Well actually, Mother Nature DOES have a VERY easy solution that none of these bright and shining people worry about at all...
The entire U.S. housing market has no where to go but up. Except, perhaps, for the multi-million dollar properties traded by the very rich.
just another California housing bubble
Who would want to live in aids-ville?
Who would want to live in aids-ville?
That’s quite a hefty mortgage for an average sized old home.
Add in the state, city and other taxes plus the higher cost of living there. A lot less to save for the future.
Well actually, Mother Nature DOES have a VERY easy solution that none of these bright and shining people worry about at all...
If it goes up it would be because the dollar is so messed up it takes twice as much as it costs before.
The housing here is a joke. So your houses are worth a lot but you can’t afford to move up. My husband and I tried to move many times in 2007 but were out bid. Now the prices are higher and even though we could sell our house we could not afford to buy anything better so whats the point.
My husband was laid off in November and we are still afloat but in the event we have to sell our home we will never be able to buy a home here again. The homes in my neighborhood which are cookie cutter ranch style 1200 sq ft. built in 1954 are going for close to 800K which is a joke we bought our house for $350K in 1998 and it was joke then as well.
Leading realtors in that area report between half and 3/4 of purchasers are from communist China, with the local tech companies playing a distant second as source of buyers. Also included are some folks from other foreign countries. But it’s mostly PRC — communist factory managers and the like who are being permitted to leave — and with suitcases of money. Both were prohibited or restricted just a few years ago. Now the escrow companies give out Chinese language instructions (which include request to not bring cash Into office but to use bank drafts or wires please Instead). Leadjng realtor goes to shanghai and Beijing to hold sales seminars in big fancy hotels there. Realtors giving guided buying tours with Chinese guides and Chinese translated purchase forms. Realtors holding sales meetings in expensive country clubs with Chinese narration. Entire neighborhoods filling up with Chinese and other foreigners as American food groceries are replaced by Asian specialty food stores. And yes the ownership group at big tech companies can also buy. Almost everyone else cannot afford Tricky tacky sixty year old tract houses now at a million dineros in average areas and 2 million in preferred districts.
these people will be below the surface shortly.
ie underwater.
Sustaining a mortgage relies on a growing and stable job market. I can’t imagine where such a thing exists right now or at least for another 3 years and the repeal of disastrous obamacare.