Are their any advantages to a slump in the housing market?
I know my question sounds a little nuts…but all you ever hear about is the negative angle on the news. I know some people are probably getting good deals on homes due to this being a “buyers market”. Anything else? Anyone know much about this economically speaking?
anthraxxx
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I suppose that it’s good if you are a first time homebuyer. But there are a lot more negatives to this. The housing affects so many other areas. The costs are very high. I hope that a report or analysis is being done.
As in any market, there are people who make money in a down market, even if it is the housing market. For some, it is the opportunity to purchase a home at rock bottom prices (the lesson here is to have some savings or a ready supply of emergency funds available ahead of time). Also, some people can use losses on real estate taxes to offset income or other gains.
I was watching some news byte early this morning that some guy’s company is making a killing fixing up foreclosed houses–after their owners went teats-up on the payment cycle.
He said business for him has been booming over the last year. He gives the banks estimates on how much it’ll cost to revamp and fix the delapidated place and then goes in and cleans up the mess left behind.
But overall? I don’t see any advantages. I mean, we are talking people losing their HOMES. I can’t see any silver lining in that–especially when millions are facing the prospect of being homeless; and our current government just doesn’t give a damn.
Hell yeah!
Less inflation thats for sure leading to a fall in the exchange rate making it easier for other countries to invest UK. This can create jobs and therefore reduce unemployment. Also Key workers such as nurses and youg firt time buyers can afford to get on the housing ladder.