On the bright side, maybe those 8 or 9 Americans who have been squirreling away $$ can finally buy property in the steeper markets now. (like in your city!)
Yeah, I was just explaining to a coworker how this is good for you in the long term if you're middle-class, not currently a home owner and don't work in the financial sector or any sector that services or entertains the financial sector. Which is like 5 people in NYC, but still.
From my chirpy young-investor perspective, it looks an awful lot like the entire stock market is ON SALE. This is probably unfeeling of me, but as I don't expect the entire system to actually collapse, I think I'm in an awfully good spot.
You got it! That's how I am able to afford a house right now. I feel bad profiting from other people's misery, but one must seize the opportunity when it comes.
As a homeowner in the Cleveland area, I'm already accustomed to watching property values plunge. Fortunately, we have no other debt, and we bought considerably cheaper than we could have (and far cheaper than we could have if we'd felt even the slightest inclination toward one of those evil ARMs).
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Date: 2008-09-29 09:45 pm (UTC)What this means for our future, I don't know, but America's economic pretend-primacy is clearly over.
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Date: 2008-09-29 09:46 pm (UTC)no subject
Date: 2008-09-29 09:52 pm (UTC)On the bright side, maybe those 8 or 9 Americans who have been squirreling away $$ can finally buy property in the steeper markets now. (like in your city!)
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Date: 2008-09-29 09:53 pm (UTC)no subject
Date: 2008-09-29 10:36 pm (UTC)no subject
Date: 2008-09-29 11:54 pm (UTC)no subject
Date: 2008-09-30 03:52 am (UTC)