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Real Estate
Reply to "WSJ: rapidly growing mismatch between the price of available housing inventory and demand"
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[quote=Anonymous][quote]In terms of a bubble happening again, I think the risk factor there is that a lot of people are in debt up to their eyeballs...we got pre-approved for up to a $1M house, which is absolutely INSANE on our HHI (a shade under $250K), even taking into account our frugal lifestyle and solid savings. I imagine many people in this area don't make the same pragmatic decisions that we do, though...so [b]we'll see if the job market and local economy (which, like it or not, are both heavily fed-dependent) support their risk-taking.[/b] [/quote] NP. I think the larger risk (inevitability) of interest rate normalization is what will kill the market for these things. You made a smart choice. The $250k HHI crowd will be mathematically unable to afford a million dollar mortgage. The average rate since the 30-year fixed began is 8.5%. Everyone thinks 4% is 'normal' and will be with us forever. Ha Ha. [/quote]
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