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29
dhmartens
@
2010 Apr 20, 7:57am
Can someone tell me the price of a house in China? I figure in the the US it won't drop below that level. I think I read it was about $60k-$80k. Anyone?
30
tatupu70
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2010 Apr 21, 9:26pm
tatupu70
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2010 Apr 21, 9:26pm
No? Sorry, but who do you think we are competing with for jobs and wage levels? I’d say wages are going to settle somewhere between what they mexico, and china.
Are you predicting the same for Eurpoeans?
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http://www.cbc.ca/money/story/2010/04/16/us-housing-starts.html
and hundreds of similar articles all over the news.
OK, so while we have an oversupply of tens of millions of housing units they build much more.
Why? Simply because prices are high enough to justify building unneeded houses.
So we keep wasting on something nobody really need, because this waste is heavily subsidized.
Personally i don't see how it's different from all those roads to nowhere.
However, one thing is absolutely clear: US economy is not strong enough to support this waste of resources for much longer.
The conclusion is very simple: housing prices have to crash and the will. Either they will crash by themselves or they will crash the whole economy before they crash.
#housing