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The Housing Market Is Depressing America
Townhall.com ^ | April 20, 2012 | Scott Rasmussen

Posted on 04/20/2012 4:25:55 AM PDT by Kaslin

Just 49 percent of homeowners in America now believe their home is worth more than they paid for it.

Rasmussen Reports has asked that question for years, and it has never before fallen below the 50 percent mark. This represents a sea change in personal finances that challenges core assumptions about the way our economy works.

Most Americans were brought up to believe the cornerstone of good financial planning was to buy a home, pay the mortgage on time and watch the equity grow. That doesn't work at a time when home values are declining.

Economists measure the lost equity in housing to be in the trillions of dollars. But the impact on individual families is even greater. Consider this: Four years ago, 80 percent of homeowners thought their home was worth more than they paid for it. That number fell to 62 percent last fall and 49 percent today.

In just four years, roughly one out of three homeowners went from having made money with a supposedly safe investment to seeing all the gains disappear. That's a stunning turnaround for people who thought they were doing the right thing and buying their share of the American Dream.

Adding to the sense of gloom, homeowners don't think we've hit bottom yet. Just 21 percent believe that their home will go up in value this year, while 25 percent expect further declines.

Even looking ahead five years, only 46 percent believe their home will go up in value. Such a low number would have been unthinkable until recently, and it's one reason many homeowners feel trapped.

The housing crisis was triggered by a soft economy, and most Americans recognize that it won't be solved until the overall economy regains strength. They're not looking for a quick fix with some magical new housing policy. Instead, they have serious concerns about jobs, inflation, federal spending and deficits that cloud prospects for a robust recovery.

But while the soft economy was the trigger, most homeowners recognize that the underlying cause of the housing crisis was a corrupt relationship between the federal government, elected politicians and well-connected financiers. While the housing market was collapsing, the financiers were getting bailed out.

Seventy-seven percent have an unfavorable opinion of Freddie Mac, and 73 percent say the same about Fannie Mae. Those two government-sponsored enterprises changed the rules of the mortgage game. One "innovation" was to encourage policies that let people buy a home with no money down. Most Americans reject that type of new math.

Fannie and Freddie, encouraged by politicians from both parties, sought to make homeownership available to everyone. But only 26 percent of Americans believe that should be the guiding principal of federal housing policy. Sixty-three percent think the primary goal in issuing a housing loan should be whether the homeowner can repay it.

By ignoring generations of experience and the common-sense wisdom of the American people, Fannie Mae and Freddie Mac broke the housing market. Even more, they turned the American Dream for millions into a financial nightmare. Adding insult to injury, Fannie and Freddie stuck taxpayers with a bailout bill currently estimated at more than $300 billion -- with no end in sight.


TOPICS: Business/Economy; Editorial; Government
KEYWORDS: housingbubble

1 posted on 04/20/2012 4:25:58 AM PDT by Kaslin
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To: Kaslin

Wrong. The Obamunist and Obamanomics are depressing America.


2 posted on 04/20/2012 4:35:43 AM PDT by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
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To: Kaslin

Housing was in abubble. It is now at a reasonable level. People leveraged their overvalued houses to buy cheap trinkets manufactured by outsourced Chinese slave labor at Wal-Mart. Now the trinkets are in the land fill and the money and equity spent. And everyone wonders where the recovery is.


3 posted on 04/20/2012 4:38:49 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: Kaslin

AND the next round of foreclosures is expected to hit in May which is reported to double what is currently on the market for sale.


4 posted on 04/20/2012 4:45:15 AM PDT by conservativesister
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To: conservativesister

Yeah I heard something to the effect of the foreclosure machine is about to be cranked up again.
The robosigning dust up caused the foreclosures to be halted until the “investigation” was completed.
The speed and number of foreclosures is expected to ramp up this summer.
Seems to be just another crisis that they can take advantage of. And golly, just look at the timing of this crisis.


5 posted on 04/20/2012 4:56:36 AM PDT by Texas resident (Hunkered Down)
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To: Kaslin
roughly one out of three homeowners went from having made money with a supposedly safe investment

If these people are still employed, and have been able to keep up on their mortgage payments, there's still a chance their investments are satisfactory, if not "safe."

The idea of a "safe" investment is one promoted by the media and financial services companies. There are less risky investments, but there are no "safe" investments. If there were such a thing, we would call them "money generation machines." When people signed their mortgage contracts, there were no guarantees that their home would earn x percent per year.

If you're a homeowner and want to be upset because your house is worth less because the Obama economy is in the tank, fine. That's a good reason. But the value of home prices rise and fall for many reasons. If you maintain your mortgage, and pay your property taxes, you still own your home. It still represents a tangible value, and can be used for collateral. That's more than renters can say.

6 posted on 04/20/2012 4:58:03 AM PDT by Lou L (The Senate without a filibuster is just a 100-member version of the House.)
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To: Kaslin; ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; calcowgirl; Gilbo_3; NFHale; ...
RE :”Most Americans were brought up to believe the cornerstone of good financial planning was to buy a home, pay the mortgage on time and watch the equity grow. That doesn't work at a time when home values are declining.
Economists measure the lost equity in housing to be in the trillions of dollars. But the impact on individual families is even greater. Consider this: Four years ago, 80 percent of homeowners thought their home was worth more than they paid for it. That number fell to 62 percent last fall and 49 percent today.”

What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down.

Here in Maryland house prices have dropped by about 80 to $100K from their peaks in 2006 (not nearly as bad as other areas) yet developers are continuing to plow down acres and acres of trees (are they not green?) to put new developments that compete with existing homes, and our government at the state and local level is the green Democrats.

Meanwhile they continue to hike our taxes to pay for more roads, schools and a ton of climate change green taxes and mandates.

If house prices are going down in your area look around and see if new houses are being built. Your local politicians control that rate of growth,

7 posted on 04/20/2012 5:00:17 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: Common Sense 101

It’s going to get even worse when obama’s plan for the government to buy foreclosed homes goes into effect. They plan to rent them out. Coming to a suburb near you.


8 posted on 04/20/2012 5:03:49 AM PDT by jersey117 (The Stepford Media should be sued for malpractice)
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To: conservativesister

what is really hurting America is our expectations and dependence on bubble economic cycles instead of long periods of consistent, sustainable growth followed by short market corrections.

The coming mortgage mess is just a redux of the 2007/08 collapse that is totally avoidable but encouraged by the same people that complained the housing market was helping GWBush’s poll numbers.
They are giving sub-prime mortgages with crazy terms to people with no jobs and can’t pay even their own taxes. Once those toxic loans are bundled and sold off to Fannie and Freddie, who will eat those costs? Those of us stupid enough to actually pay our mortgages, that’s who.

I remember a protest back in 2004 when a group of minority activists (hispanics, blacks, native Americans) were calling for their own “40 acres and a mule”.. meaning reparations. Well, it looks like some are getting just that...


9 posted on 04/20/2012 5:05:31 AM PDT by newnhdad (Where will you be during the Election Riots of 2012/2013?)
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To: Kaslin

Don’t confuse cause and effect, the cause is high energy costs.


10 posted on 04/20/2012 5:11:49 AM PDT by maddogtiger
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To: Kaslin

on top of all of this the union, oriented teachers in this country are raising our children to be commie or commie sympathizers. demanding it all for free and having a bloodlust for the financially successful and or fortunate. we went way wrong in the sixties with our schools and allowing public unions. the commies have a put a strong foot hold on America. hope we can change enough to reverse this trend.


11 posted on 04/20/2012 5:15:34 AM PDT by GOP Poet
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To: Kaslin

Everyone here (Newport News, VA) is actually talking about how the housing market is finally picking back up. Then again, I just got my city assesment and it was down another 15%. At least my taxes are going down.


12 posted on 04/20/2012 5:28:40 AM PDT by wolfman23601
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To: wolfman23601

Up here in Taxachusetts - even though my property value has decreased of late - the taxes keep going up and up.

Ain’t it neat how THAT happens? Thud


13 posted on 04/20/2012 5:38:55 AM PDT by libertarian27 (Check my profile page for the FReeper Online Cookbook 2011)
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To: wolfman23601

The housing market is up dramatically in the Lehigh Valley of PA compared to this time last year. The newspaper just had a front page spread about how it has improved.

Realtors say the glut of foreclosures have been dealt with and if a house is priced reasonably, it will sell quickly.

Values have not rebounded much, just sales. But increased sales means increased buyers and when there are more buyers out there competing, chances are prices will improve.

The majority of buyers at this point are first time buyers and empty nesters looking to downsize. Current owners are not upsizing yet, but that may come.


14 posted on 04/20/2012 5:41:40 AM PDT by randita
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To: Kaslin

This article is poorly reasoned. Part of the cause for ever-increasing home values was ever-increasing demand, which was fueld by the “easy money” policies of Fannie and Freddie. It was an artificial market that was bound to collapse when people realized it was built entirely on unsecured credit — there was no real money behind the illusion.

It was a great run for the construction trades and real estate agents, but was never sustainable by the sheer demographics.


15 posted on 04/20/2012 5:45:38 AM PDT by IronJack (=)
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To: Kaslin

People too effing stupid to understand what the consequences of building ten years worth more houses than you have families to live in them would be ... fully deserve to be depressed.

It took an idiot not to understand that the housing bubble would pop.

Complete idiots who were so damned stupid they got in peoples faces and tried to argue this wasn’t coming (which resulted in more people investing in real estate that will take two to three decades to break even at best) fully deserve both everything they get, and a heap of ridicule besides.


16 posted on 04/20/2012 5:47:10 AM PDT by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
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To: Kaslin

The decline in the price of a needed good is not the bad thing. The wildly inflated price was the bad thing, and damn the politicians of both parties for not recognizing the disastrous social consequences of skyrocketing prices, whitewashed by 0%-down mortgages and low interest rates. But I also single out George Bush for damnation, since he was a cheerleader for Americans becoming serfs once again to an all-powerful government entwined with banks to the point of fascism. Yes, the Democrats were worse, but then, the campaigned on big government; Bush promised to rescue us from them.

A $200,000 home is a nice thing. It’s only something for people to gnash their teeth over when they paid $700,000 for it.


17 posted on 04/20/2012 5:50:25 AM PDT by dangus
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To: MrEdd

Bingo! I had so many arguments w my business collegues who were so brainwashed. I did not buy a house in the bubble thank god and was told i was an idiot, missing out, etc.

Only an idiot could not see that prices were a reflection of easier money and nothing in real value.

In my way of thinking , the only thing that really should push home prices up are increased wages and earning, increasing population via immigration, etc.

Not one single person during the bubble era could explain to me why housing was going up 10% plus a year while average salary much less a % and how that was real or sustainable.


18 posted on 04/20/2012 5:52:12 AM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: libertarian27

My city isn’t by any means conservative, but city council is actually represented relatively well. In the South District, which is probably 95% black, they have 2 representatives. One of them is your normal Charle Rangel type and the other is Tina Vick, aunt of Michael Vick. Vick has forged relationships with the conservative women who represent the Central and North districts and they can get her to vote pretty much how they want in exchange for a few bones downtown. The mayor is also from the South district, but has been bought and paid for by the business lobby. His campaign was funded by the white, wealthy, Episcopalian Jamestown descendants. The tax base is also pretty diverse. They have already decided not to raise the property tax rate, though some fees and the cigarette tax are going up.


19 posted on 04/20/2012 5:52:53 AM PDT by wolfman23601
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To: MrEdd

My sympathies lie with those who saw their rents increase from $200 in 1990 to $500 in 1995 to $1,000 in 2000 to $2,000 in 2005, and wondered with mortal terror whether rents would reach $5,000, most of their monthly salary, by 2010. Then came the banks and the government, promising that they could freeze their costs at $2,000 with zero downpayments. “Why rent for $2,000 when you can own, and lock in those low payments?”

I didn’t buy because I was single, and didn’t need an entire house. The ones who are screwed are simply those who cannot move to a better labor market because their house is worth less than their mortgage; I’m not even feeling bad for those who bought at $400,000 in 2000 and whose house now costs only $300,000, but meanwhile, it’s half paid off.

The over-supply is NOT because supply accelerated so quickly, by the way, but because demand dropped so suddenly.


20 posted on 04/20/2012 5:59:30 AM PDT by dangus
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To: sickoflibs
I have no idea where new housing developments are going up in Maryland. Here in adjoining Virginia all we have are fill-in development ~ a house at a time.

All the big dogs were wiped out ~ literally.

The cause of the housing problem is OVERBUILDING. That was made possible through the illegal importation of MILLIONS OF LATIN AMERICAN laborers who worked for 20% of base wage.

The root cause has been and continues to be non-enforcement of our immigration laws.

21 posted on 04/20/2012 6:02:44 AM PDT by muawiyah
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To: conservativesister

“next rounder of foreclosures is expected to hit in may,”

This is good news for some of us. As someone who is trying to buy a home, I sacrificed for years to save money for a time like this.

If you prepare for the future, times like this can be a gold mine. But you can’t live for the moment. Getting ahead is more about planning ahead than anything else.


22 posted on 04/20/2012 6:03:48 AM PDT by LevinFan
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To: Kaslin
Given the shape of things, "depressing" isn't what the Fabian Socialist parasites had in mind...
 
BOHICA.
 
 
 
" Uhhhh, that's not ours either! "
---Weiner, Obama, Perry, Pelosi, Frank, Pritzker and Associates, LLLP.
 
 

Follow the....

http://www.campaignmoney.com/finance.asp?type=in&cycle=08&criteria=pritzker&fname=penny

 

Billionaire business mogul Penny Pritzker is a member of one of America’s richest families and was the Finance Chair for the presidential campaign of Barack Obama.  It was Pritzker that led the prolific, and illegal, fundraising that helped power Barack Obama’s presidential campaign.  She was the chair of Chicago-based Superior Bank’s board for five years. 

Pritzker was into subprime lending before it became all the rage starting in around 2000.  Prtizker's chairmanship was to concentrate on sub prime lending, principally on home mortgages, but for a while in subprime auto lending, too, after the Pritzkers' bank acquired its wholesale mortgage organization division, Alliance Funding, in December 1992.

Back then they called it "predatory lending."

Superior Bank went belly up in 2001 with over $1 billion in insured and uninsured deposits; 1,406 depositors lost much of their life savings.  This collapse came amid harsh criticism of how Superior’s owners promoted sub-prime home mortgages.

On Nov. 1 [2002] the Federal Deposit Insurance Corp. pointed the finger at Ernst & Young, Superior’s auditor, in a fraud suit filed in federal court here.  But that action came two months after a group of Superior depositors accused the bank’s owners and directors, including two members of the Pritzker family, of racketeering....

[snip]

...Pritzker is chairman of Classic Residence by Hyatt, luxury senior living communities in 11 states; chairman of The Parking Spot, which owns and operates off-airport parking facilities in nine cities; chairman of the credit data company TransUnion and chairman of Pritzker Realty.  She also sits on the board of Global Hyatt and plays a role in numerous non-profit groups, including serving as chairman of the Olympic village portion of Chicago’s bid to win the 2016 Summer Games. 
 
http://www.theobamafile.com/_associates/PennyPritzker.htm
 
 
 
Nudge nudge nudge...
 

23 posted on 04/20/2012 6:07:14 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: sickoflibs; stephenjohnbanker
What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down.

how does that work ??? so long as mcmansions continue to sell and make money for the developers, and the resulting tax base, whose going to stop it ???

further up the food chain in the political/finance trap is where wealth gets destroyed without being noticed...Im almost ready for hyperinflation, so that i get the mortgage paid off with those inflated dollars...

for the price of a couple cheeseburgers in new money, the house will be secured under the old contract, *unless* that contract is voided by new political/finance regs, of course ???...heheheheh...

we-r-screwed, actually, WERE screwed long ago, and a lil lobbying and ballot box initiative seems too little, too late...

24 posted on 04/20/2012 6:22:33 AM PDT by Gilbo_3 (Gov is not reason; not eloquent; its force.Like fire,a dangerous servant & master. George Washington)
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To: conservativesister
AND the next round of foreclosures is expected to hit in May which is reported to double what is currently on the market for sale.

That Giant Sucking Sound you hear is the whirlpool firing-up and getting ready to take The One's political career down with it.
25 posted on 04/20/2012 6:26:51 AM PDT by Buckeye McFrog
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To: sickoflibs

What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down.

**

Agreed. This is the problem where we live. Zillions of homes in forclosure,yet they just keep throwing up new fab homes and townhomes, further clogging the SAME roads we all use.

Our renters who were thinking of buying our underwater house from us just decided to move into one of these new homes. Of course, they are younger and want that brand new home instead of one that might need a little remodeling, but is in a much better neighborhood and location.

But, noooooo — they’ve just got to have that “new house” smell.

But, that’s ok. We’re moving back in it, we’re going to keep it up, and we’re going to hang onto it, come hell or high water. It’s ours, and it’s our investment. Someday we’ll recoup, I’m hoping.


26 posted on 04/20/2012 6:27:03 AM PDT by LibsRJerks
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To: Gilbo_3; stephenjohnbanker; LibsRJerks; muawiyah; ding_dong_daddy_from_dumas; Impy
RE :”how does that work ??? so long as mcmansions continue to sell and make money for the developers, and the resulting tax base, whose going to stop it ???

Right , and the spending required to support those new developments is larger than those increases in tax base requiring even higher local taxes which the clueless sheep go along with, hostages of the resulting traffic jams and crowded schools that they seem to have no idea why things changed for the worst.

I used to propose passing a significant development tax on developers per acre that would be passed on to new houses price which would slow this process, instead of my taxes always going up. But they wont do it. Why?

1) Affordable house a priority goal of politicians even more than Green and current homeowners are clueless to how it hurts them.

2) Gives More representation in congress, even if they are illegals

3) NEW Voting base become MORE liberal and more accepting of taxes and spending.

To #3, when I moved here my county was solidly Republican, last year Dems in charge added ‘gender identity’ to the housing and employment discrimination laws. That will tell you what development did.

27 posted on 04/20/2012 6:43:17 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: GlockThe Vote
Only an idiot could not see that prices were a reflection of easier money and nothing in real value.

One thing I don't see noted here is INFLATION. Anyone remembering jimmeee cawter also remembers hyper-inflation. So someday, when obamination inflation really hits, it'll be like the days when people who bought huge estates in the 1960's for (I kid you not) $50,000, were paying less for their mortgage in inflated currency than most RENTERS.

The problem is to keep property taxes out of the inflation picture, as prop 13 did in kalifornica, briefly though, it seems. Moonbeam Brown is going to take that one away pronto.

Barring property taxes to infinity, holding on to a house may be ok, if hyper-inflation is not too high a price.

Imagine an electric bill of $7000 and a house payment of $1,900. Don't think about gasoline...

28 posted on 04/20/2012 6:47:19 AM PDT by Huebolt (It's not over until there is not ONE DEMOCRAT HOLDING OFFICE ANYWHERE. Not even a dog catcher!)
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To: sickoflibs

“What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down”

I DID NOT KNOW THERE WERE SOCIALISTS ON FREEREPUBLIC.

Are you kidding me ?


29 posted on 04/20/2012 6:49:39 AM PDT by woodbutcher1963
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To: woodbutcher1963; Gilbo_3; stephenjohnbanker; LibsRJerks; muawiyah; ding_dong_daddy_from_dumas; ...
RE :”“What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down”
I DID NOT KNOW THERE WERE SOCIALISTS ON FREEREPUBLIC.
Are you kidding me ?

Just because I am not a robot brain dead corporatist does not make me a socialist.

My taxes have gone up many times to support all the $$$ the developers have been making ruining our county and lowing our house prices.

Socialize that!

30 posted on 04/20/2012 6:56:10 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: woodbutcher1963

Your developer friends have turned my county from solid conservative to solid liberal.


31 posted on 04/20/2012 7:00:15 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: sickoflibs
Developers, then homeowners, pay a significant development tax ~ it's presented mostly as "home price", where it's passed through to the buyers, and in hookup fees ~ sewer, water, electricity, phones, cable, etc. You name it they already tax it ~ this is not unploughed territory.

Here in Virginia we tap developers for the cost of roads ~ you, as a buyer, pay that.

We continue to suffer from years of neglect where local politicians imagined that if they didn't build roads that would stop development in its track.

BTW, that doesn't work at all. You end up with massive development and 2 lane pea gravel and tar roads.

32 posted on 04/20/2012 7:06:53 AM PDT by muawiyah
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To: Kaslin

For decades I’ve said that you buy a house to build a home not for an investment. The claims it is a good investment have always been a myth for the most part. Not much more than a tax break sponsored enforced minor savings program and money laundering scheme for the money changers.

Look back at the housing price indices... housing has almost always gone up at the rate of inflation and from that you need to deduct the interest and the taxes and the upkeep. Sure, it is true you are paying back “old” money with inflated dollars, that is part of the deal.

Buy a house to make a home not as an investment.


33 posted on 04/20/2012 7:10:16 AM PDT by Sequoyah101
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To: IronJack

“but was never sustainable by the sheer demographics.”

The demographics are exactly what sustaines the market long term. For example, our population is growing from 300 million. People need to live somewhere. Therefore, we will always need new housing. On the average most economists state we need to build 1,4 million NEW homes every year just to keep up with population growth of 300 million. Plus, houses need to be replaced every 75 years on the average(they burn down, tornados, floods,hurricanes,etc.).
However, our population is aging so more are moving into multifamily housing of some sort. Also, the southern part of the country is growing faster than the northern. Therefore, long term there will be more demand for housing in AZ & TX than there will be in MI & NY.

What we are in is still a correction from the biggest real estate boom EVER. Hence, the biggest correction ever. What people lost sight of is that real estate is a LONG TERM INVESTMENT. There were too many “Flip This House” purchases between 1999-2005. Also, all real estate is local. The Washington, DC metro area had about a 15% correction in real estate values. Phoenix, LA & Miami had substantially more.

What was not sustainable were the unprecidented increase in real estate values and the volume(2 million) that was built. What we are slowly going back to is a normal real estate market that grows 6% a year on the average and you need to put 20% down. However, some areas like Phoenix are up substantially from the bottom because it has attracted investors buying houses to rent out and snowbirds buying retirement homes from the north, especially Canada. This is also happening in Florida too, where Quebecers are flying down to buy because of the favorable exchange rate.


34 posted on 04/20/2012 7:17:07 AM PDT by woodbutcher1963
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To: muawiyah; woodbutcher1963; Gilbo_3; stephenjohnbanker; LibsRJerks; ding_dong_daddy_from_dumas; ...
RE :”We continue to suffer from years of neglect where local politicians imagined that if they didn't build roads that would stop development in its track....BTW, that doesn't work at all. You end up with massive development and 2 lane pea gravel and tar roads

You need to learn how to figure out their motives.

The Dem in charge of my county during the peak development years that he supported fully said the same thing, that building roads just encourages more development, all while he supported tens of thousands of new houses being built here..

That argument makes no sense, it's like saying the cart pulls the horse.

The reason why these libs encourage massive development without the required road work is to build voters support for public transportation at taxpayer expense, the LAST THING I WANT HERE.

35 posted on 04/20/2012 7:23:13 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: central_va
People leveraged their homes in order to buy at WalMart?

You're a genius.

36 posted on 04/20/2012 7:24:12 AM PDT by metesky (My retirement fund is holding steady @ $.05 a can.)
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To: sickoflibs
There are tens of thousands of miles of open road in this country where there's virtually no development.

The motive behind "development" is not the same as that behind roads.

37 posted on 04/20/2012 7:27:32 AM PDT by muawiyah
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To: woodbutcher1963
The only reason the DC area looks like it had a 15% adjustment is the lag in tax assessment cycles. They were definitely BEHIND the curve.

In reality we had a very steep 50% adjustment!

We recovered some of that before too terribly many people went belly up. My own neighborhood had a 30% foreclosure rate ~ fairly typical for DC's Virginia suburbs BTW. We've recovered to the price levels seen in 2005.

Our Hispanics are being rapidly replaced by legal Russian immigrants (most of whom have been here 10 or more years).

38 posted on 04/20/2012 7:31:31 AM PDT by muawiyah
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To: sickoflibs

What we have done in my town to slow growth is we have voted to give the town conservation commision a $5 million bond to be used to buy up available land so that developers can not build new subdivisions.


39 posted on 04/20/2012 7:58:33 AM PDT by woodbutcher1963
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To: woodbutcher1963

“What was not sustainable were the unprecidented increase in real estate values and the volume(2 million) that was built.”

That was my point.


40 posted on 04/20/2012 8:23:05 AM PDT by IronJack (=)
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To: woodbutcher1963; muawiyah
RE :”What we have done in my town to slow growth is we have voted to give the town conservation commision a $5 million bond to be used to buy up available land so that developers can not build new subdivisions.

It looks like you are using the word ‘bond’ instead of ‘taxes’ because it will raise less flags here than 'taxes'. More taxes on me is exactly what I am trying to avoid.

There is no constitutional right to do anything you want on land you own at any time you want especially when it will raise taxes on others to pay for the support of it.

A development tax would pay for the required infrastructure to support the new houses like NEW schools, roads, traffic lights, etc; and that would have slowed growth through higher prices for new homes. Up till now and now I get the bill for those in higher taxes.

Maryland state income taxes (half goes to the county directly) are huge.

41 posted on 04/20/2012 8:37:14 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: sickoflibs; Gilbo_3; stephenjohnbanker; LibsRJerks; muawiyah; ding_dong_daddy_from_dumas; Impy

Homebuilders create jobs and a tax base. Usually, they don’t build, if there are no buyers.


42 posted on 04/20/2012 9:05:55 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: woodbutcher1963; muawiyah; Gilbo_3; stephenjohnbanker; LibsRJerks; ding_dong_daddy_from_dumas; ...
Another gift we got from development:

Just like massive housing development inspired VOTER acceptance of higher taxes to fix the resulting crowded public schools and roads, the traffic jams and major increase in drivers resulted in many more speeding cars which inspired acceptance of speed camera vans (after red light cameras became accepted) so a private company can mail us a bill for alleged speeding.

And if the post office loses that bill so it never gets to you, the fines double.

Thanks Ryan (builder) and others for the progress. The new Americans you transplanted here, mostly liberals, accept big brother.

They did pass a bill last year extending discimination laws on housing and employment to Tran-gender’s who self-identify themselves as the sex they are NOT. Way to go progress. We lose rights and gain new rights, right?

Socialize that!

43 posted on 04/20/2012 9:14:40 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: stephenjohnbanker

Please read my later comments, I go further into this pet peeve.


44 posted on 04/20/2012 9:15:37 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: metesky
People leveraged their homes in order to buy at WalMart?

People leveraged their houses to buy consumable items cars, cheap crap at Wal Mart and vacations. It doesn't take a genius to know that, but it takes a moron to miss what happened.

45 posted on 04/20/2012 9:17:44 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: sickoflibs

” What amazes me is that homeowners dont get together and form a political union to slow new housing development when house prices are going down.

If house prices are going down in your area look around and see if new houses are being built. Your local politicians control that rate of growth, “

Most of my assets are tied up in realestate, and I’ve lost my butt over this....not to mention the lousy savings rates!

But I’m really surprised that you would advocate this kind of economic control.


46 posted on 04/20/2012 9:28:33 AM PDT by AuntB (Illegal immigration is simply more "share the wealth" socialism and a CRIME not a race!)
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To: AuntB; stephenjohnbanker; woodbutcher1963; muawiyah; Gilbo_3
RE :”Most of my assets are tied up in realestate, and I’ve lost my butt over this....not to mention the lousy savings rates! But I’m really surprised that you would advocate this kind of economic control.”

I am talking about at the local (county) level where these permits and zoning changes have to be approved(YES,THEY HAVE TO BE APPROVED, THIS IS NOTHING NEW) I usually oppose anything being done at the Federal level even when Rs are in charge when they think big powerful government is patriotic..

I go more into my rationale and specific proposal here

#43

#41

#27

I forgot to mention the county charging me to buy affordable homes for those less well off so they can bless our county.

47 posted on 04/20/2012 9:40:02 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: sickoflibs
Nobody in Virginia would live in Maryland, which is why we are here.

In fact, that massive science and high tech center on Virginia 28 (near the Dulles/Manassas area) is there because of Maryland's high taxes.

48 posted on 04/20/2012 9:42:58 AM PDT by muawiyah
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To: muawiyah
RE :”Nobody in Virginia would live in Maryland, which is why we are here.
In fact, that massive science and high tech center on Virginia 28 (near the Dulles/Manassas area) is there because of Maryland's high taxes.

Well Obama’s left hand man gov O Malley here has managed to pass multiple middle class tax increases on us and still easily get re-elected. And he hasnt given up on an increase in our income tax and gas taxes.

This once Republican county I complain about went for him (MoM) twice and Obama once, and they will again pick Obama.

49 posted on 04/20/2012 9:48:53 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely.)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks sickoflibs.


50 posted on 04/20/2012 3:40:04 PM PDT by SunkenCiv (FReepathon 2Q time -- https://secure.freerepublic.com/donate/)
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