incentives. Also mentions "the unemployment rate is low" this article has some issues
3)This is a story about Canada
4) Another reputable source "blog.taranga.com" the article actually says very little about rebounding.
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I have to call foul on your recent post saying you have posted many links supporting your argument, I have seen little in this regard. You are entitled to your opinion, but there is far more evidentiary support for the opposing viewpoints. Additionally, you previously cited that articles that don't specifically refer to long island are invalid so why bother posting the ones above. When it comes down to it, you will find a plethora of articles from reputible sources calling for further declines in the coming years, some even specifically referencing long island, but little in the way of bottoms and stabilization. Unless you read stuff from 2007 which called for stabilization of the housing market and sound fundamentals of the economy, oops, bad call there.
The one argument I have seen you write over and over is that long island has been unaffordable for 30 years and will continue to be so. I am not really sure where this is coming from because it doesn't appear to be true looking at historical sales figure. This is to ignore that the bubble ever happened. Unless you are saying prior to the bubble it was just regular unaffordable, which would mean now it is "super" unaffordable. If you look at prices in average to above average neighborhoods, say like massapequa, seaford, bellmore, etc. The prices were much lower comparatively taking into account historic gains pre bubble, and have not returned to classic levels of affordability specifically in long island. Even in below average neighborhoods, asking prices are still very high. For most people, if they were to teleport themselves back 9 years, it would have been much much easier to buy back then, wouldn't you agree and doesn't that mean that affordability has changed in the region for the worse. All of the wacky 'new' loans - option arm, negative amortization, alt-a, ninja loans, interest only, were created to get people who can't afford homes to leverage themselves and buy. People should be able to put 20% down and get a conventional mortgage that is well below 50% of their take home income to buy a house, but at current price levels this severely limits the buying field.
There is a subset of places in long island where wealthy people can afford homes and etc., but looking at the island as a whole, its hard to say affordability doesnt matter and the pool of people that can buy, want to buy, or can even qualify for mortgages has taken a serious hit that cannot reinflate unless prices come down or wages rise dramatically.
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