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They would have to decline another 20% just to get back to the historical trend line.
"... By all accounts, the home price boom that began in January 1998 ... and topped out in June 2006 was extraordinary. The 173% gain ... in those nine years averaged an eye-popping 19.2% per year. As we know now, those gains had very little to do with market fundamentals ..."
"... If home prices had followed the 3.35% annual 100 year trend line, then the [Case-Shiller] index ... would need to decline an additional 20.3% from current levels just to get back to the trend line..."
How does that effect you personally? we just bought a home and love it. we plan on living there for at least the next 30 years. If the price goes up or down I don't see how I am affected. The truth is with interest rates so low and with the rate that we have we should have the home paid off in 15 years or less. My wife and I have no interest in selling this home so for us I don't see how it matters. Can you tell me why it would matter to any of you?
I don't get the relocate thing either. Maybe it is because I live in a large metro area or at least next to one. People lose a job or change jobs but don't always have to move. Besides that don't people buy homes in areas that they love to live? I can't imagine moving from my city. Maybe that is just me and the many that call it home, or places like it.
Of course you don't have to move. But there are plenty of people in the last few years that have not been able to find a job in the same area and there choices were relocate or stay unemployed. And I'm sure plenty of those people had the same thought you did.
I bought a house 2 years ago with plans to stay in it 10+ years. A year and a half later I had been laid off twice and had to move. I was in a metro with plenty of jobs, but companies moving slowly. I got offered a job and moved. I got contacted about jobs 3+ months after i applied for them in my original location. That is WAY too late when your choice is good job offer and move or else go in foreclosure
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