The housing market is now doing the exact same thing the auto market did after the 'clunkers' hand-out "stimulus" program. This crap isn't enticing anyone to buy that wasn't planning on it, it's just making them buy sooner leading to a drought afterward!
July sales were down 27.2 percent from June. It was the lowest rate for existing-home sales, which include houses, condos, co-ops and town houses, since 1999. For sales of single-family homes, it was the lowest rate since 1995.
Bye bye economy, it was nice knowing you.
__________________
"If everything seems under control, you're just not going fast enough." -Mario Andretti
03 Mitsubishi Lancer Evolution VIII
Quote:
Originally Posted by Tachyon
Every minute you spend in your Evo, not in boost, is a minute of your life you'll never get back.
The whole housing market of the 2000s was nothing but a bubble, it wasn't normal. It will probably never be anything like that again. A lot of artificial wealth was gained and lost and borrowed against. Some people got out at the right times and made money, while a lot of people found out that maybe they shouldn't be living in a McMansion and driving a Lexus. It's going to be hard to have a real economy when the US doesn't want to actually make anything or do any manual labor. Not everybody can have a high paying job as a middle manager, sales person, working with imaginary money, etc, eventually a few end up with most of the money or it makes it's way out of the country.
Exactly, and until the market corrects itself, we're in for a bumpy ride. Surprisingly, the housing market in my neighborhood has been getting better, and there's actually a lot of new construction, which hadn't happened for a good three years.
The whole housing market of the 2000s was nothing but a bubble, it wasn't normal. It will probably never be anything like that again. A lot of artificial wealth was gained and lost and borrowed against. Some people got out at the right times and made money, while a lot of people found out that maybe they shouldn't be living in a McMansion and driving a Lexus. It's going to be hard to have a real economy when the US doesn't want to actually make anything or do any manual labor. Not everybody can have a high paying job as a middle manager, sales person, working with imaginary money, etc, eventually a few end up with most of the money or it makes it's way out of the country.
True, all that the obama stimulus was doing was softening the blow, so it didnt just tank and stay tanked. The government had to do something. they cant make people buy, the people have to feel confident enough to buy. Also what the credits did is entice people who were waiting for the housing prices to go FURTHER down buy sooner as if the house just went down another 8000 bucks.
Which is what they're doing now. I won't lie, I took the $8k since it was being handed out like candy and figured it would help recoup some of what's already been taken from me, but it had nothing to do with our decision to purchase a home and I don't agree with it one bit.
I like money in my pocket, I'm keeping what was once mine anyway You think it would be easier to just not take it in the first place, but what do I know...
Obama has faced some criticism for his latest vacation, his sixth since taking office. At a time when painful unemployment numbers continue to bear down on the tattered economy, many are frustrated that the nation's leader is enjoying another luxurious trip. On CBS' "The Late Show" Tuesday night, David Letterman took a jab at the president, saying: "He'll have plenty of time for vacations after his one term is up."
__________________
"If everything seems under control, you're just not going fast enough." -Mario Andretti
03 Mitsubishi Lancer Evolution VIII
Quote:
Originally Posted by Tachyon
Every minute you spend in your Evo, not in boost, is a minute of your life you'll never get back.
I was one of the people that was on the fence to buy a home, but the free money helped us make the decision. While I am happy we made the call, I wish we weren't stuck in our current place for the next two years. I would already like to purchase another home, but do not feel like giving back the $8000.
Hopefully the market won't tank enough to where we are underwater on our mortgage. We are into our neighborhood a full six figures under our neighbors, so here is to hoping!
Tax credits and incentives are nothing more than injecting money back into the market that never should have been taxed out of it in the first place. If your damn over all tax rates weren't so high (add up all the taxes you pay) none of this would matter, you would have money to buy and do the things you want. This is the man reason why the founders knew that taxing income would hurt the population, and they were right.
"You don't have a clue. You couldn't get a clue during the clue mating season in a field full of horny clues if you smeared your body with clue musk and did the clue mating dance."
"You don't have a clue. You couldn't get a clue during the clue mating season in a field full of horny clues if you smeared your body with clue musk and did the clue mating dance."
or give it to me.
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