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Thread: Home price drops exceed Great Depression: Zillow

  1. #181
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Zyroh View Post
    the half part is where you think it suddenly started in '01. or maybe it's just willful ignorance. if you apply a bit of logic i'm sure you'll come around.
    It did start after the '01 recession. New home sales were dropping and prices were flat during the recession. New home sales doubled after that and prices skyrocketed. That was the bubble. No time in history were more homes built than after the '01 recession. You should look at the data instead of relying on your partisan ignorance. The problem is, partisans like you believe what they want you to believe instead of looking at the facts.
    The housing sector was used to pull us out of the '01 recession with disasterous results.
    I work in the housing sector. I lived this.
    Last edited by Dirty Harry; 01-26-11 at 11:52 PM.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Aunt Spiker View Post
    When my parents bought their house their main support for doing so was "it's easy to get out of the mortgage if things start to fall apart" - or "and it'll be worth something in the future when we sell it, absolutely" - as well as "house-values NEVER drop"

    Well - it's not, it wasn't, and they do.

    Homes were SEEN as being solid - steadily increasing - always present - an actual dependable investment with a guaranteed return. Now people see them as a chance - a HUGE chance - and one that many aren't wanting to take. I most certain have no interest in furthering the hole I'm already in.
    The bubble ruined it forever. Americans got screwed but the banks are still making their money.
    Last edited by Dirty Harry; 01-26-11 at 11:51 PM.

  3. #183
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Dirty Harry View Post
    Clinton left Bush a recession. Remember? There was no Housing boom then. The Bubble occurred when interest rates were cut and Bush pushed for everyone to own their home. New home construction almost doubled after '02. The bubble occurred from '02 to '06.

    Clinton had nothing to do with creating the housing bubble.
    I must have missed the "Bush pushed for everyone to own their own home" thing. As far as I can recall...owning your own home has long been considered 'the American Dream.' The reason why so many people got into the housing market is because the economy was booming, people were doing well and that old house wasnt good enough...they wanted to move on up. They moved up into new and nicer digs, then people came along behind them, but up the old homestead and fixed it up a little and the prices on starter homes and older homes climbed right on up. We SAW the bubble coming. We didnt slow down. We didnt stop. We didnt do a sanity check. We...all of us including private citizens, banks, and the government just kept on pushing.

  4. #184
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Dirty Harry View Post
    The bubble ruined it forever.
    Pretty much.

    The entire 'having a home' as part of the American Dream resulted in generations of people realizing that dream through various means - and then that dream turning to a nightmare.

    I think the core of the dream dying is that people became to simply expect it - as if owning a home was a simple run of the mill toss away "thing" to do for a while.
    A screaming comes across the sky.
    It has happened before, but there is nothing to compare it to now.
    Pynchon - Gravity's Rainbow

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Dirty Harry View Post
    The bubble ruined it forever. Americans got screwed but the banks are still making their money.
    Not 'the banks'...just the ones big enough to sustain the losses and then carry on. Some didnt get touched at all because they never got into the bad loan business in the first place.

  6. #186
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Aunt Spiker View Post
    Pretty much.

    The entire 'having a home' as part of the American Dream resulted in generations of people realizing that dream through various means - and then that dream turning to a nightmare.

    I think the core of the dream dying is that people became to simply expect it - as if owning a home was a simple run of the mill toss away "thing" to do for a while.
    I dont think its dead...and in fact its still very reachable. We just arent used to doing it the way we had to back in the 70's and 80's.

  7. #187
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by VanceMack View Post
    I must have missed the "Bush pushed for everyone to own their own home" thing. As far as I can recall...owning your own home has long been considered 'the American Dream.' The reason why so many people got into the housing market is because the economy was booming, people were doing well and that old house wasnt good enough...they wanted to move on up. They moved up into new and nicer digs, then people came along behind them, but up the old homestead and fixed it up a little and the prices on starter homes and older homes climbed right on up. We SAW the bubble coming. We didnt slow down. We didnt stop. We didnt do a sanity check. We...all of us including private citizens, banks, and the government just kept on pushing.
    You must have been taking a nap for those six years. The economy was doing well because they were building all those new homes. Bush even came to my hometown and repeated this speech.

    Last edited by Dirty Harry; 01-26-11 at 11:57 PM.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by VanceMack View Post
    Not 'the banks'...just the ones big enough to sustain the losses and then carry on. Some didnt get touched at all because they never got into the bad loan business in the first place.
    And the banks that got bailed out? Remember the day capitalism died and the government saved the day?
    The government will always make sure the rich stay rich.
    Last edited by Dirty Harry; 01-26-11 at 11:58 PM.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by VanceMack View Post
    Not 'the banks'...just the ones big enough to sustain the losses and then carry on. Some didnt get touched at all because they never got into the bad loan business in the first place.
    That's right... the local banks and credit unions have too much to lose to take the kinds of gambles these 'too big to fails' (which is just another way of saying everyone else is 'too small to save') have taken.

    There's a reason why the founding fathers considered the types of crimes these banks are committing as crimes in the same realm as treason, because the end result is that the countries wealth is stolen, and so the people engaging in these activities would be considered as 'domestic enemies'... but in today's society that type of theft earns them the promise of trillions in taxpayer dollars to cover any losses, meanwhile any gains are kept mostly in the hands of the CEO's and other executives.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Dirty Harry View Post
    You must have been taking a nap for those six years. The economy was doing well because they were building all those new homes. Bush even came to my hometown and repeated this speech.

    Gooooood lawd. You dont think EVERY American president that has ever been elected hasnt highlighted the American dream or given a similar speech? Or for that matter every congressman...or Governor?

    OWNING the homes...BUYING homes has never been the problem. The problem is and has been the inflated prices of said homes. That didnt come about because a president said gosh it would be great if everyone could own a home.

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