[FoRK] What's that sound???

Jim Whitehead ejw
Tue Jul 26 17:51:44 PDT 2005


Prior to owning a house, I used to think the same thing. But, it turns out
my generation has a higher percentage of home ownership than prior
generations.

Besides, if you're right, and home prices stay high, that would imply that
current valuations are an accurate reflection of the value of a house (and
hence we're not in a bubble). If we are in a speculative bubble, then home
prices should fall after the bubble ends, thereby increasing affordability.

In any event, my understanding is that the low cost of mortgages comes from
the large influx of cash from outside the US, and from corporations in the
US, all seeking someplace to find moderate returns on that cash.

- Jim

> -----Original Message-----
> From: fork-bounces at xent.com [mailto:fork-bounces at xent.com] On 
> Behalf Of Adam L Beberg
> Sent: Monday, July 25, 2005 7:32 PM
> To: Joe Barrera
> Cc: FoRK
> Subject: Re: [FoRK] What's that sound???
> 
> Joe Barrera wrote on 7/25/2005 5:53 PM:
> > This is a GOOD thing. It's time for young couples/families 
> looking to 
> > own a home to no longer be fucked by yuppies looking for that 
> > remaining 10%+/year investment. There was recently an 
> article in (Wall 
> > Street Journal?) about some yuppie fuck who was pissing and moaning 
> > about *barely* making a 6%/year profit on some property he 
> was forced 
> > to sell before he wanted to. Well: boo fuckin' hoo.
> 
> Oh don't worry, the older generation has screwed over the 
> next 4 or so generations, assuming they haven't forked the 
> climate so bad that we all die. Most teen americans haven't a 
> chance in hell of ever owning any property at all, only 
> leasing, renting, or EULA'ing it. They're all just serfs now.
> 
> -- 
> Adam L. Beberg
> http://www.mithral.com/~beberg/
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> 



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