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UNREAL ESTATE
Joined: 18 Jul 2005 Posts: 5
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Posted: Mon Jul 25, 2005 4:18 am GMT Post subject: potential buyers |
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I wouldn't touch this market with a 1.25% interest only, negative amortization, pay whenever you feel like it ARM!!
I heard that this past Thursday China announced it will stopped pegging the dollar - not sure if that is a complete 'unpeg' or just diversifying it's reserve currency away from the dollar. Eitherway, that could easily lead to long term rates rising and a slew of people being priced out of an already ridiculous market. Check out WBUR online for it.
Before someone enters the RE market TODAY, they should think about a couple of things. (This isn't like buying a TV at WalMart, or at least not like buying a TV at Walmart WHEN China pegged the dollar)
-Am I buying something at this price because I THINK the appreciation on my purchase will continue to rise like it has over the past couple of years and THEN I'll be able to buy a real house?
-Well, I can get a decent house if I do an interest only loan and only pay "x" amount. Gee, that's kind of an affordable monthly payment and I still half 30% of my net income leftover. I'll worry about the payment when it adjusts later. By then the house will probably be worth a million times what I paid for it right? At least that's what the realtor said.
If I could find me a house in TODAY'S market that I could afford based on traditional terms, one that I could actually live in for 5-7 years, one that I didn't plan on flipping to an even greater sucker than I, I'd be buying in TOMORROW'S market, after the imposions!! |
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samchady Guest
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Posted: Wed Oct 25, 2006 5:20 pm GMT Post subject: unpeg |
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China artificially keeps its currency cheap, so that its exports are cheap. They "peg" their currency to a number of dollars, so their currency floats with the dollar, and not with their own economy. If you think the US has it bad with cheap products from China, Europe is even worse (as the dollar has been weaker against the Euro). Some people think that the US government intentionally keeps it weak to help our exports while talking tough about a strong dollar.
At any rate, the "unpegging" of the yuan to the dollar will help out US exports and manufacturing here, thus creating jobs. This will hurt a small group of people who make a fortune importing products, and it will hurt the very poor in this country (who don't buy houses.)
So in my opinion, the unpegging will help the US economy build some strength, and give back more jobs to US manufacturing, and thus help the middle class, and help them to buy houses or keep the ones they have.
China is breaking the WTO rules by not letting their currency float on the market. Their policy is to slowly give a tiny bit here and there to satisfy the US and Europe, and hopefully it will someday float properly. Its really an ecomonic war taking place. |
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