Tuesday, January 27, 2009
Housing Horror?
Home values in Novemeber have plummeted 18.2% in 20-city housing index while the 10-city housing dropped 19.1% making this the biggest drop in a 21 year history. Though values arent supposed to hit rock bottom until 2014, this will make a very difficult transition for ages such as 18-19 when we are ready to perchace a house when finally living on our own. Obama is making tax incentives to floor the housing market but is really providing less money for the bank to send loans and ultimately causing a chaotic cycle. House buyers sell wisely and take what you can get!
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2 comments:
If anything this "housing horror" would seem to make it easier for young people with a job to get a house, wouldn't it? With housing prices coming off past inflation and going back down, in addition to the federal reserve interest rate cuts, which are lowering interest rates, it would seem that pending one can get a mortgage it would be a much better situation now than a few years ago at the peak of the housing boom when rates and house prices themselves were higher.
Um it will be easier to buy a house if the price drops and then you won't have to borrow so much money to buy one.
Also who buys a house at age 18-19?
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