With housing moving as slow as molasses, many families are building their own energy efficient, affordable homes,, in lieu of trying to arm-wrestle a bank for a shot at an affordable foreclosure.
Where I currently reside, there’s a foreclosure on almost every street in town.
While this is happening to our neighborhoods…
… some realtors are sending me “hate mail” telling me that “I need to shut up because housing is doing better than ever”.
So I have to ask;
“Yeah? Who’s buying these homes?”
Nick answered the question for me.
BY NICK TIMIRAOS
The six-year slide in U.S. home prices and the dollar’s weakness against some currencies are driving a property-buying binge by Asians, Canadians, Europeans and Latin Americans eager to own a piece of America.
Plowing money into real estate may sound like a risky venture to many Americans. But to growing numbers of foreigners, U.S. housing has never seemed a smarter investment.
International buyers accounted for $82.5 billion, or 8.9%, of the $928 billion spent on residential real estate in the 12-month period that ended in March, according a survey released Monday by the National Association of Realtors…
(Click the headline to read more…)
What do we make of this?
Who was it that said; “There’s a sucker born every minute”?
IMHO – These “investors” are in for hard ride. US properties will continue to decline in value.
What’s that? I hear Realtors gnashing their teeth and wailing at my decree…
I say this because sooner or later…
…the fed is going to be forced to end their “near zero percent interest rate policy” – which was enabled to prop up the Wall St capitalists as well as the failed housing sector – in the next 2 years or LESS.
When this happens, you can expect up to a 20-30 percent price drop in real estate when even fewer “buyers/suckers” will qualify for a mortgage due to the rapidly rising interest rates.
Okay, gotta go now. My “Hate Mail inbox” is filling up… 🙂