Welcome to PatsFans.com

Interesting Article

Discussion in 'Political Discussion' started by Turk, Jun 14, 2007.

  1. Turk

    Turk Rookie

    Joined:
    Oct 31, 2004
    Messages:
    1,072
    Likes Received:
    3
    Ratings:
    +3 / 0 / -0

  2. All_Around_Brown

    All_Around_Brown Rookie

    Joined:
    Jan 3, 2005
    Messages:
    3,098
    Likes Received:
    1
    Ratings:
    +1 / 0 / -0

    He makes some very good points. I agree with him that It isn't going to be pretty. The housing market has already begun to show what I predicted here almost two years ago and right wing nuts dismissed as pure pessimism.
  3. Real World

    Real World Moderator Staff Member

    Joined:
    Aug 15, 2006
    Messages:
    26,994
    Likes Received:
    189
    Ratings:
    +437 / 5 / -2

    I said it a few years ago that the prices being paid for property, combined with the historically low interest rates, were going to cause a serious correction, if not a crash in the NE market. People thought I was nuts too, but I pointed out that refi's were at an all-time high, and rates could not get any lower. When you combine that with record prices for housing, there would be no safety net with respect to equity. In fact I pointed out, we would begin to see negative equity. It's why I stayed within my means and bought in Chelsea 7 year ago. I've got an easy $100-150k in equity, and in a couple of years I'll be buying in at the bottom. ;) Anyhow, the fall in housing is more regional than national. This crash won't be anything like the fall in '89-. Rates are low enough for people to afford property that loses 20-30% in price, and the economy is solid to the point that there is money to be spent. I see a crash of sorts, but a regional crash in over extended markets like NE, NY, San Diego, etc... where the boom started first (1997-98).

    BTW, the biggest culprit is sub-prime lenders. I've know people in the business, or who quit the business, and they were as unethical as can be.

Share This Page

unset ($sidebar_block_show); ?>