[quote=kev374][quote=flu]FThat still doesn’t explain the 2/3 to 3/4 people who aren’t foreign investors that are still buying. Institutional buying at these levels? no way…[/quote]
People with good credit and good high income jobs, particularly dual high income earners. In a recession they are laid off the first. Even very responsible people are willing to highly leverage themselves with real estate based on their current financials with the mindset that it is the responsible thing to do because home ownership is a responsible activity – that is the common wisdom.
I know plenty of very responsible people who lost or almost lost their homes due to job loss during the last crash.
The key thing is that we are overdue for a recession and the political climate is also very tenuous. Is this pessimism on my part, I would just call it being guarded – history tells us the good times don’t last forever. Recessions happen and the fallout from the next one could be serious.[/quote]
If you say so…Like i said, trying to predict a future, you’re better off throwing darts……
Frankly, I don’t think you will ever be ready for home ownership. Because from all your historical posts, the only time it appears you would be comfortable to buy is an ideal situation in which there is a huge economic demise such that everyone else gets wiped out and housing is 50+% off, but magically you survive from layoffs, and emerge from it better than others and also be in position to buy…. That’s despite your financial dependency being the same as everyone else that will be losing their job… If you really believe that we are headed for a huge recession, then being you are an IT worker, you will be laidoff just like everyone else you think will be (probably even earlier, because IT projects get cut early and shipped abroad at the slightly misses of a a company’s wall street profit goals…it’s an expense)…..That is, unless you no longer count on your job to pay the bills.
It’s the classic paradox we see time and time again by folks posting here, over and over and over again…Magically, despite most of us being not that much different from everyone else, that gets affected the same way by the say economic conditions, magically some of us feel we will be immune versus others…As you say, being financially responsible doesn’t mean you won’t get laidoff, or lose your job, or make you any more prepared in a large economic shitstorm, anymore so than last time when the shitstorm hit, and you were having a hard time finding an IT job…..So it appears, you’re just looking for reasons not to buy…ever….which is really fine… Home ownership isn’t really needed… it depends on each and every one of us, and what each and every one of us wants to get out of it.or not…
Sorry. I’m just calling it as I see it…Just saying….
