Why We're Still in the Early Innings of the Bursting of the Housing and Credit Bubbles - And Implications for MBIA and Ambac [View article]
Houses have gone from 2 times annual income (philadelphia employed engineer) down to the Long Island Levittown cape cod's for 2.3 starting engineer's annual wage. Fast forward to today's market the number is 5 times the starting wage.
Therefore, a house is only worth about 150k. Smart people should rent.
Why We're Still in the Early Innings of the Bursting of the Housing and Credit Bubbles - And Implications for MBIA and Ambac [View article]
Fast forward to today's market the number is 5 times the starting wage.
Therefore, a house is only worth about 150k. Smart people should rent.