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Next Segment Of The Housing Market To Crash: $1+ Million McMansions

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posted on Jul, 1 2009 @ 11:25 AM
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Next Segment Of The Housing Market To Crash: $1+ Million McMansions


finance.yahoo.com

Mark Hanson thinks the next segment of the real-estate market to crack will be the mid-to-high end (big houses in prime locations). Why? Because so far, those who forked over more than $1 million for their houses have resisted reality more successfully than the folks in lower-end housing brackets, where rampant foreclosures have driven prices down. But that, Mark says, is about to change.
(visit the link for the full news article)



[edit on 1/7/2009 by Mirthful Me]




posted on Jul, 1 2009 @ 11:25 AM
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So it may be the one million plus housing market that is the next to crash. To be blunt how many people here are going to be shedding a tear when the rich people with million dollar homes start having to move some where else, say half a million dollar home? I look at this as the bankers who caused this financial problem now might feel it them selves. Minimal poetic justice perhaps.

finance.yahoo.com
(visit the link for the full news article)



[edit on 1/7/2009 by Mirthful Me]



posted on Jul, 1 2009 @ 11:29 AM
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reply to post by RedGolem
 


I feel bad for anyone who is kicked from their home. Doesn't matter how much money they have. All rich people aren't backstabbing, poor people stomping, tax evading monsters.



posted on Jul, 1 2009 @ 11:35 AM
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I agree most people will not feel bad about the rich losing multi million dollar mansions but I do think most economists will be shaking there heads in disgust. When money is lost at the top, it is taken out of the system as far as being beneficial to the national economy. If these people are losing everything it just means it will also get worse everyone else.



posted on Jul, 1 2009 @ 11:35 AM
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Originally posted by jd140
reply to post by RedGolem
 


I feel bad for anyone who is kicked from their home. Doesn't matter how much money they have. All rich people aren't backstabbing, poor people stomping, tax evading monsters.



I agree..but alot of us have been living beyond our means and or just seeking material wealth....things need to go bad so people will wake up and rethink their values.



posted on Jul, 1 2009 @ 11:47 AM
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reply to post by RedGolem
 


Im still waiting for the commercial market to take a big dump.

In Las vegas, ther are vacancies everywhere...I mean everywhere. And it is plainly obvious that many were filled at one time or never at all. You can see the remnants of whatever sign that was located above the building.

the real kicker is it seems that the owners don't want to lower the rent, an obvious way to attract more potential renters. i don't know if is is plain greed, or they think they can outlast the downturn and get higher than reasonable prices...



posted on Jul, 1 2009 @ 11:49 AM
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reply to post by jd140
 


jd
Your point is taken. Perhaps I was a little harsh with my origional post. But the point will still remain. I also did come across this.
One in Four Mortgage Defaults Are “Strategic”: People Who Could Make Their Payments Are Choosing to Default Instead
The point is there that people with the money, are the ones who can do most of the manipulating. Yes when people at the top loose the capital does does afect every one below that is true. But the thing is, there will always be some one else at the top. The question then is, just how much of a "backstabbing, poor people stomping, tax evading monsters" are they?



posted on Jul, 1 2009 @ 11:49 AM
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Originally posted by Grayelf2009
I agree..but alot of us have been living beyond our means and or just seeking material wealth....things need to go bad so people will wake up and rethink their values.


I agree. I don't believe you have to destroy something in order to fix it, but if a person is living beyond their means a capitalist society will correct that and they will only have themselves to blame. It is just to bad the current financial situation was structured by our elected officials and they're donors.



posted on Jul, 1 2009 @ 11:51 AM
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It will be interesting to see the middle-high classes start to have their lives affected by this meltdown.

I am interested to see what happens. I imagine as more and more of the population are finding it harder to entire loss of possesion and wealth, that we will find alot more action against it. Expect the media to turn on this administration eventually, perhaps. Everyone was pretty tired of it all before obama came around, and that facade is dissipating pretty quickly.

[edit on 1-7-2009 by toraylin]



posted on Jul, 1 2009 @ 12:51 PM
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Maybe I am having a stroke but what exactly is a McMansion?
I read the article and if tosses the word around like it's a common phrase.
(Please do not tell me it has anything to do with mcdonalds)



posted on Jul, 1 2009 @ 01:30 PM
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reply to post by shadow watcher
 


Shadow
I think it is using the term as a less the flattering way to describe the million plus homes that are out there. There are more in terms of numbers then most of us little people might be aware of.



posted on Jul, 1 2009 @ 01:55 PM
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He's probably right on the mark.
My family knows of one that just happened.
My mom's friend has a son that was in banking for 20+ years; middle-level mgmt; lost job a year and half ago; hasn't worked since.
He and his wife bought a million $ house in Connecticut a few years ago and now the party's over.
The ago of excess in America is coming to an end very fast.
Only problem is, it affects everyone, like some guys have said here, so those who are now living an average life in all respects with little or no excess will be downgraded economically too.
It just that the wealthier types MIGHT have a bit of padded fall compared to everyone else.



posted on Jul, 1 2009 @ 02:02 PM
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reply to post by toraylin
 


The middle class has suffered the most. BTW middle class can't afford 1 mil + houses.

The economic strength is generally shown by how big it's middle class is and it is shrinking at a feverish pace.



posted on Jul, 1 2009 @ 02:36 PM
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Well really when i said middle high i meant the high class in that sense. Really the higher class is more like the billion dollar house class.

The middle class is dissapearing you are right, and its hard to watch it happen.

[edit on 1-7-2009 by toraylin]



posted on Jul, 1 2009 @ 02:43 PM
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Considering the Lenders were giving people with $35,000 incomes Home Loans for $350,000 homes, then a Middle-Class family with either one or two bread-winners pulling in a combined $100,000 income would have qualified for a $1,000,000 home. Middle-Class (or the "Baucus middle class" of the middle 60 percent of Americans, with 20 percent of households earning more and 20 percent earning less than the median) could have qualified for up to $1,218,420 for a Home Loan.

So, the Doctors, Lawyers, Dentists, Programmers, Architects, Engineers, and other White Collar Middle Class Americans that make up the upper 20% of the Middle Class are now facing the Foreclosure just like the other 80% of the Middle Class have been for some time now.

The Upper Class is too well shielded to face the same problem, as you'd be surprised what that upper 40% that make up the Upper Class in America actually have in Annual Income! (Most of that 40% fall in the 1-9.5 Million Dollars a year which puts them in the paltry Lower Upper Class. Don't even ask what the 1%, or 15,000 families, at the Upper Upper Class make a year!)

Of course, it's difficult to feel sympathy for Lawyers and most of us may despise our Dentist, but there are a lot of other White Collar Workers in the Middle Class that are deserving of the same heartfelt sympathy that the rest of the Middle Class were given these past 18 months.




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