January 10, 2008
– Comments (2)
Thanks to Housing Doom for pointing this one out.
Surprise, surprise, even if you pay too much for a house somewhere like England, you can still get squished.
Funny, last time I was there a few months ago, the news was full of stories about how there was a "shortage" of housing and therefore prices would rise until 2020. Again, I point out, if renting is cheaper than buying, there is no shortage of housing as a place to live, there may just be a shortage of properties on the market for sale to feed speculative demand. Once the reality of falling prices is recognized, a huge swath of speculative demand will mysteriously disappear, all those houses on the auction block will land on a market that no longer wants them, and within a few years, no more housing shortage. Instead, housing glut and much lower prices.
Great news for rentlosers everywhere!
I am in Spain right now. Prices falling here too.
Hey Bent, can I ask you a question? How do I post pics/email in my blog posts? I somehow got a youtube clip in once before, but I dont remember how I did it. :( This is really annoying me, so if you could help me out, I would be very appreciative.
Thanks so much,