So who's benefiting? In my area, young couples starting out in life can buy a nice home on a single income, so the wife can stay at home with the kids. Before, theyd be spending upwards of 50 % of 2 incomes on monthlies.. Also, some people who could only rent before can now buy, as long as they have a job.
Home prices were flat between 1989 and 1999. No where is it written that housing is guaranteed to be the way to make an easy buck. For every person who gets screwed, somebody else benefits. Such is life.
No where is it written that housing is guaranteed to be the way to make an easy buck. For every person who gets screwed, somebody else benefits. Such is life.
I see it that way too, and I'm one into some (but not disastrous) loss. It was clearly crazy the way housing was going, largely by virtue of Fannie Mae, liberalism, etc. To be a conservative means to be conservative, not easy Madoff-type greed. I see it that way also with the stupid discipline of "Economics."
The United States, its phony political leaders, and apparently the majority of adult juveniles who cannot see beyond them, has really really lost it.
The Tea Party the only current hope.
Johnny Suntrade
While I agree that a free market provides for when someone loses someone else gains, the current market is a government controlled market, not a free market. When the option of financing is essentially eliminated from a marketplace, cash is truly king and prices of the product will fall. Add that to a terrible economy and watch housing prices continue their plunge.
Who's truly benefiting is a great question. Sorry to say, what we're in the midst of is a transition from a nation of home ownership to a nation of renters.