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Originally Posted by BusterPorn
So a million dollar house will be worth $500,000? I'd find that very hard to believe and would probably cause a severe depresion. So many people have everything invested in their home for it to drop 50% would crush them. You'd have so many people stuck in a home, interest rates would go up, those with ARMs would be fucked - unable to sell and unable to make their payments. If that does happen America will be a very sore sight for the eyes.
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I don't think it'll drop that far, close but not that far. 30% is more like it.
Problem is taxes. I've spent the past 3 months talking to friends around the world who make their fortunes in real estate. I was surprised that there were awesome bargains still out there and I helped create a new secondary market. What my pals told me are some great deals and horror stories. Bottom line is you have to trust yourself and invest in yourself. The BEST thing to put into a property is a responsible and creative person or persons.
Rising oil and gas prices are what's going to doom the real estate market. Winter is coming up in 4 months but it'll be gettin' cold in almost 2 months. Southern real estate goes up when it gets cold in the north
With high energy costs it's a given the southern markets will be alive.
Problem again are energy costs and taxes. friend had a $500k home. It ended up selling for $150k because the taxes on it annually were $13k. Fucking outrageous!
Soon, with interest rates rising the straw will break. Incomes just aren't catching up.
Also, the big scams are about to fall apart. Primarily the oil crisis. Back when I was a kid, President Kennedy gave a goal of less than 10 years we would put a man on the moon. We went from a chimpanzee in a rocket to a man on the moon in less than 10 years flat. Yet we've had an oil/energy crisis for 30 fucking years? What kind of bullshit is that?
People aren't stupid. They're lazy as fuck but not stupid. Soon after the shit overseas comes to another boil prices energy wise will go through the roof again and kiss real estate goodbye. People will only be able to rent in cheap areas like out in the woods. Either that or families will have to team up together.