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The real estate bubble is just a way to deprive us of our property, just like Thomas Jefferson warned.
The system of banking we have both equally and ever reprobated. I contemplate it as a blot left in all our constitutions, which, if not covered, will end in their destruction. I sincerely believe, with you...that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
- Thomas Jefferson
"If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."-- Thomas Jefferson
We have already seen this happen in south Florida, will you be next?
[quote=baystater;2845468]3. I’m markets like OH, southeast MI, and western NY. I not sure when those market will come back. These markets really didn’t have a bubble to begin with. But the home prices are down and the inventory is up. I think these areas problems have more to do with local economies than with home prices. I also think it going to take these places a long time to right themselves. Granted because I’m more of a venture capitalist type (a.k.a. crazy) in real estate. I prefer these types of places to invest. Yeah the risk is high but the rewards are good if there is a turn around. You just have to be patient.
Michigan's and Ohio's markets are fairing so badly because of mortgage fraud on a grand scale!But as a venture capitalst I'm sure you already knew that!LOL
Location: Sitting on a bar stool. Guinness in hand.
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[quote=nitroae23;2847570]
Quote:
Originally Posted by baystater
3. I’m markets like OH, southeast MI, and western NY. I not sure when those market will come back. These markets really didn’t have a bubble to begin with. But the home prices are down and the inventory is up. I think these areas problems have more to do with local economies than with home prices. I also think it going to take these places a long time to right themselves. Granted because I’m more of a venture capitalist type (a.k.a. crazy) in real estate. I prefer these types of places to invest. Yeah the risk is high but the rewards are good if there is a turn around. You just have to be patient.
Michigan's and Ohio's markets are fairing so badly because of mortgage fraud on a grand scale!But as a venture capitalst I'm sure you already knew that!LOL
Yes of course.
But in those areas their real estates woes don’t end with a clean up with the mortgage industry. If fact after all the mortgage mess is cleaned up there still going to have housing problems. Mostly because of economic issues that are plaguing those areas.
Actually Michigan's market is doing so poorly due to the most recent collapse of the auto-industry, and the fact that the state's economy is so beholden to it still.
Ohio's isn't nearly as bad as SE Michigan, but there are areas in Ohio that are doing very poorly. Cincinnati seems to be down, but not anywhere near as bad as the area I just moved from in Michigan.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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Quote:
Originally Posted by car54
To keep home prices up, I think we need 100 year mortgages like they have in Japan.
Yeah, let the great great grandkids pay that sucker off!
If it got to more than 30 years, you would be better off being a renter for life. The whole idea is to pay the damn thing off so you can retire and not have a big bill every month.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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Actually all this is not a bad thing. People should buy houses to LIVE IN and not to flip a month later. If you want to do that, buy stocks or pork bellies
If anyone has a home in any of the following places - Greenville, SC, Cary, NC, or The Villages in FL and if you offer a good price we might be interested. We want to buy a 2nd home (spend a month a year there), then rent out the rest of the time, forget we have it (not literally), and then in 10-15 years, we will have something.
....Or you want to rent it for a month during the summer - we just want to check out the area and sometimes it's better if you actually live there.
Not only that rents seem to be dropping too (I find this funny given all the arguments as to way they would increase).
Yeah ... I've been seeing a drop in rental prices in my area also. Mostly investors who couldn't flip, got caught in the downturn and are trying to rent houses to make payments to avoid foreclosure.
Plus .. there's been a lot of apartment construction in my neighborhood so ... that's also increased rental inventory.
While the foreclosure people are increasing demand for rentals, the housing glut is more than making up for rental demand.
As for when the market will turn around ... I think it will take at least five years.
During the 1991-92 crash it took about seven years for prices to bottom out and reach previous price levels but ...
The home appreciation was outrageously high with this latest boom cycle so ... you gotta figure the decrease is going to be a lot greater than in previous bust cycles.
"Round and round, what comes around goes around".......Ratt....Circa 1985
OK pardon my sillyness with that quote. But if we look back over the last 30 years real estate always goes up. I own two pieces of real estate, one that I bought in 1990 that is worth about triple what I paid for it and one I bought in 2001 that has at least doubled.
Will it drop another 20% in the short term? Who Knows it might.
Will the real estate I own now be worth double its value now in twenty years? History says it will and I believe it will.
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Buying a 2nd home...
