Patrick Killelea‘s site Patrick.net has since 2004 been a great source of news stories (subscribe to the daily newsletter) and shared experience for house buyers who found the housing market being driven bubblicious crazy. All courtesy of Easy-money Al Greenspank, broker-licious fraudsters and banksters, greedy realtards, and get-rich-quick homedebtors.
Patrick shrewdly realized that these like-minded folks needed a place to give expression. I’ve been a subscriber since 2007, his daily newsletter is indispensable for anyone desiring to stay ahead of the bluster of propaganda (bullshit) broadcast throughout the mainstream sources.
So, you thought you own a house? If you have a mortgage, do you really ‘own’ that house? Or, are you merely renting it from a bank. You might have equity someday, but only if you go by the old bubblicious model pre-2007. What part of that appreciation will be eaten alive by inflation? Seeing as deflation is the current state of affairs (according to Case-Shiller), prices are going down now and for the foreseeable future- even without the added pressure of higher interest rates.
In the end you have to crunch the numbers and decide if owning makes sense for you. If you think it will be cheaper than renting, the Old Gray Lady can help you with that. Consider that many reliable sources foresee the housing market trending down for the next 5, 10, 15 years (pick one). Each potential house buyer has to ask him/herself: Do I really want to catch a falling knife?
Here are some other sites worth regular visits:
Dr. Housing Bubble
Jesse’s Café Américain
Great Depression of 2006
The Automatic Earth
Of Two Minds Blog
Irvine Housing blog
Professor Piggington’s Econo-Almanac for the Landed Poor
“This is how empires dwindle, grow vulnerable, and then collapse: the productive are taxed while the wealthy game their way out of paying their equitable share, while the status quo (the State/Plutocracy partnership) showers bread and circuses on the unproductive to buy their silence and complicity as the Oligarchy/Plutocracy loots and ransacks what is left of a productive economy and culture.” -Charlie Smith