Guest Post by Anthony Sanders
Since 2007, wage growth has been slow while home prices have soared particularly after 2012.
Homeownership rates have fallen to a 50 year low.
Something has to give. You can’t have skyrocketing home prices with abysmal wage growth. At least for long.
So it is not surprising that Bloomberg reported that Almost Half of Homes in New York and D.C. Are Now Losing Value
Please note that this does not include Manhattan. There are not a plethora of single-family detached homes on the island.
Does this mean that The Fed’s housing bubble has finally burst?
Sorry Stuck.
Admin
BLOW ME!!!!
hahaha … you know I’m just kidding.
ALL real estate is local as they say. Hopefully, we’re in the half that is NOT declining. There’s a HIGH demand for NYC commuters for homes less than one mile from the NJ Transit Raritan Line …. really, buyers look for that kind of thing around here. And we’re just 3 blocks from the bus line. Also the NJ school systems suck Royal Ass, and folks with kids (and the means) flock to the FEW good school systems around.
Point well taken though!! That’s one of the MAIN reasons (the other is property tax) why we are haulin’ ass … the crash IS coming, sooner or later, and we gotta get rid of the White Elephant.
Others elsewhere in the USA!USA!USA! should do likewise, if at all possible.
Your highlighting all the positives, Stuck, they almost make me want to buy your pad. But there’s a serious drawback, you can’t get lawn service for that football field you call a front yard for under $100, even from a banker down on his luck.
” … you can’t get lawn service for that football field you call a front yard for under $100 …” —–EC
“football field”??? Our property is only about 100’x75′. A lawn service does it for $30 per cut …. they have 3 Mexicans who git ‘er done in about 15-20 minutes.
You have to live somewhere, but I would definitely not want to be in or near a large city, especially a hell-hole like New Joisy.
If I was able to sell my home, I would then rent to stay in cash, to pick up a very good piece of property on the cheap (in a favorable state, in a favorable area in that state) after the SHTF.
Danville – the poor man’s Asheville. Or as John Michael Greer likes to say – “collapse now and avoid the rush”
http://www.homes.com/property/148-montague-st-danville-va-24541/id-400030629080/
That last was me.
Stucky says: “football field”??? Our property is only about 100’x75′.
We have 60′ X 45′, Mr. Plantation.
Your deck is bigger than my backyard.
Stuck
Where are the pics?
wip
They’re in this thread —
Wow, I haven’t even cut the 15.5 acres of yard grass lately (too busy picking fruit) and my appraisal went up 72% from 2014 to 2015 (but the tax only 2.5% for some reason). Looks like a lot of thirsty Westerners and miserable Bluebellies are putting down new stakes here. Maybe Stuckey one day too. Ya’ll come. PS: Times do change; consider any beautiful Rebel Flags as welcome signs.