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They got out of hand with all of the easy money that should never have been loaned out because some morons thought that everyone should be able to "buy" one... the prices dropped back to a reasonable amount after the bubble bursted...
It is about time that house prices slow down. These price gains are ridiculous. And they expect millennial, who have the highest debt level of debts and having a hard time finding good employments to keep up these ridiculous high prices?
Hopefully interest rates rise and housing becomes more affordable, like it did after the housing crisis in 2008.
housing prices rising is only good news if incomes rise along with them so people can afford to buy them. Otherwise, more people are just priced out of home ownership.
Baloney. The only way to make houses cheaper is to make them smaller or build in undesirable locations.
You left out third way to cut prices but still make a killing if you are the Developer. Cut corners!
use particle board instead of plywood, uncured 2x4's, use plastic for that "granite" table top in the kitchen
(no one will notice until they set a hot pan down on it)., why not install a cheap plastic toilet. use cheap grass seed when planting the lawn. Never use skilled union workers but unlicensed installers who are only inspected once a months by the licensed contractor you have in your pocket. You can spend even less if you get your installers from the 7-11 parking lot in your community's little "Mexico or El Salvador),
They got out of hand with all of the easy money that should never have been loaned out because some morons thought that everyone should be able to "buy" one... the prices dropped back to a reasonable amount after the bubble bursted...
Note that from 2000 to 2010 -33% manufacturing was part of the massive off-shoring. In the 90's is when all the market changes were made so they could then heavily offshore and make the best use of all that enormous leverage. Government investment funds made a ton. Also when shadow banking took off. The casino became massive. The stock market last checked is now about 70% institutional.
You don't expect a person to sell their home for less than they paid for it?
Get Real !!!
What exactly do you think underwater loans and short sales were about ?!?!?
People do have changes like job losses, illness, divorce and bankruptcies that effect finances and at times have no other choice when they can't afford loan payments.
I guess in your mind that never happens, why don't you call ANY realtor to check out your FAILED theory.
It is about time that house prices slow down. These price gains are ridiculous. And they expect millennial, who have the highest debt level of debts and having a hard time finding good employments to keep up these ridiculous high prices?
Hopefully interest rates rise and housing becomes more affordable, like it did after the housing crisis in 2008.
Higher interest rates will lock people out of the housing market too. Six of one, half dozen of the other. At least higher prices put money back into the economy.
You don't expect a person to sell their home for less than they paid for it?
This is why I haven't sold mine. I'm not upside down WRT the mortgage but it's still not worth what I paid for it in 1995. I'd like to know where housing prices are going up. While there has been some recovery here, we're still not back to what houses were valued at 20 years ago.
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