Many people I talk to and hear from are having a really hard time grasping how severe the real estate crisis is in America. Let me sum up how bad the problem is in one simple sentence. The real estate market (both residential and commercial) is the worst EVER! According to Yale Economics Professor Robert Shiller, the real estate boom a few years ago was the biggest in history! The bust we find ourselves in now will, also, be the biggest in history.
Take this comment I received from a USAWatchdog reader last week. He asked, “Are you preaching that I rent a house rather than get a mortgage? Because getting a mortgage puts me in debt for 30 years? No you wouldn’t say that because everyone knows that at least with a mortgage you are actually getting a house.” The latest housing figures released just last Friday from the National Association of Realtors report home sales are down 7.2 percent in January. In another report, prices are down an additional 10% in some regions of the country. Yes, with a mortgage you will get a house, but how much of your down payment will be there in 2 or 3 years? (more)
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