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Old 04-05-2008, 11:29 AM
jung.lee jung.lee is offline
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Default Unbridled Optimism about the Housing Market on this Thread!



I have been reading this thread with a lot of interest and could not hold back from commenting on the unbridled optimism many of you guys are showing towards the housing market, which reminds me of the "long tailed" euphoria that followed long after the NASDAQ had crashed over 50% in 2001 after the tech bubble, and people kept wishing it would come back long after it became clear to most cynical observers that it would take decades to achieve the same levels as before (and it hasn't yet)...

Housing has not yet bottomed. It still has a long way to go. You guys may think that the foreclosures related to subprime resets have subsided so the market may recover. You haven't seen anything yet. Consider:



and:



Option ARMs (adjustable rate mortgages) and Alt-A ARMs are the next two shoes to drop. In case you've had your head buried in the sand, the economy is on verge of a collapse. Unemployment is soaring and many more companies are considering layoffs. Many economic observers are opining that we are already in recession.

Desi junta, and others, I entreat you readers to please consider this seriously in your house purchase decisions. If for some reason you need to sell and move out, at a minimum you will be saving some money (by not losing your downpayment, for example) by choosing to rent. Rent a house/townhouse from a private owner if you are tired of renting an apartment and have growing kids - it's a "renters market" in the private rental marketplace right now with so many investment properties purchased during the housing bubble available for rent.

I would like to offer up a few blogs, whose commentators should be taken seriously. I recommend you read and bookmark the following blogs if you want to follow the housing market and the economy:

http://calculatedrisk.blogspot.com/

http://www.irvinehousingblog.com/

http://housingpanic.blogspot.com/

http://globaleconomicanalysis.blogspot.com/

I like this website for people just starting out to get more financially educated (in an entertaining way):

http://www.minyanville.com/

Good luck and please be careful before 'taking the plunge!'
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