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Considering that puchasing or owning a home is the single |
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| Posted by |
Adam(Phoenix) on February 25, 2008 at 11:02 AM |
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This message has been viewed 45 times. |
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| In Reply To |
I'd pick up half a dozen at that price posted by ZEngineer on February 25, 2008 at 10:33 AM |
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| Message |
largest investment most Americans will make in their lifetimes, it can have, even in just the smallest sense, a huge impact on how they spend. Not to mention the way low payment interest only mortgages on 1, 2 or 3 year arms allowed people to take the new equity out of thier homes and live in a home way beyond their actual budget. Now the market has adjusted, in some cases home values have dropped below the financed amount after these cash outs, so homeowners and their banks are holding investments that have lost money, huge negative equities on a national scale, and no chance of refinancing those mortgages that become grossly unaffordable when the rate adjusts. I know, here in AZ, the last week all of the animal shelters are begging people to stop dropping off their pets because people are having to leave thier homes and cannot take thier pets with them. Pretty scary stuff if you are in one of these situations. The level of commercial production in the home market in our area is down about 40-50% which is monumental considering how the PHX/metro area was growing and still is to some degree, through the last few years and how dependent much of the market was on this growth for juobs, income, etc. It's starting to pick back up slowly, but the overvaluation of homes had to adjust at some point, it just happend so quickly and intensely that some people have no options. Adam
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