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I'm afraid that all assets going forward are going to be subject to these wild boom/bust cycles, perhaps, horrifyingly, to include housing. I'm uncertain as to why people are so gullible in this way--I mean, when house prices TRIPLE in the space of five years, isn't it obvious that maybe, just maybe you should put off buying a house? The same can be said for stocks, gold, plasma tvs...what have you.
"Recovery", therefore, is a nebulous concept depending on which side you are on: houses-as-investment or houses-as-places-for-real-people-to-live.
I'm afraid that all assets going forward are going to be subject to these wild boom/bust cycles, perhaps, horrifyingly, to include housing. I'm uncertain as to why people are so gullible in this way--I mean, when house prices TRIPLE in the space of five years, isn't it obvious that maybe, just maybe you should put off buying a house? The same can be said for stocks, gold, plasma tvs...what have you.
I hear you and to be honest, many of my friends fell into that boat. I was always amazed at how they could throw 600k at a house that is sticks and plywood. Just looking at it, I KNEW is only cost but 150k to build and the lot 50k at MOST!
A lot of these people where still wet out of college, got the first real job and bling-bling going, thought they'd be adults, and get ahead by playing big. I almost got tired at how blatant they threw their "successful" life around.
I can wait. All comes back to never buy at the top or gamble on a bottom. Patience, wait for the indicators, and make calculated decisions.
Hansproof, Calif is a different story. Land out there isn`t cheap.Actually, everything is expensive in Cal. Even with prices coming down, it`s still expensive. That will never change.
I think the economy we experienced prior to the mortgage crash and subsequent rescession is history. It was unsustainable. We are currently experiencing a correction in the market but, even with time I don't think it is realistic to believe housing prices will ever be what they were in 2003, 2004; that bubble has burst. The global economy is in a period of huge transformation and with emerging economies in China, Brazil and India; the U.S. is at a definite disadvantage in the long run. We have unprecedented debt; a non-competitive labor market, regulatory problems and a population that is becoming less educated with time. In the short run, banks aren't lending; credit ratings have dropped, unemployment is high and will be so for the foreseeable future. Many of us with mortages are upside down. So no, I don't see the housing market ever being what it was 5-6 years ago. There will always be concentrated areas that fare better or worse than the country as a whole but; I would not be investing in real estate for short term gain.
Yes! Thank you for saying it better than I could. Agreed.
Hansproof, Calif is a different story. Land out there isn`t cheap.Actually, everything is expensive in Cal. Even with prices coming down, it`s still expensive. That will never change.
Never change? This coming from a state issuing IOUs.
Maybe it's just my east coast wisdom and seeing the towns and cities of boom and bust from wood, to coal, oil, steel, and automotive. And we're talking hard materials that can't be outsourced over an ethernet cable. Detroit, the richest US city now in shambles. California's fall will come.
Never change? This coming from a state issuing IOUs.
Maybe it's just my east coast wisdom and seeing the towns and cities of boom and bust from wood, to coal, oil, steel, and automotive. And we're talking hard materials that can't be outsourced over an ethernet cable. Detroit, the richest US city now in shambles. California's fall will come.
Your sadly right, California falling will cause a ripple affect, Vegas NV now number one for unemployed coming to the west a;ready.
What's mind blowing is the many that KNEW the decay was in action at the turn of the Century 2000
There`s no proof that Cal will fall as hard as you say it will.
Obama lost a 80 billion bill to support the falling states but was voted down with the deficit still growing enough.
So those state in trouble may go deeper into problems, time to legalize cannabis in the 14 states and pay some bills, about time anyway.
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