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Post by 101 on May 18, 2009 7:33:24 GMT -6
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Post by NOTTHOR on May 18, 2009 8:47:19 GMT -6
Holy shit. I get the feeling that government could throw an infinite amount of money at the problem, and those prices still won't go back up for at least a decade. My wife has long refused to buy stocks or real estate because she knows too many people who got screwed by both. If you bought in the Kanto area in Japan 20 years ago, you'll be lucky to have 30% of your investment left today. I seriously hope we aren't heading down a similar path.
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Post by thunderhawk on May 28, 2009 9:55:38 GMT -6
Location, location, location.
If I lived in a clapboard mansion in the cookie-cutter burbs I'd be gripping. But I've got a nice little brick bungalow on prime real estate so I'm not too concerned.
BTR is correct. I don't think the government can really do jack shit to boost real estate values, aside from trying to prevent a foreclosure epidemic. Nor should it. This will be a market-driven outcome. Real estate this cheap is going to tempt a lot of people if they can get their hands on some cash, which means that freeing up credit, in my opinion, is what will lead to rising real estate valuations.
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Post by twine on May 28, 2009 12:11:29 GMT -6
This whole real estate market crash doesn' really bother me all that much. What worries me more is that it will come back soon, especially since I won't be buying a house for probably two more years.
Hopefully people in my boat and the generation after x/y wont have to write off a major portion of their life earnings just to own a home.
I do feel bad for any of the suckers who paid out their asses though.
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Post by Solar Stud on May 28, 2009 21:22:39 GMT -6
Met with a Remax agent today....she confided over 50% of her closures are with people who are 'upside down'.....the bank takes the hit on the difference between mortgage owed and price paid....ouch!
With that said, if I have to move from here in the fall, I'll be renting my house versus selling.
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