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Thread: Home price drops exceed Great Depression: Zillow

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    To be fair, the crisis was also the fault of Republicans who cooperated with Leftists. The lesson to be learned is never cooperate with leftists on anything ever.
    Now that didn't take long now did it.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by MaggieD View Post
    The way this debacle is being handled shows why BUSINESSmen need to have a voice in Congress and in the White House. Mortgage !
    Be careful what you ask for. Our governor of Indiana (Mitch Daniels) is a businessman and is the biggest phoney out there. Now I hear he may run for president. God help us if he wins. He's bragging about freezing property taxes but behind out backs they are upping the assessment of property values for more taxes while the real values plummet. He brags about how important ecucation is while his secretary of Public School Instruction Tony Bennet is against public schools and has commented he doesn't understand why all public schools aren't private. Never mind Tony's wife's job as a school improvement consultant for the Indiana Public Charter Schools Association is a clear conflict of interest.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Aunt Spiker View Post
    You know what - this is my general view on the housing market:

    Home production increased.
    Ergo - the cost of homes should have dropped - but it didn't it steadily increased. Sometimes faster than other times - but it increased for many years.
    Why did it increase?

    Why is it not like all other products in which an increased SUPPLY and an increased DEMAND lowers the cost?
    Did I miss reading about the history of price declines.

    How much have automobiles dropped in price, or food, or energy, or transportation, or .......

    Actually, at least from my reading of recent history, I can't think of anything that has consistently dropped in price except technology products. Would you please enlighten me. Thx.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by TOJ View Post
    Did I miss reading about the history of price declines.

    How much have automobiles dropped in price, or food, or energy, or transportation, or .......

    Actually, at least from my reading of recent history, I can't think of anything that has consistently dropped in price except technology products. Would you please enlighten me. Thx.
    Hmm - touche
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by TOJ View Post
    Did I miss reading about the history of price declines.
    Nope

    How much have automobiles dropped in price
    Relatively over time? A LOT. Once cars was a luxury for the well off, but over time as society became more wealthy, more and more got cars, prices fell and suddenly people start getting two cars. Also cars in the not so distant past were relatively very basic. Now days they have everything from cup holders, electronic windows, CD/DVD/USB satellite radio, smart computers, ABS and so on and so on. Once cars did not even have seat belts, and the price of the car then relative to the average wage vs what it is today... cars are far cheaper now.

    or food
    Again.. food today is far cheaper than it was say 50 or even 20 years ago, relative to your income. Not only do you have choice now that people did not have 50 years ago (you try to find a banana in the 1940s), but you can get foods all year around despite much food being seasonal.

    or energy
    A limited resource. It will always become more expensive because the resource is being depleted. If anything, energy especially oil was way too cheap for too long, which will make the steep rises we have had and going to have even hurt more since cheap oil means no innovation towards alternative energy sources.

    or transportation, or .......
    It has never been cheaper to fly or take trains or even drive. Especially on the air front.. 10 years ago you would never ever have air plane tickets at the prices of today.
    PeteEU

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by American View Post
    There is never anything wrong with less taxes. The govt should always have to justify taking money from citizens, not the other way around.
    They do. And most of it goes into this one big justification called national defense, in which we spend over 50% of discretionary spending.

    "About 58 percent of all discretionary funding is defense related." Source

    "Military spending consumes more than 50 cents of every dollar of federal government discretionary spending." Source
    "And in the end, we were all just humans, drunk on the idea that love, only love, could heal our brokenness."

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Mr. Invisible View Post
    They do. And most of it goes into this one big justification called national defense, in which we spend over 50% of discretionary spending.

    "About 58 percent of all discretionary funding is defense related." Source

    "Military spending consumes more than 50 cents of every dollar of federal government discretionary spending." Source
    Is that presented FOR his point or against it?
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Aunt Spiker View Post
    Is that presented FOR his point or against it?
    It is against his point. American said "There is never anything wrong with less taxes. The govt should always have to justify taking money from citizens, not the other way around."

    In response to the bolded part I say that the government does justify taking $$$ from citizens and that unfortunately, the majority of it goes to defense.
    Last edited by Mr. Invisible; 01-14-11 at 10:26 AM. Reason: Grammar
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Mr. Invisible View Post
    It is against his point. American said "There is never anything wrong with less taxes. The govt should always have to justify taking money from citizens, not the other way around."

    In response to the bolded part I say that the government does justify taking $$$ from citizens and that unfortunately, the majority of it goes to defense.
    24% of Federal spending is for defense...just slightly more than for Federal pensions which is 21%. If that isn't an eye-opener, I don't know what is. US Federal Budget Pie Chart for FY11 - Charts
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by MaggieD View Post
    The way this debacle is being handled shows why BUSINESSmen need to have a voice in Congress and in the White House. Mortgage Modification my lily white ass.
    A home was purchased 4 years ago for $200,000. The lender let the buyer get into the house with 0-3% down. Now that house's worth $150,000. Let the current owner default on the $200K and re-mortgage $150K at today's interest rates!!!!

    Nah. That makes too much sense. Sooooo, they foreclose on the property...the current owners live rent/mortgage free for 12-18 months; bank gets nothing; then they strip the house and half-destroy it when they move. THEN the bank puts $5-$10K into the house getting it ready for sale and it still only gets $150K for the house. Stooooopid!!!
    Bingo, we have a winner.

    What we need in the White House is not just someone that is friendly to business (Bush), and certainly not someone who knows nothing about business (Obama), but someone who UNDERSTANDS business.

    I'm not a big Romney guy, but someone like that who has a intimate knowledge of how business works and thrives. Congress, too, is completely bereft of true businessmen.

    Problem is, people like Forbes, Romney, Perot, etc, don't do well in elections. As soon as the discussion goes over people's heads, they run to their American Idol candidates.

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