USed by terms of articlecity. COmposted by chuckalso visit creditrepairdude. COm is the party over?CHristopher thornberg, senior economist with the espected ucla anderson predict, told a events group that he supposes a drastic deceleration in home sales is coming. “You are starting to see a slowdown in housing market activity, and that says loud and clear that things are starting to break. ” he trusts house prices are about 30 percent to 40 percent overvalued. “If you have a big decline in unit sales, you’ll have advance brokers and land agents and construction workers all losing jobs. ANd what’s driving the Calif job market right now?COnstruction, finance and real estate jobs. THose will go away. ALl that extraordinary money is going to disappear. SUddenly, the house isn’t going to could pay for the kids’ instructing, 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. ” suppose: 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 chief executive officer. ONe third of all lends are now worry only. IN california, about half of all debts are worry only. IN the bay area, make that two thirds. THanks to easy terms, the fees on the new place are lower than on the buyer’s previously home. FOr the time being. LOts of buyers are vaulting irregular monthly payment and adding the discrepancy 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 affair 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 heaven until regard rates go up, chief executive officer compensations come due, and prices start to tum ble. WE’re talking about borrowers who spend every dime and live from paycheck to paycheck. THey never save a penny. IN 2005 americans’ particular savings rate dipped into opposite territory, minus 0. 5 percent, anything that has not ensued since the great blues.
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