Gee, Maybe I will potentially be able to afford one of these days!
2007-08-31 09:33:39 · 5 answers · asked by the d 6 in Politics & Government ➔ Politics
Not at all. Now is the time to buy that second or third home for vacations.
I plan on buying a few, renting them out until the housing market goes up, and then selling them. Great way to make some cash.
2007-08-31 09:43:24 · answer #1 · answered by mustagme 7 · 1⤊ 1⤋
I, personally, am not heartbroken. But if you want to know if ANYBODY is heartbroken, you can look at the people who bought at the top of the housing bubble. Many of them signed on to very dicey loans with the idea that if things went bad in their economic situations, they could at least sell the house and at least pay off the loan. With falling housing prices, those people will not be able to repay that loan, and will (thanks to the new bankruptcy law) be forced into bankruptcy.
You may have no sympathy for anyone who took bought a house under these circumstances, but the question you ask is if anybody is heartbroken. The answer is yes. The number of homes in pre-forclosure in the USA right now is about 617 thousand homes. If you assume about 3 persons per household, that's close to 2 million people who aren't feeling so hot, not to mention the people who are on the brink but just haven't filed so far.
2007-08-31 17:00:30 · answer #2 · answered by Daniel E 4 · 0⤊ 1⤋
Actually I am thrilled as I am buying a second home. It will be for retirement. Then when I am ready to retire housing prices will be back up and I will sell my current residence and make a fat profit. Isn't this a great country, or what?
2007-08-31 16:39:27 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Hopefully, it will help me at assessment time. IF the value of my house goes down, the taxes will go down.
2007-08-31 16:43:09 · answer #4 · answered by regerugged 7 · 1⤊ 0⤋
No, I'm hoping they fall to 1993 levels, LOL. Even though I know they won't. But if they do, I'll load up.
2007-08-31 16:43:38 · answer #5 · answered by Anonymous · 1⤊ 0⤋