Housing market.
Well I keep reading how all the houses have dropped in price, and how alot of people lost their homes.
Both the warning signs and the warnings from truthful people foretold this would happen if housing prices were allowed to continue to be dictated by greedy, dishonest people. Exactly what they said would happen did happen and will continue to happen. When all the signs and warning were that blatant and people did not pay attention then fell into that trap, I can feel some sympathy, but not much.
Here is a little clue. If no one buys prices FALL and continues to fall until people start buying again....en mass. So essentially if the general population uses their brains and just lets the market continue its bloody trainwreck, prices could drop back down to 1978 prices.
In other words....well below 100 grand. Maybe even 50K.
Wouldn't that be nice.
My friend bought a house in 1999-2000 area for 78k and in a matter of 2-3 years I watched it jump to 250-300k. Way way way to fast, and with disaster written all over it to one paying attention. Likewise everyone else's house did the same thing.
So people took loans out expecting good things, not realizing that eventually they would have to pay it back. The ones that sold their houses at the height of the stupidity for 500-600k were the smart ones. The ones who did that and now are sitting on the money till prices drop are even smarter. They will be able to buy two and possibly even three houses by the time the dust settles on all of this.
My hope is the prices fall so bad that 25000 will get you a decent 2 bedroom house, and you can actually pay it off early enough to enjoy it when you retire. People seem to have forgotten that little discussed, unwritten rule.
If you can't pay it off in a certain time it's not worth getting.
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