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The "hunker down" mentality is necessary and will happen no matter what the government says or does.
Consumers who can afford things will eventually buy them when the price has fallen. I'm beginning to get back into consuming now that asset values are starting to decline. I'm taking more vacations/cruises/etc. Eventually, when a house I'd like can be bought with the equivalent of 100 ounces of gold, I'll probably step in and buy it.
Hunkering down is great for those who kept their powder dry.
Gold prices declined today, dollar strengthen may it's time to buy gold?
''''but it's definitely down right now and it's not going to drop much further. It can't.'''
Aha! So YOU have that illusive crystal ball. Enough with the generalized absurd statements. In many parts of the nation, further decline is underway and will continue unfortunately.
An to anyone that claims they have been through this before. I call BS!! I have been through 2 other declines and those were miniscule in comparison. No one has scene this unless you owned a home during the GP. It will tale LONG time for this to recover. Get over it.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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We have a foreclosure property that originally had $680K owing against it. 2 homes and 22 shops on 12 acres. It got listed by the bank (against our recommendation of $425K) at $489K. After 90 days it went to $369K. Monday the bank said go to $299K and today they said $272K. This bank is obviously VERY motivated
If I wasn't already real estate rich and cash poor, I'd buy this in a heartbeat. somebody is going to make a very very good investment here. I wish it was me
We have a foreclosure property that originally had $680K owing against it. 2 homes and 22 shops on 12 acres. It got listed by the bank (against our recommendation of $425K) at $489K. After 90 days it went to $369K. Monday the bank said go to $299K and today they said $272K. This bank is obviously VERY motivated
If I wasn't already real estate rich and cash poor, I'd buy this in a heartbeat. somebody is going to make a very very good investment here. I wish it was me
because there are many irresponsible, uninformed people that have the idea that not watching the news will shield them from the REALITY of what is taking place in our country. They are OUT OF TOUCH like a presidential candidate I know. Nobody should be buying a home right now...it's suicide. Why ? Markets are STILL declining in hardest hit areas and the economy is falling apart. People should be renting if they know what is best for them.
Sounds to me as if you're the one that's out of touch with reality. And believe me, we're all watching the "dramatic" news and the hype of it. It's the "out of touch folk" like you that gets SUCKED in to it ALL. You are waaayyy off base in your real estate beliefs. And by the way, rents are going up so I'm curious to know how you think that if one loses their job as a "renter" how that is ANY different than being an owner. Either way, you need to live somewhere and if people are buying someithing they can afford with comprabable monthly payments, job loss will affect BOTH in the same way if you're not able to pay your bills no matter where you're living. HMMMM. Rational Logic, a scary thing isn't it?
The people who are out of touch are those who think that what the media tells them is the truth, the whole truth, and nothing but the truth. Frankly, I think the media should be required to print two positive stories for every negative one they do; I lay a fair share of the blame for this mess right at their feet. Not all of it, by any means, but they sure did their dead level best to stir up fear and are continuing to do so. And a lot of people are falling for it, and those are the Chicken Littles who are causing the situation to worsen dramatically.
The people who are out of touch are those who think that what the media tells them is the truth, the whole truth, and nothing but the truth. Frankly, I think the media should be required to print two positive stories for every negative one they do; I lay a fair share of the blame for this mess right at their feet. Not all of it, by any means, but they sure did their dead level best to stir up fear and are continuing to do so. And a lot of people are falling for it, and those are the Chicken Littles who are causing the situation to worsen dramatically.
Having prices fall faster is a GOOD THING. It means the equilibrium will be reached quicker. Having these prices slowly go down will mean more foreclosures that sit sit sit, and rot rot rot away. If they fall quickly to their equilibrium level, some happy young couple will get their chance at their first home at a bargain price with a very tiny mortgage.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,315,772 times
Reputation: 6471
Quote:
Originally Posted by NatasNJ
Post a link?
I would post a link, but since it's our listing it would violate the terms of service. you could find it by going to my homepage though. Sort of a silly workaround, but I like to stay on the good side of the moderators
I agree that the reports by the media sensationalize the current situation. But the housing market alone had troubles way before the general media and the 'concerned citizens' of city forum had a clue. Most people were caught up keeping up with the Joneses trading up or buying toys thinking this gravy train would never come to a stop. The train has crashed and now it's time to find solutions. Not make a friggin homewoner vs. bitter renter war. Get over it.
Warren Buffet just sank many millions into the market. He seems to be a pretty successful guy too.
Warren Buffet wouldn't be sinking money into anything if his next paycheck was going to be used up on mortgage, food, utilities and 2¢ of savings.
It's easy to be cavalier about jumping in if your cash reserves are big investor quality. 16% of the country is currently under water with their mortgages. Forgive the rest of us working stiffs if we don't want to be heroes who jump into the pool and drown trying to save them.
If you bought after the market crash in 1929, you would've been complete toast by 1932 (unless you were a Buffet-style Warbucks to begin with).
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Get over it.
