House Market Crash in Spain TOO

[Baitman]

It appears that the housing market around the world is failing. It isn't local anymore.

BBC reporter south of Madrid in a very large development.

http://news.bbc.co.uk/2/hi/business/7584097.stm?ref=patrick.net

[cpxxx]

Basically the banks are not lending money anymore so even if you can afford a mortgage. They won't give it to you. Doesn't apply to me though.  Me and the wife are about to buy our third house at a rock bottom price, with the two others generating rent from people who can't get mortgages. I'm beginning to feel like a capitalist exploiter of the poor. Better still I will be a millionaire soon (on paper). 

[Hornet33]

Yeah I get to be the first in this thread......






IT'S ALL BUSH'S FAULT!!!!!!!!!!!!!



Sorry just wanted to see what it felt like to be a liberal. Kinda anti-climatic.

[Maniac]

Cant belive that all homeowners tought they would be millionaries just by living. Everyone was soooo exited when the cost for living multiplied, they just saw the $$ value of their homes rise and got horny, but they didnt realise they never could cash in.

Way to go fools. We now exit an inflated conjucture that was driven by el cheapo loans. And it was a Global phenomena.

Priceless really.

 

[DiabloTX]

I wouldn't want to live in a city of nothing but high rise apartments either.

[lazs2]

very short sighted of you manic...

Many did become instantly rich off the housing market..  and their own homes..  many sold and bought bigger and better homes which will be worth a fortune some time soon again..  many, like cpxx were frugal and used money from one home to buy another and many are buying homes at rock bottom right now and will be wealthy in a few short years.

I wish I had some spare cash to snap up a couple more of these rock bottom high end homes right now.

lazs

[Hangtime]

very short sighted of you manic...

Many did become instantly rich off the housing market..  and their own homes..  many sold and bought bigger and better homes which will be worth a fortune some time soon again..  many, like cpxx were frugal and used money from one home to buy another and many are buying homes at rock bottom right now and will be wealthy in a few short years.

I wish I had some spare cash to snap up a couple more of these rock bottom high end homes right now.

lazs

There's gonna be more demand for crap hole ghetto houses than high end estates.

[lazs2]

well..  I didn't really mean mcmansions.. I meant the stuff that sold for $400k or so when built and is now selling for 250k.. 

it will be back up to 400k in a few years and either skyrocket again from there or.. just appreciate at about 7% a year.

The demand for the crapholes will go away as more housing is built.   Demand doesn't live long under the pent up energy of the builders.   

What may kill all new housing tho is the vampire like insatiable thirst of the liberal socialist government.. they lust for new ways to tack on "fees" to everything under the sun.. at this point in kalifornia in some places the "fees" things that have no value at all.... are about 100k before you even break ground.. or even own it.

lazs

[Yeager]

its booshes fault!

Just thought I would toss that in for old times sake.

[Baitman]

Buddy and I did a drive through of the newest subdivisions in our area and the amount of building is slowed down to under five new foundations and the rest of the houses are to lock up. This in a town of 40,000 people. We have a few large subdivisions that have started in the last few years (around 5,000 homes ). I believe that a town our size can not grow that fast. Therefore we are now over supplied with building lots and new houses.