Let's just hope Greenspan doesn't see this.
housing crash
- Thread starter silk
- Start date
Let's just hope Greenspan doesn't see this.
Destroying the American Dream...
http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=42815
http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=42815
Quote from 377OHMS:
Locals upgrading, moving to another part of town etc.
For example my folks sold their home for 1.3 M having paid 49,500 bucks in 1974. It allowed them to get into another home in town (also inflated) and they don't seem to care if the market tanks and they end up under water 'cause they only paid 49,500 to begin with.
I'm about an hour from downtown L.A. and have seen over 300% appreciation in 4-years. Its crazy and there is definitely a temptation to cash in. My problem is that I have a 15-year 4.5% fixed so I just want to stay put. My neighboors have all taken second mortgages and have motor homes and boats parked all over their property.
Just crazy..
The taxes and assessments must be awful. Why not sell and retire to South America- something like Argentina or Costa Rica or maybe Italy, Portugal? There are still places left where 1.3 mil is worth something.
I was thinking exactly the same thing when I read that....
It would SO pain me to write out a yearly tax check like that.
Good article.
On a similar note... saw Suzi Orman's TV special. No longer is she the queen of the mutual fund millionaires. She had some very somber words. She pointed out that starting salaries for college grad type jobs pay what they did 10 years ago in real terms. She also pointed out that housing, transportation, medical care, education and taxes are higher than ever. A real squeeze on the standard of living.
Quote from 377OHMS:
For example my folks sold their home for 1.3 M having paid 49,500 bucks in 1974. It allowed them to get into another home in town (also inflated) and they don't seem to care if the market tanks and they end up under water 'cause they only paid 49,500 to begin with.
Why not take the money and move to something like this...3300sq feet and nice looking, good weather, low crime, no state taxes.
If the kids want to visit, buy them a plane ticket and pick them up from the airport. Probably takes less time than L.A. traffic anyway! lol
http://www.realtor.com/Prop/1046945703
You could bank the million and live off the interest.
The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth.
Alan Greenspan
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of Gold.
Alan Greenspan
Alan Greenspan
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of Gold.
Alan Greenspan
How so did he mean this?
http://www.realtor.com/FindHome/Hom...4B0116F40C8C&snumxlid=1045327026&lnksrc=00001
You can live very well with that kind of money in other states. This is Charlotte NC. No it is not LA or NY.................................... but that is a good thing.
You can live very well with that kind of money in other states. This is Charlotte NC. No it is not LA or NY.................................... but that is a good thing.