Quote:
Originally Posted by PuyoPiyo
Correct. That could cause the Great Depression again. It's impossible to let the house go up and up up up forever, sometimes it could get crashed down really fast, for example, Michigan. Michigan was used to be very good at ecomonic system because they make alot of different kinds of cars selling around the world, but now many of cars company factories shutted down, cause low jobs available, which make Michigan have so high foreclourses, plus many of houses are cheaper than the cars.
It's depends on the ecomonic system, if people have money then it will go up and up and up, if not everyone have money, the ecomonic system will go up and down and up, sometimes crashed straight to down.
When the ecomonic system go down, the Great Depression will come.
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Oh, yup and it's really scary about Great Depression and real estate market in California is very expensive, just so overpriced to most people, that needed to be fix on system or apartments would have overcrowded issue due heavily immigrants that move in from Latin America, only usually so often in medium-heavily latino neighborhood, when rent is cost cheaper than apartment in other area. I had seen about horrible sprawl in Inland Empire (Riverside and San Bernardino Counties) and some cities are run out of land as well.
Most people who work at minimum wage, such as major of retail stores are unable to own the house in California, it would pushes them to live in apartment or relative's house or live with parent, for married couples are different, just depends on spouse's workplace and others, if husband got good job since wife got low wage job then would okay when their income is greater than just house payment alone, that's alot of work to make own the house.
If you win the lottery (just like over million dollars) then pay to own house in cash, that means no payment or no apply from home loan then must be lucky for sure but property tax is an issue due expensive real estate market.