The home prices in the US is continue falling as of today. For example if your home worth 500,000 dollars, right now it's worth only 350,000 dollars. Home selling is really bad in the US and if this continue, it will hurt the US economy sooner or later.
What do you think? What's the effect on us (American people in general), and what do you think the solution of this problem?
2007-11-30 14:38:38 · 5 answers · asked by bonding100 1 in News & Events ➔ Other - News & Events
it will give the rest of us a chance to buy a fine home at affordable prices . the best bargains are to come soon
2007-11-30 20:04:26 · answer #1 · answered by dan m 6 · 0⤊ 0⤋
Well, here in Hawaii soon as the prices drop at all the #$$!@ real estate agent fly in plane loads of rich forgien investor and shoot it right back up thru the roof. Same as the Rental property's. Its getting to the point where you almost have to have multiple family's living in one house just to survive. Which suits the Summer home owners just fine. There are thousands of people homeless and empty houses sitting vacant for 12.5 months out of the year. While the rest of the country the dream of owning a home is a possibility here unless your willing to pay 500,000 for a Crack house with meth head neighbors living 3 feet away and stealing you blind your probablly gonna be a renter. All in all I'm pretty disgusted by the soulless greed that is so proudly displayed here.
2007-12-01 05:18:05 · answer #2 · answered by horgurce 3 · 0⤊ 0⤋
Your numbers are totally off. Most home prices that have fallen (in many areas prices continue to RISE) about 5 - 10%!
Remember, in many areas housing prices have DOUBLED in 5 years. That is unsustainable and a correction must occur.
As prices go lower, more people can afford to buy a new home. That is a really good thing for a lot of young families! When prices adjust to a reasonable level, buying will again dominate the housing market.
These housing cycles occur periodically. This is NOTHING new. Just look back to the early 1990s! (I suspect you are too young to appreciate the old truth that history does repeat itself - over, and over, and over again.)
2007-11-30 23:10:07 · answer #3 · answered by Doctor J 7 · 1⤊ 0⤋
Many people will just walk away from their mortgages. Why pay that much for something that isn't worth it? The banks will have to sell for less each time!
2007-12-01 01:44:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
it would be better for me now because I would be able to get
the house that I want and not get cheated by the banks.
2007-12-03 20:26:11 · answer #5 · answered by mad_1240 6 · 0⤊ 0⤋