Quote:
Originally Posted by pocketkangaroo
I don't know how you can generalize the housing industry like that. While there are areas in the US that are going to get hit hard, there are areas that won't. It depends on where you live. There are still cities in the US that are seeing phenomenal growth in property value.
As for housing dropping 20-30%, I've yet to see a single financial analyst predict that across the board. Do you have any links to show this is the case?
|
Not cherry picking areas PK - it's a waste of effort. The housing market as a whole will be affected - tho we can probably exclude eg Manhattan. For the vast majority of people on average, there will be an effect and, it's the vast majority who matter.
Frankly, I don't believe a word being said by any Wall Street financial analyst - they are from the same stable as those who encouraged and marketed sub-prime mortagages and got their own companies up shit creek in the process. These are now the companies who have a vested interest in dumping their "assets" to unsuspecting investors in an effect to reduce their burden and risk. Working hand in hand with Wall Street are the banks who have more property than is prudent to hold - especially when this is a depreciating asset. Basically, none of them have any credibilty - they are busy trying to cover their own asses right now.