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Old 09-26-2007, 04:02 PM
 
Location: Tampa Bay
1,022 posts, read 3,343,744 times
Reputation: 458

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WAYYYYYYYYYYY to many house peddlers scewing the economy like crazy. Dang near made people start leaving our country. 100k-150k where is where prices should be at for an average family home. Paying more is unreasonable inflation of worth value. Location shouldn't have as much impact as it does unless its Hawaii. Just because prices would actually be near worth value like they shouldn't doesn't mean places would be flooded with new housing. There is only so much building that can go on at a time. Plus it would create jobs again in our construction fields and families with only one working parent could afford to maybe own a home in their lifetime.
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Old 09-26-2007, 04:49 PM
 
646 posts, read 1,787,540 times
Reputation: 168
Quote:
Originally Posted by the_pines View Post
WAYYYYYYYYYYY to many house peddlers scewing the economy like crazy. Dang near made people start leaving our country. 100k-150k where is where prices should be at for an average family home. Paying more is unreasonable inflation of worth value. Location shouldn't have as much impact as it does unless its Hawaii. Just because prices would actually be near worth value like they shouldn't doesn't mean places would be flooded with new housing. There is only so much building that can go on at a time. Plus it would create jobs again in our construction fields and families with only one working parent could afford to maybe own a home in their lifetime.
I think that is fairly unrealistic. The value of a house is what the market determines that it is. If people weren't willing to pay those prices, prices would drop like they have in quite a few cities, but there are not going to be houses on Manhattan for 100k anytime soon :-)
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Old 09-26-2007, 04:56 PM
 
Location: Tampa Bay
1,022 posts, read 3,343,744 times
Reputation: 458
So if one generation is really dumb and willing to go way overboard in to debt, the next generation should have to clean up its mess. Got it.
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Old 09-26-2007, 05:33 PM
 
2,197 posts, read 7,391,468 times
Reputation: 1702
Every generation of adults has been in on this mess. Retirees, Boomers, Echo Boomers, Gen Xers, even Gen Y-- they all bought houses during the past five years. And most of them will probably be cleaning up their own mess for quite a while. And plenty of people who made money in this mess will be passing it along to the next generation. So it works both ways-- unlike the social security that a lot of us have been paying into for years and will likely never see a penny of.

I would be in favor of the drop you propose. But I just don't see it happening, in this lifetime or any other.
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Old 09-26-2007, 06:00 PM
 
Location: Tampa Bay
1,022 posts, read 3,343,744 times
Reputation: 458
Of course it wont. because that would actually mean peoples lives would be less stressful and they could return to sightseeing our country and they might even become unified in their sense of security. cant have that. Plus we're taking a huge hit to build up other countries for them. That's globalism for you. Total corporate agenda. Take from whoever they want and make it all systematically even so they can rake, rake, rake and make change with the touch of a button. Its a control freak thing. Kinda like how house peddlers are addicted to house peddling. They cant stop. Even with home prices dropping there are still tons of them out there buying up real estate hoping to do the exact same thing as soon as people are lulled in to buying again.

And I have done all the complaining I can possibly do in one day. I apologize if it stressed anyone out. I ran myself in to the ground on a caffeine high I guess.
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Old 09-26-2007, 06:21 PM
 
Location: WA
5,641 posts, read 24,948,076 times
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Prices are determined by the market so it takes two parties to raise or lower prices. If EVERYONE refuses to buy until prices drop 100K it may happen but only if sellers agree to sell at that price.
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Old 09-26-2007, 06:56 PM
 
646 posts, read 1,787,540 times
Reputation: 168
For me personally it would be great if prices dropped like that since I don't own a house, but the majority of Americans do own a house so if house prices dropped by 75%, imagine how much money/equity they would lose if they sold at those prices. As another poster stated, the value of the house will usually be passed to the next generation and they don't have to clean up the mess.

I think people just need to be a little smarter about buying houses and not fall for things that overload them on debt and that's just not housing. The US market is still a lot cheaper than many other areas of the developed world and they seem to be doing ok.
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Old 09-27-2007, 01:37 AM
 
Location: Cary, NC
2,407 posts, read 10,678,337 times
Reputation: 1380
Quote:
Originally Posted by Stockholmaren View Post
I think people just need to be a little smarter
That says it all.
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Old 09-27-2007, 06:57 AM
 
474 posts, read 2,538,493 times
Reputation: 114
Default My Opinion

It is my opinion that you ('the_pines') chooses an approximate $100K - $150K price range because 'you' can afford it. But what about the poor people in the U.S. For example, some people living in West Virginia or even Harlan County, Kentucky. I doubt whether than can afford even $100K for a home. So prices are relative into what 'you' receive in employment remuneration. It is a future POSSIBILITY that we are going to lose the middle class in the United States. If that happens, that is still in the future. But consider what would happen. Poor people would not buy consumer wares. And business people would not hire Americans to build U.S. products. If the middle class also becom poor people, then the U.S. economy becomes a complete melt down. For an interesting insight, read two books about what happened during the Great Depression around 1929 to 1934. One book is written by John Steinbeck, "The Grapes of Wrath". The other book is "The Florida Land Boom" (and collapse) by William Frazer. William Frazer is / was an economics professor at a large University.

Carter Glass
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Old 09-27-2007, 07:36 AM
 
Location: Grand Rapids Metro
8,882 posts, read 19,848,211 times
Reputation: 3920
Quote:
Originally Posted by the_pines View Post
WAYYYYYYYYYYY to many house peddlers scewing the economy like crazy. Dang near made people start leaving our country. 100k-150k where is where prices should be at for an average family home. Paying more is unreasonable inflation of worth value. Location shouldn't have as much impact as it does unless its Hawaii. Just because prices would actually be near worth value like they shouldn't doesn't mean places would be flooded with new housing. There is only so much building that can go on at a time. Plus it would create jobs again in our construction fields and families with only one working parent could afford to maybe own a home in their lifetime.
I agree that price inflation on homes has way outstripped incomes in pretty much the majority of the country, but your $100-$150K is way too unrealistic. And you mention that only Hawaii should be considered desirable? Well your Hawaii is someone else's Manhattan. Everyone has their own set of standards as to what makes an area desirable, but strangely lately it seems to be where job growth is happening (people are chasing jobs).

I do agree that builders need to take a look at building "affordably" again. The average home size has grown to over 2400 square feet, but only because loose lending practices allowed people to buy way more home than ever before.
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