http://www.msnbc.msn.com/id/43175612/ns/business-personal_finance/
Subheading: "Huge backlog of distressed properties means any housing recovery is a long way away"
Do you remember quite some time back when I posted numerous links to news stories saying that the housing market had hit bottom and was now recovering? I believe I went all the way back to 2007 with some of the links and up to 2011. That's four years of mainstream news articles telling us that the housing market was improving.
What does the above story tell us?
They lied. The market is not improving and in fact has yet to hit bottom.
Not to be negative and pessimistic but I have to ask the question what else are they (the media) lying about then?
Well, this is no surprise to anyone paying attention. However, the housing market crash does have an upside. Those of us who didn't own a home can now afford to get one. The only people this crash really affects are those who unwisely invested in real estate and those who bought homes without the means to pay for them. I would think that owning real estate couldn't be a bad thing, if it weren't for the unjust land taxes that go with it. That however, is a whole different topic. Keep on farmin'.
ReplyDelete@thatswhatswrongwithpeople
ReplyDelete"The only people this crash really affects are those who unwisely invested in real estate and those who bought homes without the means to pay for them. "
I respectfully disagree. My family saved 20% to put down on our home in early 2007. Since then market prices have dropped so far, we've lost twice the equity we originally put down.
We weren't expecting to flip our house or get rich, but we also thought we'd preserve the bulk of our equity while we lived there.
Thank God I've remained employed and there's no change in my ability to make the payments, but that down payment was almost a year's salary.