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across the United States screamed that new home sales in the U.S. had declined to the lowest level since the U.S. government began keeping track in 1963. But in the news stories covering this data in the mainstream media, they were always very careful to give their readers lots of reasons why things are going to "get back to normal" very soon. But the truth is that is simply not going to happen. Right now the United States is heading for another real estate crash. The only thing that has been holding it back was the huge bribe (called a tax credit) that the U.S. government was giving people to buy houses. Now that the tax credit has expired, there is no artificial incentive to buy homes and the real estate market has fallen through the floor. Unfortunately, there is every indication that things are going to get even worse.

Read on to find out why....
 

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UncleJoe, if those predictions come true (and I'm afraid they will), many places in America -- particularly cities -- will plunge into outright anarchy. Mass rioting will occur and whole cities will burn. All those entitlement recipients and just plain desperate, hungry folks will take to the streets.

Very, very scary.
 

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Good thing we are currently listing our home in the city right now... hopefully we will get out and close before the crap really hits the fan!

I just hope we can break even... Lord willing.
 

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Zookeeper
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From the above link said:
Home prices are still way too high for most Americans in the current economic environment. Based on current wage levels, house prices should actually be much lower. So the market is going to continue to try to push home prices down to a point where people can actually afford to buy them.
Well, at least I'm not the only one in this boat. I'm wondering if the bolded section is true? (It seems logical, and bad at the same time - depending on which side of the fence one is on.) Should home prices be lower? Or is there a magic amount one needs to make to have a house?
 

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Woodchuck
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I bought a place 5 years ago in the Raleigh, NC area (right towards the end of the bubble). It took a few years to find a place with an acre or more that I could afford. There was lots of development going on at the time. But, the developments had prices starting in the $400’s (~$4,000/month mortgage) or starting in the mid $300’s (~$3,000 month mortgage)… many developments with prices starting over a million bucks. I remember thinking that there sure must be a ton of folks making big bucks somewhere in the area, it sure as heck wasn’t me. You had to go an hour or more out to get anything around $200k! And even that was way out of my budget, even with all the ‘creative’ financing being offered. You know... Interest only for 5 years, walk out of closing with $10,000 in hand and live in a 5,000 sq ft, 8 bedroom, 12 bathroom brand new impress the Jones’s home! Who could say no!?!?!???

Anything that came on the market under $100,000 with an acre or more had an offer on it the same day. My budget was $75,000 with 15% down. Come to find out all these expensive (to me anyway) homes were being bough by folks moving down from the north where home prices were even higher! Older folks, retiring, sold their homes and were able to buy homes here for what they consider reasonable prices. This, of course, pushed the prices they could get out of the working folks hands, like me, and we had to move well away from the central areas to find affordable housing. So, no. You are not the only one who was priced out of finding a reasonable home.
 

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Liberty or Death!!!!
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Yes - well some of us came a little late to the party. We are preparing and have plans in place.

I can only do what I can do.

(And we didn't start yesterday it was the day before that ;) )
 

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The wanderer
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Better now than never.
 
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