Alice in Housing Land... "Crisis?" - Mercedes-Benz Forum

 
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post #1 of 3 (permalink) Old 05-15-2008, 12:20 PM Thread Starter
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Alice in Housing Land... "Crisis?"

It is so nice to have some rational thinking on this and other matters!

"...One symptom of the "crisis" is that housing prices have fallen. How far is unclear. Estimates range from 3 percent to 13 percent. Questions arise.

Do young couples struggling to purchase their first homes concur with the sudden consensus that the decline in prices is a national misfortune? The Economist reports: "Monthly payments on a typical house with a 30-year mortgage and 20 percent downpayment were 18.5 percent of the median family's income in February, down from almost 26 percent at the peak — and close to the historical average."

By this measure of housing affordability, the "crisis" is welcome.

"The housing perhaps-not-entirely-a-crisis resembles, in one particular, the curious consensus about the global warming "crisis," concerning which, the assumption is: Although Earth's temperature has risen and fallen through many millennia, the temperature was exactly right when, in the 1960s, Al Gore became interested in the subject. Are we to assume that last year, when housing prices were, say, 10 percent higher than they are now, they were exactly right? If so, why is that so? Because the market had set those prices, therefore they were where they belonged? But if the market was the proper arbiter of value then, why is it not the proper arbiter now? Whatever happened to the belief, way back in 2007, that there was a housing "bubble"? Or to the more ancient consensus that, because of, among other things, the deductibility of mortgage interest payments from taxable income, too much American capital flows into the housing stock?"...

George Will

Don't believe everything you think
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post #2 of 3 (permalink) Old 05-15-2008, 01:46 PM Thread Starter
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Mortgage Rates Lower In Good News for Homebuyers

Mortgage Rates Lower In Good News for Homebuyers



Rates on 30-year mortgages edged down this week to their lowest point in a month, a spot of welcome news to would-be homebuyers.

Don't believe everything you think
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post #3 of 3 (permalink) Old 05-15-2008, 09:39 PM
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Doctor comes up to a man in a hospital bed.

"I have GREAT NEWS and some bad news"

"What is it Doc" asked the man who was still trying to figure out why he was in the hospital.

"Well, you know how I have been telling you that you need to lose 60 Pounds?"

"Yes" said the man, somewhat confused.

"Well, you have!!!"

"How did that happen?" asked the startled and confused patient.

"Well, that's the bad news part. You were working on your roof and fell off. We had to amputate your left leg".

"But you are now at your target weight!!!"

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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