437. “You are starting to see a slowdown in housing market activity, and that says loud and clear that things are commencing to break. ” he believes house prices are about 30 percent to 40 percent overvalued. “If you have a big decline in unit sales, you’ll have lend brokers and real property agents and building workers all losing jobs. ANd what’s driving the california job market right now?COnstruction, finance and real property jobs. THose will go away. ALl that marvellous money is going to disappear. SUddenly, the house isn’t going to be able to pay for the kids’ education, it’s not going to pay for your retreat in bermuda and it’s not going to pay for that face lift at age 74. “Thornberg adds, “. WE have peaked. ANd beyond that is a downhill run. ” assume: 42% of all first time buyers put down nothing. MOre than two thirds put down almost nothing. THey don’t pay back a dime of ceo. ONe third of all credits are now interest only. IN Calif, about half of all loans are care only. IN the bay area, make that two thirds. THanks to easy terms, the outlays on the new place are lower than on the buyer’s before home. FOr the time being. LOts of buyers are skipping sporadic monthly payment and adding the compare to their debt. MOre than 1/3 of all home sales involve second homes, usually speculations. FLorida is packed with condos that no one lives in up to 40% of “home” sales in some markets!WHat’s business is that home buyers and sellers are trading pieces of paper that say some house is worth, let’s say, $450,000. BUt nobody’s bank account or paycheck is taking a hit to pay those prices. NO one is working longer hours to repay the vast new debts. IT’s a fool’s eden until care rates go up, honcho outlays come due, and prices start to tum ble. WE’re talking about borrowers who spend every dime and live from paycheck to paycheck.
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