Quote:
Originally Posted by piece-itpete
Easy availability of credit (and prosperity)(and increased population). Home loans (any loans!) were way different. Look at the car payment.
And most are better off as well.
Simplistic and not complete - and I'm no expert 
Pete |
Really? Had nothing to do with "flipping" and the unrealistic rise in home values? In eight years my house went from being valued at $87k to $193k.
Did incomes rise to keep pace with that? Uh, no.
It was good for me 'cuz I owned two homes. So, I sold that one, and moved back into this one, and pocketed the difference. But the woman who bought that house went bankrupt trying to pay for it, and now it sits empty. Has been for the last two years.
The problem as I saw it in my area, was that the homes simply reached the point where people could no longer afford them. I started hearing a lot of people saying, "We'd like to move to a bigger home, but who in the hell can afford it?" Shortly after that, the homes stopped selling. We have one of the best unemployment rates in the country---so that's not it. The prosperity is there, the jobs are there. The things are just too damned expensive.
Regards,
Dave