Just as I predicted

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    • Housing Prices To Return All the Way To Pre-Bubble Levels? [view article]
      The problem with the housing market is that the real estate industry STILL won't admit that housing is at least 25% overpriced and their commission greed helped create the problem. The truth is most people will have to walk away from a house that can only be sold at a price less than the amount owed if they can no longer afford to make the payments or have to relocate. You are going to all get what you deserve, I guess. If we had all refused to buy or sell for these ridiculously inflated prices this would not be happenning, so blame yourselves. I sat tight and DID NOT refinance when my "paper" equity ballooned. I have no worries with my fixed mortgage and my equity will be no less than it was to start with if the prices crash, so who cares. My house is a place to live and a great tax shelter but should not be perceived as a money making venture unless you can afford to lose that money as well just like any other investment. The fact is housing "market" value is subjective like everything else, the Realtors do not want to believe it is all. In truth a house is ONLY worth what someone is actually willing or able to pay for it and nothing else. You rode the wave and now get ready for a mouth full of sand and grit when you hit land. Sad but true. Sep 24 09:35 PM
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