The Official Arena Thread Part 6
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11-12-2012, 10:58 AM
Where's the Hart?
Join Date: Oct 2007
Originally Posted by
Housing markets are going to crash because in no way in hell is a house worth what it's being sold for today. This bubble needs to burst otherwise it'll just keep inflating and thus screwing over even more people. Yeah, it really sucks that people decided to buy houses that are really worth around $150k for $300k+. I guess all they can do is shrug their shoulders and say "Oops".
Taking a house and using it as some sort of investment vehicle is what brought us into this mess in the first place. Every other previous generation bought houses because they signified a place to live. Not some asset to flip in 5 years. Now the recent trend is abandoning mortgages once the principle exceeds the value. A true delusion of grandeur are the people who live cheque to cheque thinking a house is some sort of 5 year investment.
I laugh that you believe the US is somehow better off then we are. Have you been there lately? What you'll save in property taxes will be multiplied many times in the health costs alone. Let's not forget their toxic business culture and severely corrupt politicians that would make Italy red in the face.
I dont think housing prices are coming down any time soon. I paid just under 300K for my detached home and my mortgage payments are cheaper then renting a 3 bedroom townhome. Unless wages go down I don't think we'll see much of a drop in realestate prices, in saying that I dont see them rising anytime soon with the governments new mortgage rules. The younger generation is getting screwed and the majority will need help from relatives in some fashion (ex: staying at home and saving instead of renting, given down payment, etc..) to be able to afford a home.
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