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Published On: May 29, 2007 10:07 PM
Total entries in this category:
Published On: May 29, 2007 10:07 PM
This Post Makes Me Old
I was thinking about the housing
market.
People who work out in L.A. that couldn't afford a house out in L.A. were buying houses in Riverside and San Bernardino counties. Now adjustable mortgages adjusting upwards are making it tougher to afford those homes they could barely afford before. And now with gas prices going through the roof they're having to pay more to get to work out in L.A. making it EVEN TOUGHER to afford that house that they could barely afford when things were going well.
And with so many houses going on the market prices are going to go down so that even in desperation to sell people are going to end up taking a huge bath on the house that they bought just a few years ago. And they bought it because anybody with a pulse was approved for a loan that they shouldn't have been approved for. But when the media says that everyone's getting rich in the real estate people don't want to be the only one left out. And look where it gets them, even worse off than they were before.
If you're thinking about buying now wait. Start saving your pennies, I think things are going to get a lot worse before they get better. Which for me (since I don't own a house) means, things are going to get better.
People who work out in L.A. that couldn't afford a house out in L.A. were buying houses in Riverside and San Bernardino counties. Now adjustable mortgages adjusting upwards are making it tougher to afford those homes they could barely afford before. And now with gas prices going through the roof they're having to pay more to get to work out in L.A. making it EVEN TOUGHER to afford that house that they could barely afford when things were going well.
And with so many houses going on the market prices are going to go down so that even in desperation to sell people are going to end up taking a huge bath on the house that they bought just a few years ago. And they bought it because anybody with a pulse was approved for a loan that they shouldn't have been approved for. But when the media says that everyone's getting rich in the real estate people don't want to be the only one left out. And look where it gets them, even worse off than they were before.
If you're thinking about buying now wait. Start saving your pennies, I think things are going to get a lot worse before they get better. Which for me (since I don't own a house) means, things are going to get better.
Posted: Tue - May 29, 2007 at 10:07 PM | | | |