interest rates are the lowest in decades.if the middle class is struggling now, the middle class will be destroyed when interest rates rise. that is the goal of obama to destroy the middle class and make them dependent on the government and perhaps the democratic party for their survival i.e. peron etc.
oh, of course. its how it works. rates are low -> greedy folks buy inflated homes with mortgage. rates rise -> they're screwed. not only the payments rise, the value of homes falls 20, 30, 80% from their buying price. end result: banks own MORE real assets, sheeple slaves own nothing but debt.
very good analysis... everyday I tell people IMO we have a 70% chance of significantly further down side and a 30 percent chance the govt and banks will find a way to create some other scenario. I suspect eventually, we will get no doc loans again. Otherwise the buyer pool is just going to shrink and shrink... unless we have so much inflation... our real estate looks cheap to asian workers.
Yes, we need to get some no income, no asset, bad credit, bankruptcy ok loans, again. You know...the ones that say, dont worry about the mortgage...just pay us back when you hit the lottery loans.
Insane :eek: The appartment across mine was for sale a couple of months ago and you could afford only quite a bit less than a single sqm with the 25kusd !! The sign disappeared, so they might have sold it !!! LV sounds cheaper than many cities in the developping world at the moment - weird !
Question to all of you R.E. experts. I'm looking at buying a Condo in a 55+ building. I'm renting now. My gross yearly income would equal the cost of the unit. I could pay cash for the unit. I would cut my yearly housing expenses in half by buying this Condo. I'm in no real hurry to move, currently renting. There are enough units available (good supply) and I've been told that people can't sell their present home to buy into this community (low demand). My thinking is that I should proceed slowly at this time because with a 50-50 chance of recession and sagging home sales I should be able to get a better deal over the winter. Anyone have an opinion?
Put in an all cash bid at 15% discount in a nice building unit that you want to own, with a one week expiry, and wait for a desperate guy or bank to hit you. If they don't then the bid expires and you place the same extorting bid in another building that you like. Or go around banks in the area and speak with their RE foreclosure departments and offer them to relieve them of one of their "problems"...for a price. Aim at 15-25% instant profit depending on the unit.