http://money.cnn.com/2007/08/14/news/companies/walmart/index.htm?postversion=2007081412
Is it ironic, sad or stupid that there are two advertisements at the bottom of that article for neg am loans?
This housing bust and the coming recession could be the best thing to happen to real estate investors in decades. Let’s face it, when starter houses in California are a half a million bucks, something is drastically wrong. How is the average working guy supposed to afford that? If those bubble prices lose half their value, it still won’t be enough in my opinion!
The same is true of this fake economy in the United States. Inflation is 2% - YEAH RIGHT! I’d like to see it all implode and let’s get back to reality!
At any rate, this could be the best time in decades to buy property! I like it!
Mike
where are you located?
I’m in CT as my name states, not sure why that matters since this is a national/global event.
I was asking propertymanager where in CA he was from…
how’s the scene in CT?
here comes the AMERO…coming to your wallet real soon
my 2 cents
Robert A. Doncaster, Jr. - “RAD”
Import/Export Entrepreneur & Investor
*** DO YOUR HOMEWORK ***
Chicago Illinois USA
& sometimes Salzburg, Austria
"A wise man makes his own decisions, an ignorant man follows public opinion”
I believe that it is better to tell the truth than a lie. I believe it is better to be free than to be a slave. And I believe it is better to know than to be ignorant.”
“Men are born ignorant, not stupid. They are made stupid by education.”
"Better to ask a question than to remain ignorant.”
Propertymanager is from the Ohio part of CA. :smile :biggrin
CT didn’t see huge run-ups like CA so I’m not seeing anything really nuts yet. Prices are adjusting though and the market is certainly slowing. CT is probably the most heavily wooded state in the US and their are probably still more for sale and foreclosure signs than trees. Homes just aren’t selling. I think prices here will continue to slowly fall for another 2+ yrs before anything really starts to change. I don’t see a huge fast drop off here like in other parts of the country but I know we will see a correction as homes are currently overvalued and prices will return to affordable numbers slowly. I’m thinking we will probably see +/- 5-10% loss in price per year here until we hit the bottom, CA is probably going to be more like 10-20% per year until they hit bottom.
I just had to Google that because I had no idea what you were talking about. What are we jealous of the Euro or something? Maybe we should just make an international currency to make things even more global and universal.
i’m in ATL…
check out this article
http://www.ajc.com/business/content/business/stories/2007/08/15/homes_0816.html?cxntnid=biz081607e
This is great news. In every calamity there is opportunity. When these types of financial disasters happen the rich always come out richer and the poor come out poorer. That is because the rich see the opportunities as opportunities. The poor look at opportunities and see problems. What this is going to do is shake out the people that have no idea what they are doing driving purchase prices up and messing up the pond. It is also making available an increased inventory or properties to acquire. We will be able to buy houses for fifty cents on the dollar by Christmas. If your goal is to get rich in real estate and become a real estate mogul, then this is the opportunity of your lifetime.
This happened once before in my lifetime in the 1980’s when house prices got really cheap because of the oil bust. At that time there were no jobs so it was not a healthy time to buy although houses were cheap. But now the economy is strong (people have jobs) and the houses are cheap. We should all try to come out of this owning dozens to hundreds of houses.