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  • carpet.bomber carpet.bomber Feb 22, 2013 5:15 PM Flag

    Housing is not a bubble

    The Fed chairman brushed off the risks of asset bubbles in response to a presentation on the subject from the group, one person said.

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    • Video of the Fed Chairman checking out the figures on housing, must see! /watch?v=zpIq_hg4J1g

    • I'm in my other mailbox, but I'm still Paula. Home Ownership is still a goal of many; what they don't understand it that Price is much more important than the interest rate, or APR

      What the media doesn't tell you is: Higher interest rates actually work for the CONsumer; Only as long as interest is still a write off one's Federal Tax Return, etc.

      Actually, all cards on the table, higher interest rates are a boon for Buyers, and a Suckin' That Wind for Sellers.

      You can do the Math.; I've been there.

      And one who I know well thinks that his comfy home is going to appreciate in value, near term. Nope. It's already at the Top of the current market, and perhaps less than Zillow, but most folks don't seem to understand the CONcept of Trees; (i.e. Values), growin' to the sky.

      My friends paid X$ 25 years ago. And now feel that they are "Down" $150,000 to $200,000? Which should "recover" in the near future/ballpark 5 years?

      Really? Based on what? And how much is the Average person making per hour, or per year? To be able to afford a $700k "modest family home."?

    • Housing is not a bubble until I get a chance to unload this pig I live in.

      • 1 Reply to kevivoe
      • I'm with you! My house is WAY too big, taxes are through the roof, $15k/year, I burn 1400 gallons of fuel oil a winter. If I didn't have my business here I'd be gone already. I'm ready to live in a 2000 sq. ft. house in TN where taxes are $1k/year and there is no state income tax. If I decide to sell the business or downsize it, I'll sell the pig I live in at a loss if need be. I built the house in 2002 so I didn't pay stupid money but I regret not selling it in 2005/6. I had unsolicited offers for $300k more than I have in the house, I actually had a couple knock on the door and ask if I would sell, they offered be $750k. if I could get that right now they could have everything in the house including my dogs! We just have to wait for better times, it isn't just a function of interest rates, banks still aren't lending. Real estate will get hot again, we are out of cheap assets to chase. Stocks are back to their highs, you can't buy bonds, real estate is the last asset class that isn't back to 2007 levels. Mind you, real estate peaked in 2005, the S&P was at 1200, not 1500. If rates would normalize to around 5%-6% on a 30 year, the banks would be throwing money at you to buy a house.

    • somehow i bet you thought the same thing last time?

    • When one is dismissive of any concerns, those who are concerned should be skeptical.

      Forewarned is forearmed.

 
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