This was a no brainer if you are in real estate. Life is a loser every day in this shit.
I have been saying this for the last couple of years. We are just in the beginning of this economic depression. The real pain is probably coming around 2013 and will last until, at least, 2020.
I can’t wait to see how counties are going to deal with real estate taxes. Remember Reagan said “a raising tide lifts all boats”, and then BamBamKennedy said he would “lower the sea level”. Well in a manner of speaking BamBamKennedy has indeed lower the sea level.
Long before 2020 the rolling collapse will show up in other ways. Greece, Spain, Italy etc will be reshaping the world. The USA and EU are maxxed-out, Japan is mired down and China isn’t going to be able to keep it all afloat as they are selling less stuff. And yet some percentage think Bammy actually knows what he is doing.
My hope than would be some sort of tax overhaul that would lower rates and be simpler. All this can be done in 6 months or less. As the jobs start to flow, you will see a visible change in attitudes and home prices will begin to heal. People's attitudes will be totally different even if the job rate falls only to 8% from 9%. It will be going the right direction and we will have faith that things will get better.
Right now, we KNOW that things won't get better and Obama is playing "Whack a Mole" with anyone that wants to make money. The only reason we aren't growing and hiring right now is Obama and the Dems, period. It has nothing to do with consumer spending. Business is making some money and are just trying to hang on for 13 more months. 2020 is just to far away, IMHO.
Now, if Obama were to win 4 more years, America is finished, we won't come back. He will be lame duck and nothing to lose. It will be "comrade city" within months and we will ride to the gulag on mopeds. Money will be bullets and beans.
It needs to allow prices to drop and clean out the bad debts.
This isn't as bad as it may seem at first glance. Real estate cycles are much longer than stock market cycles. To go peak-to-peak in 13 years is not unusual for real estate.
There is definately a contradiction in the title of this article and the content in the body of the article. it says that there will be no rise in home prices until 2020, but then saying that home price values will not get back to 2007 levels. 2007 levels were pretty high and it could be longer than 10 years to ger back there. But I think there will be at least a small to moderate rise in home prices in the next ten years.
Good. Then let the flood of foreclosures commence instead of holding them up with a dam of lawyers and socialism. The currently high property taxes are only propping up unneeded, lazy, overpaid emergency/rescue/regulatory/social/socialist parasites and preventing a resurgence of real productivity and worthwhile business by better people (the true private sector, holding back on spending and activities until then).