Tuesday Links
Washington Avenue. Photo by threecee. Mortgage Crisis Spreads Past Subprime Loans [NY Times] Graffiti Complaints in Bklyn Rose 96% in ’07 [NY Daily News] Kosciuszko Bridge Worth Preserving? [NY Daily News] Hudson Cos. Exec to Chair BBP Board [Brooklyn Eagle] More Freelancers Choosing Brooklyn [Brooklyn Eagle] Historic Queens Church May be Saved [Queens Crap] Ward…
Washington Avenue. Photo by threecee.
Mortgage Crisis Spreads Past Subprime Loans [NY Times]
Graffiti Complaints in Bklyn Rose 96% in ’07 [NY Daily News]
Kosciuszko Bridge Worth Preserving? [NY Daily News]
Hudson Cos. Exec to Chair BBP Board [Brooklyn Eagle]
More Freelancers Choosing Brooklyn [Brooklyn Eagle]
Historic Queens Church May be Saved [Queens Crap]
Ward Bakery Demo Beginning Soon [AY Report]
A Religious City [Gotham Gazette]
is that fool talking to himself again?
Re: “More Freelancers Choosing Brooklyn.” So Park Slope and Williamsburg have the highest number of filmmakers/writers/painters living off their parents’ trustfunds. How exactly is that news?
“Its no problem in the long run.”
Nope, not at all. 25 to 50 percent price drops will take care of this whole mess. The rebound from bottom might be 5 or 10 percent (real terms) within our lifetimes. By then, you’ll be retired.
“You will NEVER see prices like this in your lifetime.”
You will in nominal terms but not in real terms. It be the latter that matter. See graph…
http://tinyurl.com/g9vf4
“I asked Japan, They said they are fine.”
Oh really! They told me something else…
http://tinyurl.com/297axv
talking of “open houses” why do moron brokers say “open house – call for appointment”. Thats EXACTLY what an open house isn’t.
I asked Japan, They said they are fine. People have no problem getting motgages there, I went to an open house in Osaka last month just for fun and they were falling all over each other to give me a mortgage at 2% interest.
Yes, Japan doesnt have double digit price increases real estate. But why dont you sell your coop in Brooklyn and see what you can buy in Tokyo or Osaka – I guarantee you couldnt afford a closet there.
“People will always get mortgages, they may not have been priced to adequately to reflect the risks in the past, but all things ebb and flow. This too will pass through its natural cycle and life will go on, as it always has.”
Well, we have a food fight. People will not get mortgages in the future. After the nuclear fallout from this mess, it will be impossible to get one. This was not a ‘Natural Cycle” it was a Mutant Real Estate Bubble. You will NEVER see prices like this in your lifetime. Just ask Japan what happen to their asset crash. 18 years and running.
The What (No it’s not different and you will be fucked)
Someday this war is gonna end…
“Who is going to pay a mortgage on a dead asset. I bet the “Walk Away” thing will pick up steam very soon. We are fucked.”
So what, even if some people walk away, they have to walk somewhere right? Are they going to walk off the face of the earth, live in a cave, move to outer space? Of course not. They will go back to renting, which will produce income for more properties, which will make more real estate productive assets, which will lead to higher real estate values.
People will always get mortgages, they may not have been priced to adequately to reflect the risks in the past, but all things ebb and flow. This too will pass through its natural cycle and life will go on, as it always has.
newsouthsloper is right. If you know how to manage your money and didn’t over extend yourself you’ll be fine in the long run.