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.
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If you bought in 08 right before the big crash, it took until last summer to break even. People that are losing their jobs now won't be on the RE market as buyers for a long time. Takes time to first get a job, complete probation and then save up for downpayment to qualify for a mortgage.
That's not even touching on the people that are going to increase their debts just to survive or the ones that will go insolvent. These guys will take years to recover.
It will probably take a year or more just to hire all the people back. And that's not happening till oil is back at $75+.
And don't immigrants usually come here with $7 in their pocket? How are they to buy houses with that?
