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Yeah I recall being called a jobs doomer and such.Realestate will recover when the glut is absorbed.
There is no other way arround that one.
I wish these idiots would have listened to us back when we were warning of this coming mess and all the republicans were screaming "gloom and doomers" at every logical attempt to wake them up.
Now they balme it on Obama for not being "magic" and wisking away the shit that Bush piled mile high while in office.
Obviously, there was NOT enough 'smart' regulations to prevent this from happening....the loop hole was opened and these guys ran with it.....but why they did such a foolish thing, is still beyond reason to me....it was beyond reckless and had no long term business sense imho?
Obviously, there was NOT enough 'smart' regulations to prevent this from happening....the loop hole was opened and these guys ran with it.....but why they did such a foolish thing, is still beyond reason to me....it was beyond reckless and had no long term business sense imho?
Let the market decide.
Well it did and I wish those who said that would just enjoy what the market decided for them. They got what they asked for.
That is a misconception that is being continually bandied about as if it were true. The economy we had was quite normal for the size of the country in good economic times. Now we are in a Depression that is getting worse day after day. People do not buy when they are out of work.The economy we had building up to this recession was false and unsustainable.
Obviously, there was NOT enough 'smart' regulations to prevent this from happening....the loop hole was opened and these guys ran with it.....but why they did such a foolish thing, is still beyond reason to me....it was beyond reckless and had no long term business sense imho?
Profits are reported quarterly, and that's the Holy Grail of business. What long term business sense? Who cares? Very few US companies.
Realestate will recover when the glut is absorbed.
.
Realestate will recover when the glut is absorbed.
.
There is no glut of housing. There is a lack of buyers, because 33 million Americans are out of work and can not find full time employment. Give them their jobs back, and they will buy houses.
Saying that we have a glut of houses is totally wrong, just like putting the cart before the horses.
We have in the Housing Market right now what happened to companies like Sun after the dotcom crash - a huge overhang of excess inventory.
Much of that build up in the 00s was speculative or bought by people who did not have the income to support owning a home long term. It's going to be a long time before it is recycled through the secondary market.
Another sad factor is that there is huge concentrations of this inventory in rather unappealing areas with either high unemployment (Vegas) or incredibly long commutes to employment hubs (Tracy CA). I've heard some areas are actually considering just bulldozing the empty homes in order to eliminate the blight and keep the excess inventory from further eroding home values.
Yep. That CRA was an Excellent Public Policy.
We should grow if the growth is real and sustainable, otherwise it is not growth. Merely a borrowing against our future. At some point the bill must be paid.and that sector will not see a "recovery"....the housing cycle was a BUBBLE....no? An artificial bubble....there should have never been that kind of rapid building of new homes in the first place, no?
do you have statistics of what the yearly new home building was trending like BEFORE the Bubble...say mid to late 1990's?
So we need to be more like East Germany....or some 3rd world country.
We shouldn't be growing but instead stagnating.
Nice to see how you think. I'll keep it in mind.
Realestate will recover when the glut is absorbed.
.
There is no glut of housing. There is a lack of buyers, because 33 million Americans are out of work and can not find full time employment. Give them their jobs back, and they will buy houses.
Saying that we have a glut of houses is totally wrong, just like putting the cart before the horses.
We have in the Housing Market right now what happened to companies like Sun after the dotcom crash - a huge overhang of excess inventory.
Much of that build up in the 00s was speculative or bought by people who did not have the income to support owning a home long term. It's going to be a long time before it is recycled through the secondary market.
Another sad factor is that there is huge concentrations of this inventory in rather unappealing areas with either high unemployment (Vegas) or incredibly long commutes to employment hubs (Tracy CA). I've heard some areas are actually considering just bulldozing the empty homes in order to eliminate the blight and keep the excess inventory from further eroding home values.
Yep. That CRA was an Excellent Public Policy.
Cra homes account for ONLY 10% of the foreclosures....
90% of the foreclosures were to people who supposedly could afford it, or the middle class.