I hope one day you reflect on the things you choose to write.remember last year that lady that said she was jealous that she didnt have 1 million or something like that - lol. no sign of her now!
The US didn't tank because people "sold their homes for cheap". It tanked because people stopped paying their mortgages and eventually walked away from homes they were upside down on. The banks sold them for market value - the flood of properties selling for whatever the market would bear compounded the downward pressure on prices.Agree with you post 100%
1. Long term, this is not a big deal. If you have weather the storm for the next 6 months your will be fine.
2. A lot of uncertainty and some people will panic. People that are over leveraged will sell quick.
I remember in 2008 when the USA had the financial meltdown many people sold their homes for cheap. I remember in the metrotown area homes where selling for 550k. (50 x125 lots) These homes were liveable. By 2009, approx. 8 to 14 months later, these same homes sold for 750k. Now these properties sell for north of 1.8 million. If we do see a correction of 25 % your still really far ahead.
If it does drop, it will drop 5%, then 10%, then 15%, then 20%, etc. until it finally fits a bottom.It won't drop 20 or 30.... it will drop 60% or wont drop at all. 20% - 30% does not bring normalcy back to this market.
10 to 15% = 90%It won't drop 20 or 30.... it will drop 60% or wont drop at all. 20% - 30% does not bring normalcy back to this market.