Quote:
Originally Posted by SomeCreep
The housing market is in a correction phase. No big deal, it's happened before, and some day, it'll happen again. People act as if it's the end of the world. Sure, tough times for some, but hey, that's life.
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not quite...
foreclosures are at an all time high and people have less equity in their homes then ever before in history..
i agree that the market corrects itself and that there has been a consistent up/down curve for real estate since stats have been collected...
however, there are so many new factors that have never been present before now, such as loss of jobs, negative equity, and high consumer credit, etc etc etc...
tough times for some will extend to tough times for many...
like i have said many times this past few months, the US economy is on the verge of collapse. it will take a miracle to correct...
if the govt has to bail out 1 or 2 more large institutions, you are going to see major problems..
i am hoping this is avoided, but imho, we are no where near the bottom yet..
