This may not be an exciting topic, but it might be well to hug your local banker before he is gone.
time to but that vacation home on the beach or in the mountains
There’s a serious glut of housing in many large real estate markets that will take another 3-5 years to work off. I am not even including Fla and it’s 20K+ empty condos. Also, the amount of sub-prime foreclosure include a significant number of high-end homes too.
BTTT...........tick tick tick.
One of the big three local banks has commercials on the radio saying essentially "We are not in financial trouble. There is no need to panic." For some reason, I am not reassured.
you want to know what pisses me off about this whole thing?....I’m a saver...I’m debt free...I did the right thing....and now my CDs up at the bank could be at risk.....and I count on those CDs for my fixed income retirement....meanwhile the gold card crowd keeps racking up the debt....when those fools default en masse’ they could take a lot of us down with them.
I think we’re more or less at the beginning of the panic. Home values have held up rather remarkably given the loss of the subprime market and the large number of foreclosures.
Keep in mind that a homeowner who is getting into trouble right now won’t actually face foreclosure for several months.