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watch this video home owners stuffed
geoffky
Posts: 6,835 Forumite
people paid $345k now builders selling them for $145
http://www.youtube.com/watch?v=10WoQZKZkNs&feature=related
http://www.youtube.com/watch?v=10WoQZKZkNs&feature=related
It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.
0
Comments
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This vids been knocking around for a while... was from before prices started openly tanking in the US.
I love the faces of the people who had bought for $345k just weeks before... especially as the sales-people for the housebuilders had, apparently, explicitly told them that prices wouldn't be dropped in the near future. Apparently that excluded auctions.
The builders were lucky they sold to middle-class americans... if they had sold to a bunch of hicks at $345k then dropped the prices thet would have had their heads blown off 5 minutes after the auction. (It's only a matter of time...)
The importance of this video is it shows how the forced sales will start to pick up.
What happens is the builder find they have stock they can't sell, and slash the prices. These new-bilds won't show up on the land-reg figures but will show up in the HaliWide figures. After a couple of months the bilders slashing prices undercuts everyone else and drags the rest of the market down.
Remember... you average person doesn't HAVE to sell. House builders MUST SELL to keep the turnover/cashflow moving. They are like sharks... if sharks stop swimming they die. Likewise if house builders stop selling they die. They can cancel building projects and lay-off eastern-european bricklayers, but if all their cash is locked up in finished houses they will go bust in weeks.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
This was from about a year ago.0
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$45 now then?It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
$45 now then?
Many reposessed properties in the US are failing to sell at auction AT ANY PRICE... mostly in states that have property taxes that would make the houses a liability unless occupied.
The banks and councils are paying to have the houses demolished to prevent ex-owners/squatter moving in.
People in the US are living in tents, cars, van and caravans. Shanty-towns are popping up accross the US while the city councils demolish perfectly good houses by the hundreds.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0
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