Originally posted by: rdubbz420
Originally posted by: Slew Foot
Originally posted by: SampSon
Originally posted by: Slew Foot
Originally posted by: SampSon
THe good news is that with the housing bubble popping, there should be lots of foreclosures to choose form in the the next couple years.
Good thing you have no idea what you're talking about when it comes to the real estate market.
Todays headline
Right now is a terrible time to buy a house unless you're drinking the Kool-Aid the Realators are shoving down your throat.
Ah, California. Well California's market in no way reflects on the rest of the entire nation.
When the market readjusts itself in California the rest of us will sit back and laugh.
As for the rest of the nation, there is no bubble. Now is an good time to buy as any. Rates are still nominally low and won't be going lower in the foreseeable future.
CA, Florida, AZ, NV, New England will be be smacked, the rest of country will probably sneeze a bit.
just give up, Sampson does do this stuff for a living.
Naw, I just like to hear myself talk.
California is the only truely unsustainable market. Nothing in the nation compares to California, and more specifically Southern California. There arn't really any areas in the country where people purchase homes that are worth 10x their yearly income.
Florida has been appreciating heavily, but it's due to second home owners and retierees. Florida's market is not totally driven by young professionals buying homes and building families, like California.
AZ and NV have very sustainable markets. If anything they are in a good position due to the massive growth. One of the major reasons housing appreciates there is due to the extreme shortage of housing stock. Couple that with the municipalities cutting back on building permits and you have a high demand area with no supply, driving up prices legitimately.
New England's market is very sustainable. Many people are moving to more suburban areas surrounding Boston due to the very high cost of living in Boston. Prices in Boston arn't going down ever, which means the market around Boston isn't going to go down either. New constructions are very active in the New England area due to the shortage of housing stock as well. Once again it's a solid case of supply and demand. New England as a whole is not an incredibly appreciating area, there are pockets of high growth, but thoes areas will sustain due to the good job market.
There will be no major "crash" coming, California will experience a readjustment of values, but as soon as that happens the people who couldn't get into housing recently will quickly jump at the available stock. Even if values drop 20% that market will generally sustain itself. People are not moving OUT of California, they are moving IN.
Even after the S&L scandals of the late 80s there was no major "crash" and the "bubble" didnt "burst". Real estate is appreciating at very steady and sustainable rates, and it will continue to do that for as long as people need somewhere to live.
For as many alarmist articles you can show me about the bubble bursting, I can show you just as many articles refuting thoes claims. There will always be people claiming the big crash is coming and make a big hoopla about it. Reality is that it isn't coming no matter how hard these speculators WANT it to happen. A large crash in a market is just an open door for parties with capital to make money. Pay attention to who is divulging information and keep in mind their motives.
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