The National Inflation Association discusses Ben Bernanke’s recent comments before Congress, where the economy is headed and California’s budget problems.
(Video follows excerpt and commentary)
They are definitely in panic mode right now. In fact, he [Bernanke] made this statement, “it is not something that is ten years away, it affects the market currently.” So, if you think all this printing of trillions and trillions of dollars isn’t going to affect the economy right now, you’ve got it totally wrong.
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This current stabilization that we’re seeing in real estate is the biggest head fake in the history, probably, of my lifetime.
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The real estate market is headed for an utter collapse.
When Japan’s real estate market collapsed in the early 1990’s property prices lost almost 70% of their value (inflation adjusted), and they have yet to recover, nearly two decades later.
It may be difficult for some to imagine a situation where our economy stagnates or contracts for ten or twenty years. But this is exactly the scenario that we are facing in America today.
It has happened before. It will happen again.
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I live in Traverse City, Michigan. Our town is STILL building commercial units as fast as they can. We have two huge new buildings going up downtown that will most likely sit vacant.  We have vacant office buildings all over town. I’m amazed, as most TC residents are, that investors are still throwing these buildings up. Either they know something I don’t know, they have more money than brains or their just plain stupid.Â
Mac, do you own your house? Any plans to sell if you do?
20s — I do not own my home. We rented throughout the boom. when a close friend told me back in 2003 that we should buy a home because it was zero down and super cheap payments, I had a funny feeling …. you know, that “nothing’s free” feeling..
I guess we made the right call on that, but I am not sure if we would have benefited more by buying and building some equity or renting.
If I did currently own my own home, I would likely default while living free in it for 6 – 18 months while the bank figured out whether to put a foreclosure on the books or not. [DISCLAIMER* WE DO NOT RECOMMEND ANYONE DO THIS WITHOUT CONSULTING THEIR ATTORNEY AND TAX ACCOUNTANT FIRST]
Right now, to be honest, we’re waiting for Wave 2… Waiting for another 15%+ decline in real estate and then we’re probably going farmland/ranchland somewhere in the middle of Texas. We’ll see if that works out.
I agree… I’m in San Jose, Ca. and sold my home in 2007 thinking that these prices are “insane”! So I got out “while the get’n was good” and I’m renting too.Â
But it’s, starting to take a toll on the family…Â I thought all this Real Estate should have deflated within 12-18 months… well it’s bee over 2 years now and our wonderful government has managed to prop up this inflated market… pisses me off!!!
My only concern is that they can potentially come after your wages and / or savings if you default or force the bank to foreclose on you… thoughts?
20s, I think that is a valid and important concern. I am not familiar with specific state laws, including in my own state. I am not sure if jingle mailers would be protected under basic statute of limitations guidelines or other laws.
This is something that I would strongly recommend checking out with an attorney. I wish I could provide more information here, but I don’t want to send someone in the wrong direction.
However, I am neither morally or ethically opposed to jingle mail in any way, shape or form. 🙂
Average Joe — I think if I were in your position, living in Cali, I would continue to wait it out. It is going to be an absolute real estate disaster out there. You don’t want to move into a new place to soon and end up living in an abandoned neighborhood a la Detroit.
I’ll also note that my personal view is that real estate in general will continue to bounce up and down, with a downtrend trend, for at least the next decade, perhaps longer. That’s just my personal take on it and I’ve been know to be wrong… a lot (Y2K is one such scenario where I may have overreacted a little.. haha)
this guy is living out of his car !!!!
Detroit Mayor Bing emphasizes need to shrink city
From The Detroit News: http://www.detnews.com/article/20100225/METRO01/2250391/Detroit-Mayor-Bing-emphasizes-need-to-shrink-city#ixzz0gzUEBIdC