Posted on 03/23/2011 7:25:12 AM PDT by library user
See the public debts, bond markets, commodities,... Real estate will go far lower.
I know. We purchased at the height of the market in 2005 in NH and had to sell in 2008, at the bottom. That market didn’t bottom out, it cratered. We hoped the market would be a just as recessed here and we could buy in 08 but we were wrong. We finally scratched enough to get a home and hoped there would be serious deals but there were very few. It is great for people that can buy/fix and sit for a few months but not for us.
This area is probably the only market that has not seen the problems just because of what you stated, too many gubmint people. Our subdivision has a lot of military and ex military so we’re in good company.
New homes are NOT priced at full retail market. The walk-in discount here is about 20% BEFORE the bargaining begins. Less than 10% difference between a new house and a used one that requires a lot of TLC.
My wife just got out of the biz for a while. The community where she was last selling has had a string of break-ins lately.
Yesterday a lady came home and caught a black guy coming out of her house with her T.V. He knocked her down by pushing against her with the T.V. and ran out. She grabbed her pistol and shot twice in the air and yelled for him to stop. (She couldn’t shoot at him for fear of hitting another house.) He jumped a fence and ran away.
But sitting in a car out front was the guy’s girlfriend and her car wouldn’t start. hee hee The home owner put the gun to her head and told her if she moved she’d blow her brains out. The woman begged, “Please don’t kill me. I’ve got 4 kiids.” The home owner held her until the cops got there. She gave up her boyfriend and he’s now got a warrant out on him. An almost perfect ending.
” Why are the banks doing this with the Zombie properties”
If those M@th&r F*%k#ring Grifters put all those houses that they are letting freeze out, rot out, and be gutted by scavengers on the market the property tax racket would collapse.
One hand washes the other brother.
I don’t understand. The rotting properties aren’t having taxes paid on them right? If they were “released” and sold, the buyers would then have to pay property taxes on the properties, right?
If I’m missing something, please let me know.
‘Do you ever watch HGTV International? There are mere shacks all over the world that now sell for more than a US McMansion. I’m old enough to remember when an American house was worth more than mansions in most foreign countries. Today it is a the reverse.’
Something is worth what someone is willing to pay for it. What you are saying here is that a particular good, housing, is now cheaper. One of the advantages of the market economy is that under it goods become cheaper, it is a goal — assuming that it is not part of a general deflation. As someone who buys gasoline and groceries, I see no sign of a general deflation.
The present existing taxable assessment “values” of the US housing stock would be shown to be at least 100% inflated if all the zombie properties held off the market were to be released. It is much more in the interest of the government to pay the banks very handsomely to just sit on them.
Ok - thank you! Now I understand.
You’re right.
Man that was fast! Caught you at a good time, eh?
And thanks for both of your very civil replies.
Thank you for your thoughtful explanation.
I always try to be civil and respectful; why not?
“Something is worth what someone is willing to pay for it. What you are saying here is that a particular good, housing, is now cheaper. One of the advantages of the market economy is that under it goods become cheaper, it is a goal — assuming that it is not part of a general deflation. As someone who buys gasoline and groceries, I see no sign of a general deflation.”
What I’m saying is that the relative value of US property has drastically declined compared to most other nations from Portugal to Italy to Brazil. In the early 1960s Americans could trade their 3 BR ranch for a much larger property elsewhere in Europe, etc. No more.
I blame it on 30+ years of flawed US govt. and Fed Reserve policy of allowing ever increasing debt (govt and personal), and absurd one way trade policies that have negatively affected our economic wealth, industrial might and self sufficiency. While these have been to the detrimental to the nation, they have benefited those (such as Wall St) who can now shuffle capital internationally.
The result has been the relative worth of the USA as defined by the dollar index and living standards has declined relative to other nations. We’re not as desirable. Six cents in 1930 is now worth a US dollar today. That decline has not been the better.
The real negative impact has been to the middle class and when that largest segment of our society loses the whole nation loses. Crony capitalism has cost us and our sovereignty big time.
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