Yesterday on my way to work I heard the sad tale of the Cascone's. They have a very nice home in Kansas city they adore, but it is an hour from where they work. So they felt it was time to sell and move closer. The only problem is they can't sell their home. That's right, they said they can't sell their home. News flash you can always sell your home. You just can't sell your home at any price you want. The Cascone's said they could hardly hold their heads up in the neighborhood because their house was so cheap, and still not selling. This is one of the most shallow and stupid comments I've heard on NPR (there is some stiff competition in that category). What was she embarrassed about? If their house has dropped in value so has all of their neighbors. And why should we feel bad for you. You are going to either stay in your home because you are too shallow or stupid to drop the price. Or you will drop the price sell the home, and then go buy a house from someone who also had to suck it up and make the same concessions as you. Do you honestly think your home is the only home that has dropped in value? As the price of your house starts falling so does the price of of the one you are going to buy. And to everyone else who is thinking life is unfair because they bought a house they couldn't afford and now it's worth a fraction of what you paid. All I can say is you should have listened to Alan Greenspan, or the Economist. Who have been saying the bubble is going to burst for years.
On a side note you will see that there is a line in the wikipedia article that says "The popular notion that, unlike stocks, homes do not fall in value is believed to have contributed to the mania for purchasing homes." This nearly echos what one of the most influential economist in my upbringing said years earlier. "Too many people see the housing market as a guaranteed investment, it is the one sure way that you can make a great return. This is exactly what people said about the stock market right before the great depression." -Merrill Kaey Gee (Thanksgiving dinner 2004)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment