I had this knucklehead friend (who's a realtor) dristro blast everyone he knew with a text message, basically trying to fish for a real estate deal or two.........ra ra'ing today's real estate market as having hit bottom and it's a buyer's paradise.
Working in this industry, my perspective might be tad ironic, but my job doesn't prevent me from seeing the writing on the wall. Yes supply is high and prices are low errrrrrr have LOWERED, but home prices as compared to income are still ridiculously out of whack. And we know why this easy in the first place....... because of the false economy created upon home equity.
Job losses are mounting, although he insists we're only at 7% unemployment (which is "healthy" as he so elequently put it.).....loan modifications are failing at a high rate....... option arms have yet to reset....... the fall out from the commercial real estate market hasn't happened yet ........
He gave me this shpeel that we're out in Scottsdale, AZ where it's sunny 350 days out of the year and living here is high priority and that my concerns are strictly fear mongering........that there's nothing to be concerned about so run out there and buy a property because prices have come down and let's be honest - he gets paid for it.
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