NO! – Housing prices were artificially inflated by the Banksters Real Estate Bubble. Homeowners got Screwed and need a Bail-Out!
75%
YES! – It may take 30+ years but those homes will eventually appreciate in value. Real Estate is the safest investment there is.
25%
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Housing will take many years to recover . Maybe our kids will see the profits when we ' go'
Chase B o A Citi Wells Fargo Goldman Sachs are all ; crooked ' All Made possible by 30 yrs of Reagan Bush GOP pushed deregulation policies. .President Clinton's part ? Caving to Goldman boys Alan Greenspan Larry Rubin & Sommers to end Glass Steagal .That goes for NAFTA too
Several major areas of the country have been hit, some may recover to some degree, such as Florida, California, and Vegas, snowbird areas. Others, like Detroit may never come close to recovery. One thing for certain, some banks, are still milking & bilking for all they can get. One bank ( I can't mention names, for my own protection, as I was employed in this area, though in good conscience could not stay there and be part of it.) is notorious for dragging out short sales and costing home owners thousands, in related fees.
I did vote yes, but the housing market, like everything else in this country will depend in large part on the outcome of the elections this November. I was not heartened when I heard tonight that the UK says that banks can self report crimes. Right, like that will ever happened. Of course it was commented on that there are very few crimes left for them to commit so much has been made legal. The US is on a fast track to catch up with them. I am beginning to think that true capitalism is dead and we are left with pillagers and rapists who show no mercy. We have been sold out by the very people we elect to represent our interests. Instead, they sell us out to the highest bidder. It's like an auction, and our lives are on the block. Do I think people will just lay down and take it this time around? I do not. Will people now surrender their very basic rights to live peacefully with dignity? I do not. The human spirit has been suppressed for millenia and it's time to stop, for now is the time of the great awakening and the people will no longer stay silent.
As a former loan officer and now real estate appraiser, I offer the price of the house is a function of income. When the Phoenix metro area hit the peak in 2006, the median price of a house was $263,000 while median family income was only $53,000 or the price was a multiple of 5 to income. My mother, who grew up in the depression, advised me to spend no more that 1 years income for a house but that was when interest rates were 5-7% with 15 year loans. I've always been lower than 2 and the lower the income the more pressure from unexpected expenses (kids, health, school, etc.) can be on homeowner success or abilty to purchase. The banksters made loans regardless of the abiltiy to pay as they weren't holding the debt by letting someone else "hold the bag" but this time the bag was filled with poo.