Home Owning Loses Appeal
 

People are so dumb. The same folks who could not wait to buy in 2005-2006 are going to sit out now that prices are down. Buy when others are selling and sell when others are buying. Doh!

http://www.bloomberg.com/news/2011-0...es-appeal.html

It never had appeal, maintenance, yardwork, etc. sounds shitty. All for a tax break? no thanks

I started to buy my place in London back in 1980. It was 25K GBP. Sold it in 2002 for 150K GBP. Which we used to buy our house here in CZ with. Which is now worth I haven't got a clue. The house just down the road went for 250K GBP and about the same size as ours.

So in 30 years I turned a 25K investment into a property worth 10 times that. The only problem, is if we have to move we will need 250K to buy anywhere as nice.

But at least we live here with very small bills, local tax is all. And that's about the same my brother pays to park his car in front of his house. He has 2 cars and only a 1 car garage. :(

Buy carefully.

I did not read the article but your statement does not make sense to me .. if I just bought a house in 2005 , I am not buying one again right now .. most people only buy one house .. so maybe not the "same" people ..?

His point was that plenty of people got into buying a house in middle America for $450,000 - $600,000 and now those same houses are going for $280,000 and $450,000 respectfully.

Had the people that got caught up in the "Fad" of buying a house in that heyday period waited for five years they would have ended up paying less and having less time for the house to appreciate to the price they paid for it.

Two friends of mine that were loan officers during that period are both out of work and either sold for less or foreclosed on their loans because they couldn't pay for their houses... Both thought the boom would never bust.

The market is still overinflated. The time to buy is when the mini mansion owner would sell his/her virgin daughter for a bite to eat. And the way the dollar is going it won't be long. Not to say that there aren't some good deals to be had. Just that we are far from the bottom.

The only people buying houses or who bought houses are the ones who paid cash.

Even rich folks are renting/leasing nowadays: http://www.latimes.com/business/real...,4883109.story

"Niche data and anecdotal evidence point to a surge in high-end rentals. Instability in housing prices is one reason the rich are shying away from purchases."