Or White Water?
>>>I bought my first house in 1968 for $37,500, and five years later I sold it for $43,000. It took 6 months to sell, which wasn’t unusual at the time, and the profit was about right. I bought a bigger house for $44,000 and 3 years later I sold it for $72,000 over a weekend.<<<
that was then, this is now.
and folks are not as excited.
“I bought my first house in 1968”
I wonder if he has any older friends or relatives that bought a house in 1929 that he could go talk to?
1.The baby boomers are done buying houses to raise their kids in.
2. Part of the recent runup in prices was due to bubble behavior in lending, and due to Mexican illegals buying houses on no-doc lending, and people buying houses on spec. Those days are gone, and now there is a surplus of housing as laws are tightened on illegals (e.g. Oklahoma, Arizona) and as limited sanity returns to lending practices.
There is a glut of houses on the market and most are over priced.
There is a global shortage of silver bullion in the markets and it is selling for dirt cheap.
I am putting my money into physical silver bullion. One of these days maybe I will get a house for only one silver ounce.
I’m going to be investing in a new start-up company which specializes in manufacturing 8-track tape players. They’re gonna make a BIG comeback!!
I believe the correction is just in phase 1. Now some people with more money than brains and realtors always looking for their next 6% payday are claiming the bottom is in and its never been a better time to buy.
The bottom is not in. Not even close. Its going to take years for prices to correct where they should be with the monsterous glut of homes on the nationwide market.
Real estate may bottom out...which just means that prices stop falling.
There is no guarantee that real estate prices will increase steadily, however. Look at Miami with thousands of empty, new condos coming on the market between now and the end of the year...with thousands still left unsold from before.
As for foreclosures...the bigger discounts are when you buy a distressed mortgage note (often at $0.30 on the Dollar) and do the foreclosure on the deadbeat later, yourself.
That’s buying U.S. real estate at a 70% discount.
Now isn’t the time, we are at least 1 1/2 years from the bottom.
I was in Texas in the 80’s when the real estate markat went under. Went down, flattened out, then really went down. Ruined Milk Money John.
Anyway, a fool and his money are soon partying.
timing and prevailing economic conditions at the time of a transaction is the key in real estate. I’ve never owned stock but invested heavily in real estate from the late 60s to 2004 when I cashed out and retired before I was 60. The timing was right when I bought and when I sold. Real estate will go up again but I seriously doubt we’ll see a bubble like the one that just broke and anyone with common sense should have seen it coming. Anyone with common sense should see the even larger financial mess that’s coming unless we address our national and personal debt. The real estate piggy banks aren’t going to be there for most nor is there going to be investors around who have faith in our economy enough to finance our debt. I think we’re all in for a huge shock. We don’t make anything anymore and soon there won’t be faith in our service sector either.
Well considering the Feds, and those who do demographics have told us we’ll have 50 million more people in the U.S. in the next decade or two, I’d say RE is pretty good bet for the future.
Just a wild guess through.
Have I got a deal for you! A nice place in Wynne, Arkansas. Email me for details :-D
Manhattan has been the lone holdout in the housing crash. That is about the end. Manhattan is going to be hit hard over the next 24 months.
Best time to buy, EVER!
http://www.thetruthaboutmortgage.com/bay-area-home-prices-plummet-as-fire-sales-continue/
Best time to buy, EVER!
http://www.thetruthaboutmortgage.com/mortgage-application-volume-dips-again/
When there’s blood in the streets, its time to buy...