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Final hour of trading is upon us. Looks like market is trying to go higher. It would be so nice to see a close on the + side for a change.
“But all the people who purchased at higher prices than your friend since 2001 will be completely screwed.”
Yup, my old landlord probably thought he was screwed too when he thought he overpaid for his West End Avenue townhouse 20 some odd years ago…he paid 450K, which was a rather large sum.
When I had to move out (thus the move to Park Slope) and he sold the building last year for 8 million, I don’t think he felt particularly screwed…
Not everyone isn’t able to look long term, Ironballs.
The majority of NYC home buyers bought to live in their home.
TinTesticles…..not everyone purchase a home with only 5% or 10% down. Lots of people, especially that whole crowd that sold their manhattan places and bought in Brooklyn, probably put 20-50% down. So everyone who “purchased at higher prices…since 2001” will not be screwed.
You need to get a clear picture of how to finance a home purchase before you leave your apartment.
Dem guys? Over dere?
same as “That One?”
Yup Muffet,
But all the people who purchased at higher prices than your friend since 2001 will be completely screwed. For many of them, their mortgage payments will be so completely out of wack based on the new value of their homes, that they’ll end up just walking away and giving the keys to the bank.
Also, so many people will be out of work, few will have enough down payment to qualify for a mortgage even at a much lower price.
This argument that lower prices are good for folks who’ve been waiting to buy only works if they basically have enough to pay cash.
I reckon Soros knows more than Summers, he predicted this. I think he’s a Dem.
IronBalls – instead of continuing to insult me, why don’t you offer some fact-based, substantive responses to my questions and others, i.e. 11217’s? To simply critique the NYT does not cut it as a persuasive argument.
Let’s see here:
McCain’s economic advisers are:
*Carly Fiorina, who almost destroyed the onetime best technology company in America…Hewlett Packard and
*Meg Whitman, who took ebay, the best dot come player in the industry and turned it into a mediocre franchise that has no growth and is laying off 10% of it’s employees.
Obama’s advisers are:
*Larry Summers, the renowned economist and former President of Harvard who probably knows more about this crisis than anyone and
*Warren Buffet, the smartest (and richest) man in the business.
Who would you choose based on the people these men have chosen to surround themselves??
Muffet,
I look forward to reading your excuses six months from now defending the disastrous Obama presidency.
You won’t be able to mimic the New York Times anymore like you do on this blog.