08-25-2008, 12:08 PM
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#3
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Hall of Fame Poster
Join Date: Jan 2007
Posts: 22,768
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Re: Wall Street View on Real Estate
Quote:
Originally Posted by Real World
Why is this described as "unfortunate(ly)"? This is good for the average joe. Not everyone is a Wall Street zillionare who can afford to pay 1,000% of their annual income on the purchase of a place to live. Let the market bottom even further. As long as people are employed, everything will be ok.
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Brother....I AM WITH YOU!! I'd like to see homes, particularly the entry-level ones get down where the average Joe can afford one fairly easily just like my father could. Bus drivers, mechanics, plumbers....all those should be able to afford a home with no problem. That's the way it's always been...or at least until about 8 years ago.
Here's some more "good" news for those people;
"Resales advanced more than forecast to an annual rate of 5 million, with at least one-third of the purchases coming from foreclosed properties, the National Association of Realtors said today in Washington. At the same time, the median price dropped 7.1 percent from July 2007, and the number of homes for sale jumped to a record.
Sales averaged a pace of 4.95 million the past three months, the same rate as the previous period, indicating that purchases may have touched a bottom. At the same time, the glut of houses for sale means property values will probably keep dropping, putting pressure on household wealth and consumer spending."
http://www.bloomberg.com/apps/news?p...dlY&refer=home
Last edited by PatriotsReign; 08-25-2008 at 12:09 PM..
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