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Great news for middle class homeowners (or ALL homeowners) and the nation as whole. Let's not forget that 70% of Americans own a home, and that housing recovery drives recoveries in many other sectors.
It's not 70 percent. It's more like 65, and in decline. So closer to 50 percent than 100 percent.
Quote: About 65.4 percent of Americans own homes, a number that has been in steady decline since a 2004 peak of 69.2 percent, according to the U.S. Census Bureau. The housing crash and soaring popularity of renting have contributed to the trend.
I hope they keep going up. I intend to sell in a few years. With the gas rights and increase in value that will pay for my home in Thailand cash and leave me quite bit left over besides.
Now wonder the government won't stop backing 90% of all mortgages and artificially keeping interest rates low. If they stop, the house of cards might stop.
Bingo. Securitize the damn things and let the taxpayers eat it when it fails. What a great game they got going. Why wouldn't they ramp it up again? There is no reason not to. Unreal people can't see this and think all is great.
Bull, Bush tried 13 different times to reign in housing and the mortgage industry. They even held Congressional hearings over it, and Barney Frank refused to allow any reforms to leave the finance committees.
Bull, Bush tried 13 different times to reign in housing and the mortgage industry. They even held Congressional hearings over it, and Barney Frank refused to allow any reforms to leave the finance committees.
Bush talked out of both sides of his mouth. One day he claimed to want to reign the banks in and the next he said he supported the idea of expanding housing to those unable to buy a home.
As president he could have done far more than he did if he had been serious. He couldn't pop the bubble as the bubble and low rates was allowing his wars to continue.
Well what is allowing the wars to continue now? What has ever stopped the "wars"? Not really much of anything so take that out of the equation. Now back to point..........
I don't care wether my house is worth 10 grand or 500 grand this is my home where my daughters were raised and their rooms are how they left them so they fell at home visiting.freaking flipping your life and history is getting way to greedy,so after you do it and spend all the money do you feel good or something?
"""MAYBE''' great news for SOME homeowners who bought at the high, and are currently underwater
but bad news for middleclass people who WANT TO BUY
I bought my nice tiny house in 1995 ...for 140k....its ''''value''' (which my property taxes are based on) in 2006 waws 490k........in the last few years it has dropped to 390k.... currently '''valued''' at 400k
meanwhile what '''middleclass''' person can afford a starter home at 400k???
Lot's of folk in your area can do so, especially if they commute to the city for work.
As an aside, the assessed tax value is rarely an accurate measurer of market value at any point in time.
Most municipalities do not reassess property values each year and even fewer know what's inside the home. Assessed values tend to follow local market patterns, not lead. Regardless of assessed value, the municipality will get the money it needs to operate the local schools, parks, libraries, Police, Firefighters and local government.
I don't see how this can be anything other than bad news. As a homeowner, the last thing I need is another bubble, and it appears that's what this is.
Not all homes in all areas appreciated 12+ %.
The coastal areas are seeing the greatest level of appreciation. Places like Seattle and San Francisco did not experience the declines the rest of the U.S. did. Foreign investments are floating the NY and Miami markets.
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