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The mission of the Financial Policy Council Inc. (FPC), a research think tank and educational institution, is to formulate and promote sound public policy based on the principles of free enterprise and wealth creation as envisioned by the ideals of the American Founding Fathers.
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HousingBoom is moderator of this thread. |
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ok. please let us know when it does...
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Guess I will finally be able to buy my dream house in Detroit for 5k instead of the outrageous sum of 10K of today.
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If you're betting on a 50% decline in price, you're going to have a bad time.
There is literally nothing supporting such a ridiculous prediction.
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6 comments
Windermere, FL
I KNOW IMHO WHEN THE RATES RISE HOUSING WILL BE IN TROUBLE .
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San Jose, CA
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Buster says
$10k? That is outrageous!
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I actually watched this video and couldn't help but laugh. The guy is basically talking about just HOW BAD THINGS WERE IN 2006
I mean...no shit, man! Way to observe that people overleveraged like a motherfucker during that period.
Apparently this dude just got hammered in 2008 and completely forgot the crash that already happened.
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Simi Valley, CA
when a meteor hits housing will also be in big trouble as well.
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Is this Keith Jurow a looney or are these #'s real? If they are real, then homeowners should be worried.
Fabian for Liberty on YouTube also said "we haven't even scratched the surface on a housing bottom".
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Sunnyvale, CA
There are areas where we could see a drop of 50% drop in Housing Prices. That said, Phoenix is not one. Las Vegas is not one. Where you see 1,000 square foot condos selling for $500,000 is where prices could still drop by 50%. Where you see the cost of taxes, maintenance, and insurance sharply rising are candidates.
Real Estate is local and rentals are always an alternative. In today's job environment, more people will choose to rent so that they can be where the jobs are.
Then there are the boomers who as they retire look to lower their housing costs as they cannot afford to live in their present home.
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HousingBoom says
Yes, this guy is a looney.
If you truly believe in a 50% drop in housing values, invest in gold and firearms because the only way that's happening is total financial armageddon.
A 50% drop takes us to a median of about $90k, which would be late 80s / early 90s without adjusting for inflation (adjusted for inflation, median prices should be around $175k; roughly where they are at present.
Housing at present is right where it should be. But, by all means, if you're going to be an eternal housing bear then you should absolutely go ahead and bet against it.