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Posted by: jaern 10 months, 2 weeks ago
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jaern10 months, 2 weeks ago
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I guess the way I'm looking at it as that while we are making our house payments- there are 10 foreclosures in our neighborhood and a total of 450 in our township. Our home has depreciated in value by $60,000.00. I'm hoping that with bailouts for homeowners it will help stop foreclosures and in the long run help the value of my home stabilize.
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crghss10 months, 2 weeks ago
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Well you can always hope. Here's the thing. Housing prices need to be in line with salaries. By artificially inflating housing price it just delays the inevitable. Back at the peak of the housing market there was $700K houses everywhere but how many people had salaries that could afford them. They didn't exist. The average house has to be priced at the average price. Housing price must fall to the level that people can afford them on the salary they make. Period. As more people get laid off that level drops. And to get to that level will be very painful.
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slate10 months, 2 weeks ago
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A mud hut goes for 200K in California now people are leaving that state at a rate of a net loss of population, which means fewer tax payers. For the most part inflated house prices are there to help people make money but to increase the revenue to the states in taxes paid each year.
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dgoodii10 months, 2 weeks ago
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The House market has a way to go till it corrects to true values, in some ares. With bailouts that may take years, house was way overpriced due to cheap interest and a false demand. Look at values 10 to 15 years ago add 2 to 4 percent a year, if close to that then market is close to where it should be.
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nostalgia10 months, 2 weeks ago
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"The House market has a way to go till it corrects to true values, in some areas. With bailouts that may take years"
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The bailouts are an attempt to prop up housing prices
If you keep housing prices artificially high who can afford them without creative financing?
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