Friday, May 8, 2009

19 million vacant houses

That is how many houses are vacant in the u.s. right now. How long do you think it will take to get them occupied with owners? Don't you have to have a job to qualify to get a loan to buy a house? I'm not talking about 2 years ago. Then all you needed was a pulse and the ability to sign some papers. Those
days are over. Aren't they?
Hmm. Maybe the government will buy them and start giving them to welfare recipients. Or those 20 million illegal immigrants running around. I'm sure they would love them. 20 million votes constitutes a pretty big voting block.
Seriously there is no way those houses can be legitimately sold any time in
the future. That is a huge over-supply which while continue to lean on the prices of all houses for many, many years to come. Anybody who tells you differently is lying to you.
Here's a question:
Do you know how to tell when a government spokesman is lying? Any government spokesman? Their lips are moving. That's right you know whatever they are telling you about anything is a lie.


The King of America said...

Our home has gone down from $300,000 to $194,000 in just three years. There is no reason for it to make that up in less than ten years even if the economy were to pick up. Tons of the homes around us are for sale. But no one can sell because no one can buy. My credit score is 754 and I can't get a loan for a home like the one I'm in because they are apraising so low because the ones that are selling are being practically given away just so that people don't lose everything. And yet, I can go two miles in any direction and find a new subdivision going in with new homes from $250,000 and up (complete with three car garages, jetted tubs, and crown air conditioner and garage door opener are upgrades). With 19 million vacant homes...why are we building this many new homes...and when are we going to realize we don't all need to live like hollywood. We need to start living less excessivly. I'm afraid the downward spiral on home values isn't going to stop anytime soon.

Right Reason said...

Mine has dropped from $260,000 to about $95,000. I paid $155,000.
The only way it sees 260k again is in a hyperinflation scenario.
Our corrupt money system is the cause of these huge price swings.
We are a nation of debtors and our credit line has been pulled. We have lived beyond our means for way to long and now the chickens are coming home to roost.
Economic law can't be overturned. Ignored. Yes. But eventually the debts come due and the price for ignoring sound economics has to be paid.
There are always consequences.
The fact that builders keep building is because they don't know what else to do and there are still some people with money who only want a new house.
Builders will keep building until they go bankrupt and the way the government is going that won't happen either.
I think the solution is for enough people to just quit paying taxes en masse and cut off the government's ability to spend.