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San Diego real estate – San Diego real estate market 'Inside' views & opinion
Happy Thanksgiving To All – Have a Safe and Wonderful Holiday. Knowledge
The only way to pay that off is massive inflation– 10-15% every year for 6-8 years. Worst part is the next President will take the fall for Greed the scope of which the world has never seen. So hold on to that house if you can, in a few years it will be worth three times its present value and that mortgage you can’t afford will represent a year’s salary.
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Americans’ Debt Load Threatens the Entire Financial System. Years of spending more than they earn have left a record number of Americans standing at the financial precipice. They have amassed a mountain of debt that grows ever bigger because of high interest rates and fees.
Sacramento real estate attorneys
CA was the perfect state for the subprime mortgage mkt. When you have statistics that show less than 20% of the state can afford to buy a home and yet people were buying houses like nobody’s business there had to be some fancy math going on. They were reporting in 2006 that 80% of new mortgages were non-traditional variable rate/interest only loans because the only way to get people into these overpriced homes was to get creative. Never in our history had home prices skyrocketed like they had in the past 10 years and everyone wanted in on the gravy train, from the person selling his home, the realtor handling it, the banks wanted the bigger mortgages, to the people that thought they deserved an expensive home, to the banks allowing equity to soar so people could turn their homes into ATMs and the banks would get years of interest.
New Jersey real estate lawyers
Owning a home is not the be all and end all. In fact, for a fair number of people renting is a much better choice. A house can be an albatross that is hard to dispose of. It certainly limits your mobility. The government is making a mistake trying to maximize home ownership with it’s easy money policies.
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Future inflation will not manifest itself in the ways it did in the past. There will not be wage inflation due to a global labor market. The new inflation will result in higher prices for goods and services, but this won’t be offset by higher wages. So you will see an erosion of your standard of living. Housing prices won’t appreciate at the inflation rate because people won’t be able to afford higher prices for housing due to the fact that their incomes aren’t increasing at the same rate. Employers don’t need to increase wages because lower cost labor is available abroad. This is unlike the situation in the 1970s when there was both wage and price inflation. Now we will get only price inflation.
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Property prices are only beginning to tumble. They will stabilize when they finally hit or surpass equilibrium value as determined by their P/E Ratio.
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When I saw how the housing prices were going up, up, up and most peoples’ salaries didn’t pay enough to afford them, I knew the market was going to crash three or four years ago. Some real estate dealers and owners were just so incredibly greedy. They ask for a sales price or rent not based on how much they really need to charge to recover their expenses and make a reasonable profit, but on getting the maximum money for themselves, without regard for the effect on society.
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