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Area median home closing prices tumble by double digits -- Newsday.com (http://www.newsday.com/business/ny-bzhome115922337nov11,0,24006.story - broken link)
I'm with Peter B... As much as it hurts to watch house prices fall after just having purchased a home, I think it is much needed. This recession we're entering into (or in already most likely) is the market correction that everyone knew was coming. It seems to me that it is inevitable, and the longer we try to prolong it the more it's going to hurt.
I'm with Peter B... As much as it hurts to watch house prices fall after just having purchased a home, I think it is much needed. This recession we're entering into (or in already most likely) is the market correction that everyone knew was coming. It seems to me that it is inevitable, and the longer we try to prolong it the more it's going to hurt.
I agree with you 100%, in addition it leaves great deals for people looking to buy that actually have the money and credit to do so, unlike in the past.
Why would you be cheering on a slide into recession?
Oh please Tom! Every house for sale on LI is way overpriced. What is happening is called a "correction". Also, a reality check for those mortgaged to the hilt.
Oh please Tom! Every house for sale on LI is way overpriced. What is happening is called a "correction". Also, a reality check for those mortgaged to the hilt.
Every house?
Those who read my posts know that I am no pollyanna or cheerleader. What I was questioning was the gleefullness with which some people take this news. They seem to actually be happy that their net worth is tumbling.
I'm in my house and my investments for the long-haul. I'm happy to see the market finally correcting itself, even at the expense of my current net worth. The sooner we get this over with, the sooner we could get back on track with some strong economic footing. Then instead of these imaginary gains backed ultimately by loose-credit practices, we could start to see some actual growth.
And if you think I'm too happy about all of this, you should speak to many of my friends who are still living with their parents as they enter their 30's. These are well-educated hardworking people with decent jobs that simply cannot afford to purchase a decent home on LI without having to buy into a terrible commute or poor school district. Even living w/o rent they aren't able to save enough, so renting on LI is out of the question if they plan on buying anything anytime soon based on the current market conditions.
Home prices (which are investments) are getting lower! However,taxes including real estate, land taxes, sales taxes, and ever other tax we get hit with and will in the next year on Long island continue to RISE!!! WE continue to pay more and get less. Yes, a correction needs to be made and yes it's long coming but not the value of our hard earned investments. It's the taxes and everything else that needs correcting.
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