Posted on 06/06/2006 12:25:55 PM PDT by ex-Texan
On the other hand, if you are one of the lucky souls that sold your properties at the peak -- you may be sitting pretty right now. Just wait, watch and listen. By the end of next year, there will be hundreds of foreclosures to invest in and make real money. "Location, location, location. Buy low, sell high. Nada por nada." This is not a "gloom and doom" post. It is a helpful post. And very hopeful post. Good times are coming just around the corner!
For the naysayers, I reiterate your mantras: "Nothing to see here. Not in my neighborhood. Prices are sill going up. No foreclosures near me today. Time to move on"
There is a famous piece of art entitled: "Ce n'est pas une pipe". It depicts a pipe.
Might be in the house market in a few years. Should be a good time to buy.
Let's look at Las Vegas, which the writer uses a "breathtaking" example. The 2,900 homes for sale in 2004 was an incredibly low number for the size of the city. The 17,000 currently on the market is an admittedly high number, caused by the bailing out of speculators. The average of these two numbers (10,000) represents a proper balance. As soon as the speculators wash out, we should be right back where we belong.
70% of homes in LV are selling in under 90 days, even today. What does that tell you? It says that despite the increase in inventory, the sky is not falling yet. And how could it? 6,000 a month move here. These people need places to live.
I believe prices will fall here and across the country, and this is a good thing. Will it lead to economic calamity? No. In fact, unless one is in foreclosure, it really won't even matter. It will greatly help people like my sister, a school teacher, who currently can't even afford a modest condominium.
But I'm not being deceptive at all. Not in the least.
It's the perfect storm. Clamping down at the border will cause it to be so. Now we are going to have to lower wage pressure the hard way.
We'll just keep paying on our less than $200,000 ten year mortgage for fourteen acres above Silicon Valley, thank you. To get out and then buy in again later would triple our property taxes.
interesting tidbit from the article:
"It was cheap money as well that fuelled America’s property bubble. Now, that bubble seems to be losing gas."
I'm surprised you missed it, ET. ;)
EXTEXANSUCKS; HOUSING; SAMEOLDSHT; SPAM
Posting HATE SPEECH and personal attacks in the KEY WORDS is like throwing rotten eggs at houses on Halloween. Pathetic. Childish. Cowardly. Run away little vandals. Run away. Run away and hide behind your screen names.
I just don't get what you are talking about with keywords. What is their relevance?
The same old same old. If they will not debate why even come on the threads.
Pity those who still have interest only, adjustable rate mortgages, for they shall soon be known as Dual Income No Equity (DINES).
Ex-tex. I believe the Moderators can tell who posted the keywords. Apparently the posters didn't know that.
Now would be a good time for a lot of peopel to start figuring out how to pay off debts and live within their means. Having a low debt to earning ratio is great.
No they will be known as the renting poor after they are foreclosed on.
You must be joking. Or have on blinders. Go up to the primary post. Look at the KEY WORDS. This is abusive conduct. Hate speech. Personal attacks. Cowardly vandals take pot shots from behind rocks. FR allows them to do it.
See my # 16.
I only know one thing for sure...no matter the finacial environment, there are people ALWAYS buying jewelry, fancy cars, boats, Hummers, and big houses......there are people at every NFL game paying top dollars and Southwest at least seemed very very busy in January, and February, and March....
No different from FR allowing you to post your near daily prophecy of housing bubble burst. How long have you been doing this? Anyway, if you aren't willing to risk a good old fashioned stoning, you shouldn't be in the prophecy business. It doesn't matter if you are right or wrong, you have painted yourself "Bubble Bursting Red", and it's a loud bright color that attracts attention. Don't get upset about it.
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