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They are still holding up the Real Estate Nightmare! I have not seen any significant devaluing of the Housing Market. It is so entrenched in outlandish mortgages that they want to pump more money into the mess. Anything to keep the status quo. Anyone invested does not want to lose a dime beyond the amount they paid! Sorry, but this is going to implode in their faces too! A modest home is not a million dollars! Try more like $30 to $60,000. Yeah I could build it for that much!
Originally posted by Greensage[/i
They are still holding up the Real Estate Nightmare! I have not seen any significant devaluing of the Housing Market. It is so entrenched in outlandish mortgages that they want to pump more money into the mess. Anything to keep the status quo. Anyone invested does not want to lose a dime beyond the amount they paid! Sorry, but this is going to implode in their faces too! A modest home is not a million dollars! Try more like $30 to $60,000. Yeah I could build it for that much!
By Real Estate you are talking about the market here in Australia .Most readers outside of the country would not understand what is happening here with our Real Estate Market .For them I will quickly say this , our market has peaked but not crashed yet ( but it is comming , the wolf is at the door ). Anyhow yes you are correct she is going to blow . This was a complete set up from Goverments, Banks , Economic talking heads , Media and greedy real estate agents not connected but happily on board for their own gain . This was a scam from the start . America , Australia , New Zealand and the UK all got these housing schemes and first home buyer subsides and easy finnance at the same time . Yes the same time , this collapse was planned .
These programes were not unique or independent to a single Nation .The string pullers here in Australia have been artificially maintaining our housing market but they are going to cut the chord when they have achieved their objectives . Things will start to show themselves soon after the Election .Our financial year ended last month , just wait for these figures to come out . Many businesses have closed since July 1 and a lot of jobs have gone with them .
As for your comments about housing prices .You are right on the money you can build a new house much better and cheaper than a established one . Why would anyone pay more for a secondhand house with ware and tear when you could have a new one for less .People need to wake up ! When you buy a new car it looses value instantly , it doesn't gain value does it ? Why should houses be any different ? People have overlooked this little piece of commonsense by sharp talking sharks .How can you buy a old house for say 220k three years ago and expect to get 750k for it today ? Where does this extra value of 550k come from as the windows start to stick and the foundations start to move ? Now here is the kicker when you bought it at 220 it had already been through artificial inflation as it was built for 120k ten years before .So in reality when you bought it at 220 you lost 110k plus 25 years of interest . You can't get the imaginary 750k no more , nor the 220k you paid for it (plus interest ) .So what do you do now , you have a house that cost 120 to bulid that through ageing is now worth 37k in the Real New World . But no you have a morgage with a lender for 220k and 25 years of interest to look forward too and thats only if you didn't you refinance for a hunk of worthless metal in the drive way or heaven forbid another house as a rental investment . At best you will be a tennant in what you thought was yours for as long as you can pay your rent to the landlord (Bank) .If not prehaps a cardboard box under a bridge and a debt for life .Enjoy the Brave New World .
Sorry to go off the topic of the original OP , yes friend you are correct we have been set up .
[edit on 12-8-2010 by 13th Zodiac]