Friday, Jan 18, 2008
Reason for potential FTB's to hold out
New York Times: Sorting Out the New Housing Market
"The shape of the new American housing market — the post-bubble market — is starting to emerge. It is one that favors the young who never owned a house and the banks that have access to cheap deposits. It may be harshest on the two coasts, where both distress and a newfound lack of mobility may be on the increase."
Posted by richc @ 12:12 PM (826 views) Add Comment
12 Comments
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1. planning4acrash said...
Ooo, yipee, they just described me!!
2. talking rot said...
P4AC
You, young?
3. talking rot said...
Or does cynicism and grumpiness start developing at a younger stage these days?
4. drewster said...
It describes me too! Perhaps p4ac is like me, born 40 ;-)
5. planning4acrash said...
I'm 27yrs young.
6. planning4acrash said...
Hense being a bit of a whipper snapper at times!
7. Bubbles. . . . said...
Do I wait???? I have my mortgage banks are still falling over themselves to offer money. My credit is good no debt and 24K deposit. Estate Agents ringing me all the time to view what do you offer 10% below asking price? 20%
8. su said...
whippersnapper:
someone who is unimportant but cheeky and presumptuous
p4ac
I wouldn't describe your contributions as "unimportant" - not sure about the rest of the definition :-)
By the way, children young enough to be classed as infants regard anyone over 17 or 18 as "old".
9. su said...
Actually, I don't see why it should just favour the young. Surely anyone who has sold to rent is in an even better position because they will be holding a large deposit!
10. it_is_going_with_a_bang said...
Surely the article implies that the US Housing Market is doomed unless FTB start buying .....
11. su said...
I think it raises the issue of uncertainty. Buyers now cannot be certain they can sell their property when they need to move/upgrade. They cannot be certain that mortgage repayments won't rocket beyond their ability to pay, and they cannot be certain that their property will retain its current value.
12. eyeoftheweasel said...
That's right Su. Of course those things were never certainties anyway, the big difference now is that a lot more people realise they aren't certainties.