#26
Posted: 9/15/08 at 12:22pm
Yes, Ghost, housing prices are still way too high. The simple math of "average income vs. average housing" is still not adding up. The other shoe needs to drop.
They can go a lot lower. Back down to where they SHOULD be.
The only people saying they're down far enough today are the ones still deeply in denial about how out-of-control things are.
Oh, wait... that's almost everyone then.
Find the average salary for any given area. Multiply by 3. That's how much the average house should go for in that area. If it's more than that, the average buyer can't afford it, without taking one of those "phony money" fake-loans that can't be paid off.
There's no real market then. Just the fake one. The pyramid scheme... which would start all over again.
Over the next year, if my non-professional guesstimation is correct... you'll hear the sound of that other shoe dropping.
And it won't be pretty.
They can go a lot lower. Back down to where they SHOULD be.
The only people saying they're down far enough today are the ones still deeply in denial about how out-of-control things are.
Oh, wait... that's almost everyone then.
Find the average salary for any given area. Multiply by 3. That's how much the average house should go for in that area. If it's more than that, the average buyer can't afford it, without taking one of those "phony money" fake-loans that can't be paid off.
There's no real market then. Just the fake one. The pyramid scheme... which would start all over again.
Over the next year, if my non-professional guesstimation is correct... you'll hear the sound of that other shoe dropping.
And it won't be pretty.
"Jaws is the Citizen Kane of movies."
blocked: logan2, Diamonds3, Hamilton22
blocked: logan2, Diamonds3, Hamilton22
