Quote:
Originally Posted by lorenavedon
just remember if that if you wait until oil prices pick back up and hiring starts up again you'll be back where you started fighting with everyone for scraps at stupid high prices. So it goes both ways.
|
That hardly happens in a day. It's a gradual growth, so easy to spot. And I have to agree with polak, this is a lousy time to buy, it's just the beginning of the downturn (what are we, 3-4 months in?) the layoffs are continuing, and the oil is still going down. The longer the low price of oil lasts, the more and more layoffs we'll have.
Prices ARE already going down, I've seen couple of houses in my area being discounted by 50-100k and still for sale. But they are still excessive, and there is much more room for them to drop in my opinion, and in the opinion of many analysts. A stick and paper house is hardly worth 600 or 700k. If you want to know the fair value, just look at the prices from the 90's, and add the 20 or 30 years of inflation and you're there. What we have is still a big ass bubble. Needs to be popped. Like an ugly zit that it is.