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Banks are holding foreclosed and distressed properties off the market, hoping to sell them in a stronger economy. This stock of homes is called the "shadow inventory" because lenders have numerous ways to hide how many loans are in arrears and how many homes are foreclosed but not listed on the market.
See full article from DailyFinance: srph.it...
I could not agree more, my friend.
Originally posted by marg6043
reply to post by murfdog
It was the banking system and the government the ones that created the slogan about the American dream, to lure the consumer into owning a piece of that dream while getting into debt, but the dream now has become a nightmare.
Originally posted by DaddyBare
reply to post by marg6043
Here's something I never thought I'd see in my life time...
Like you said property taxes are are one of those necessary evils...
Here in Albuquerque they are are going up to make up for budget shortfalls..
But there in Kansas at my little mini farm the county assayer has dropped the property assessment by $20,000, without me needing to ask...
Who would have ever guessed? Lower taxes??? but I don't think they really have a choice in light of market values
Originally posted by belial259
Given that the last real estate economic cycle ended in 2006, we can assume housing prices will fall/not increase in the USA until about 2018.
Real estate prices worldwide go through an artificial 18 year boom/bust cycle and have done so for the last 3 centuries.
Much of the land is in the hands of a very few elite and they constantly milk real estate speculation for their wealth.
Here is a graph showing the history of the US housing market from 1890 to 2010
You can quite clearly see every 10-18 years the price of housing goes up. And then crashes.
[edit on 26-4-2010 by belial259]
Originally posted by GrampsLEn
Cool graph. Do you know if this was adjusted for inflation?
From California’s Silicon Valley through the hot spots of Europe all the way to the booming property market of Shanghai, house prices have hit record highs – driven upwards by easy money and the speculation it always causes. The effects of the boom have spread through the world economy, thanks to the impact the feel-good factor of rising house prices has on consumer spending, and hence on economic growth. But can the good times last? And what happens if they don’t and probably the biggest bubble in history turns to bust? We may not have long to wait to find out. If history is any guide, property prices around the world will start to fall in three years’ time and a global economic depression will follow in 2010 as consumer consumption collapses.