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10-23-2010, 09:18 PM #1
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Home Prices Double Dip in "Sudden Dramatic Drop";
Saturday, October 23, 2010
Home Prices Double Dip in "Sudden Dramatic Drop"; 20% More to Come says Gary Shilling
Clear Capitalâ„¢ has issued a special press release report on home prices that shows a Sudden and Dramatic Drop in U.S. Home Prices http://www.clearcapital.com/company/pr_ ... tion=30686
TRUCKEE, Calif. – Oct. 22, 2010 – Clear Capital (www.clearcapital.com), is issuing this special alert on a dramatic change observed in U.S. home prices.
“Clear Capital’s latest data shows even more pronounced price declines than our most recent HDI market report released two weeks ago,â€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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10-23-2010, 09:41 PM #2
Another way to phrase this is to say that home prices are becoming more affordable. For years my real estate agent friend told me that I could count on the value of my home going up around 10% every year. Since people's incomes weren't going up 10% a year, that worried me. Sure enough, the only way to move middle class homes after a while was through increasingly exotic financial instruments. ARMs, no-doc, stated income, it got really weird out there. I knew we were in for trouble when I was trying to move to the mountains in 2006 and I asked the mortgage broker how much I qualified for and his answer was that it depended entirely on my comfort level.
I'm upside down on my house now, but not as bad as many folks. Really, my sympathies are for those who were trying to raise families or otherwise having a household large enough to need a house instead of an apartment during the boom. (I know you can rent a house, but there are restrictions on pets and other activities, plus you're paying someone else's mortgage and not getting his interest deduction).
I live in the west, the land of booms and busts. It will take a few more years to work off the hangover of the housing bubble.Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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