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What is really scary is the people who have been reading and following Patrick.net STILL have no idea what the Fed does.
http://www.youtube.com/embed/Oe0fGXzKb1o&feature=related
When is Stockton ever a buy? I guess if I was a gang member of latino descent.
In that case why buy at all. Just move into an abandoned foreclosure. There are whole blocks empty right now. Think of all the places to hide you stash.
We will hit bottom when realtor commissions are not percentage based anymore. There will be a time in my life, when I will tell my kids about an organization once called NAR and the story will sounds very Mafia. Instead of breaking someone's knees, though, they just broke the savings of good families. It couldn't happen at a faster rate to me.
Property taxes continue to rise at higher rates than inflation, in addition to the added burdens on towns to raise even more money because states are cutting costs and passing those expenses onto towns to fund themselves. The additional shadow inventory that is yet to hit the markets, the eventual rise in interest rates, growing student loan debts preventing 20 something's from buying until they become 30 somethings, and baby boomers just waiting to flood the markets and "cash-in" their homes to fund their retirements.
There are so many downward forces that have yet to affect the markets, we aren't even close to the bottom outside of Prime-markets in the US. I'm targeting 2018-2020.
To put it all in perspective, 1993 - everything was around 150-200.
Than bubble happened everyone decided their house is worth 1 million+.
bubble started going down, now everyone thinks their old shack is worth at least half a million or more. we got several years of this stupidity to go through before all the stupid money is out of real estate and finally back in economy producing something positive.
Quality Auto Repair Since 1979
So true.
“2018-2020.†Ahhh are you insane??? I’ll never be able to hang that long--- my rentals are eating me alive… er I mean…
HAHAHA! my Real Estate holdings will blossom into a DONALD TRUMP LIKE EMPIRE BY THEN while you pathetic renters wait forever to paint your walls any color you like!!! So sad.
APOCALYPSEFUCK isFrank Sinatra says
Mr Duckhead,
Tell us about the refrigerator box in the alley behind your office trailer in Concord you rent for $1000 per *month*!
It is such an inspiration!
Well,it is like 200K fantastic one - with granite counter tops and rents for 2400/month - at least that's what the claim(boast) is!
do you think residential real estate will bottom out
When prices reach early 1990's levels.
actually begin to appreciate?
Housing DEpreciates. Why would it magically stop depreciating and even more magically start going up?
do you think residential real estate will bottom out
When prices reach early 1990's levels.
actually begin to appreciate?
Housing DEpreciates. Why would it magically stop depreciating and even more magically start going up?
In a free market it won't until price points hit reality. In our government ran economy it's going to be heavily manipulated until the wealthy cash out. Rich people play margins with real estate, and when things go down they either take losses, or wait for a bailout.
He is printing money during a meeting.
That can be controlled and the prices inflated so easily its obvious. First only a GD fool would trade Gold for paper to begin with. I have over 300,000 dollars worth of gold. I bought in the 70s for 30,000. I'm not selling it to any gold dealer understanding what they are doing. Very few people understand gold. They think its like pork futures or rye. Gold is a simple thing. Iron and bauxite are just a precious. Whats contained in them is not very complicated to me. However most people don't understand. Whats being played now is a game for fools. Gold unlike cash is not a measurement of time. Money is time. Time that is measured to favor someone else. Gold really belongs where it is. Taken by people who are greedy. Who don't realize there the trail of their destruction begins.
"When will residential real estate hit bottom?"
Simple.
When prices reach early 1990's levels, inflation adjusted. We're a very long way from that level.
Prices Are falling.
Word!
Never. We have entered the new age of contraction.
The end of growth. A good thing since we have finite resources.
But the economic pain, including a house slowly declining in value forever, is part of it.
91604 (Studio City, CA) has 136 properties for sale. There are 527 Bank-owned properties in the same zip code. 527! And that's not even including delinquent borrowers. Studio City is a pretty ritzy area. I wouldn't look for a housing bottom anytime soon - MUCH LESS any appreciation.
No one is going to buy into a losing proposition. So RE won't start to appreciate until it is worth it to buy into real estate.
American RE market priced America out of it and hence you are seeing this prolonged slump. Slump of people who bought into it waiting for a bailout, dicking around with banks. And buyers obviously in no hurry to waste their money as there is no good reason to buy right now.
On a positive note, at least capital won't be tied up in unproductive real estate flipping and might move into business ventures.
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Please do not comment about your local real estate market. Nationwide, when and why do you think residential real estate will bottom out and begin to rebound to the point where prices not only stabilize but actually begin to appreciate?
#housing