Just Wow!
Ping!
and yet, Dems still pledge to raise taxes on America for their healthcare initiative
I believe that this value will continue to fall for some time. I further believe that when this value turns positive it will be a powerful signal to indicate the bottom of the market has or is just about to occur. In other words, don’t buy if you can avoid it until this indicator goes positive.
That's when houses were $5000. Some people pay that much on their mortgage every month now.
Wasn’t Bush the one, who stepped into office promising to establish a culture of american private ownership ?
Now it’s safe to say that failure is getting an all new standard set at the moment.
You had to be deaf, dumb and blind not to see this coming. I decided to stay put and pay off my home five years ago instead of buying a bigger house like many of my friends and I’m glad I did.
Of course the amount of equity has dropped! That’s what several years of a building boom will do for you. When the masses are buying new houses, they aren’t going to have a lot of equity.
This just echoes the fact that millions of Americans are well-off enough to have bought new houses recently.
That’s a good thing.
This must be vs mortgage value, not new value.
Just thrilled with the glowing news of the day. /sarc
What will happen when our troops return? The Greatest Depression or a Boom? Our military friends are having difficulty finding good jobs.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
How many people know that you can’t claim a capital loss on the sale of a house any more?
The AP has gotten so wound up with the election rhetoric that they're missing the big news, namely that the Fed's gone and rewritten all their historical data going back to the '50's. I know of at least two freepers who've got a lot of graphs to revise.
The other is that the latest Flow of Funds is out and it shows real net work declining to levels we had two years ago. Notwithstanding the goofy AP hype, this drop in the real estate equity component is barely noticeable with most of the losses being from stocks etc.
What's funny to me is that this drop is nowhere near the collapse we had in 2000 back when the Dem press was complaining about how Republicans were supposedly talking down our "wonderful" economy.
People like my parents bump the average. We built their home ourselves. They bought the two acres for $5,000 back in 1967 and we built the house in sections as the money came in. It is a nice 2,500 sq. ft. rambler.
They just sold off one of the acres for $525,000.
It’s people like an old friend of mine that drops the average: They bought their home in the mid-1970’s for $17,000. They currently owe more than it’s worth thanks to refinancing-as-ATM - $280,000.
This is really stupid.
Watch the government will bail them out too for their STUPID decisions.