We are ten years overbuilt.
Many people on this forum have explained this for years, and detailed the coming real estate collapse ... that we are now in.
I believe Diana really meant to say:
Nearly 11 percent of US houses have no lawful residents.
The list, ping
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The house on either side of me is empty during the winter. The neighbor behind me owns another house but won’t move till he can sell for a reasonable price.
The plan to import illions of immigrants to fill the houses isn’t working out.
Nearly 11 Percent of US Houses Empty
In the age of Obama this is called recovery.
When the banks decide the government really isn’t going to save them again and sell at real market based prices, some people will get their first home of their own. This is a great country.
Thanks, Obama!
More people moving in with their parents/children.
Families are doubling up, 3 generations sometimes.
Builders and the trades will be hurting for some time to come.
What's the problem?
The government can always borrow money to buy those houses from the banks for the price the houses sold for oringinally.
Then the government can--sooner or later--tax rest of us suckers more to pay off the loan.
If you think housing has dropped now, talk to me again in 5 years.
I just sold a comdo this week I have had on the market for 8 months.
I took a big hit on price but I consider myself lucky to have even gotten what I did. Condos are hard because the finance stipulations have become ridiculous. If this wasn’t a cash deal it probably would not have gone through.