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Looks like year over year rises in housed prices were the highest in 6 years. That is a very good sign.
Ultimately, most Americans' net worth is tied up in real estate, and now that housing has found a floor, we can begin the recovery in earnest.
A housing recovery will help either Romney or Obama. In the former, it will give a better impression that would probably be deserved, and would undoubtedly help with reelection prospects. With the latter, it will vindicate the hard work of the last few years, that were being undermined by the steady drop in house prices, which was hammering the middle class well after the "recession" was over.
What about the folks who have been saving money? Don't you care about them?
Where did you dredge this up? What is the implication? Saving is great and savers are great! Noone saves more aggressively than me. I am a total Dave Ramsay guy, and I have paid off almost all my nonhousing debt in the midst of this recession and saved about $60k since 2007, with a very modest salary. I buy nothing on credit and drive 10-20 year old cars. Still, despite being very fiscally conservative and saving like mad, I am $30k underwater on a house I bought in 2003. I've never even late for a payment. It dropped over $150k peak to trough. We are a typical middle class family, and for us, the difference between being trapped and actually feeling mildly wealthy is very dependent upon what goes on with housing.
Don't get me wrong, I don't want to see a crazy bubble EVER again in my lifetime, but housing prices appreciating approximately with inflation is a very, very good thing for the middle class and therefore, for the economy.
Where did you dredge this up? What is the implication? Saving is great and savers are great! Noone saves more aggressively than me. I am a total Dave Ramsay guy, and I have paid off almost all my nonhousing debt in the midst of this recession and saved about $60k since 2007, with a very modest salary. I buy nothing on credit and drive 10-20 year old cars. Still, despite being very fiscally conservative and saving like mad, I am $30k underwater on a house I bought in 2003. I've never even late for a payment. It dropped over $150k peak to trough. We are a typical middle class family, and for us, the difference between being trapped and actually feeling mildly wealthy is very dependent upon what goes on with housing.
Don't get me wrong, I don't want to see a crazy bubble EVER again in my lifetime, but housing prices appreciating approximately with inflation is a very, very good thing for the middle class and therefore, for the economy.
Houses don't appreciate in any normal economy. They are a depreciating asset just like a car or boat. The only exception was following the formation of subsidized loans by Freddie and Fannie. There is just too much land and people don't really need a place to live because they can just live back with family or accumulate roommates.
You paid too much for your house. I don't know what to say to you.
Did you buy this year or last? Just curious. Also, is this your first home?
What is odd about this trough is that prices are much, much better than in recent years, but those of us in the market lost out down payments and years and years of payments. For those starting out, this is a great time to buy. Prices are low, and so are interest rates. This is a huge turnaround from ten years ago, when the boomers were holding all the cards and younger folks could not get on base. Those of us who were late boomers or Gen. X buyers were really hammered by the bubble.
Houses don't appreciate in any normal economy. They are a depreciating asset just like a car or boat. The only exception was following the formation of subsidized loans by Freddie and Fannie. There is just too much land and people don't really need a place to live because they can just live back with family or accumulate roommates.
You paid too much for your house. I don't know what to say to you.
I did pay too much, but I'll survive. None of your comments negate the fact that a housing recovery will strengthen the economy more than just about any other short-term change in economic factors.
I did pay too much, but I'll survive. None of your comments negate the fact that a housing recovery will strengthen the economy more than just about any other short-term change in economic factors.
Why would housing prices becoming more out of reach for the middle class be a good thing?
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