Jay"
YES! This investment thing is getting out of hand; every time you turn around, there's a 'bubble' that bursts; and the housing investment market is one of the worst bubble makers there is! We had one helluva time 6 years ago when we had to move out of the complex we lived in because the rent was going to be more than 1/2 of our income at the time, and getting a house would drop that payment back down to 1/4 of our income. And even then, then we ended up in a fringe area, that is between the really bad part of town and what would be considered a middle-class area; and we have a lot of differing family and ethinic groups here, and we are also one of the areas that were 'bypassed' in the 1920's through the 1960s for major roads, good supermarkets, etc, because of the 'perception' of racism at the time' things are sslloowwllyy getting corrected...but geez....
My husband and I, and our friends, are in the middle-to late=middle age group, and its been a real big pain in the a$$ to watch our nieces and nephews and extended chosen family members, try to get loans here recently on DECENT, move-into-condition houses just to LIVE IN. The current recession will help a bit; bit by all that's powering the cogs in the Universe, as greedy human beings try to 'win' back their losses, it will do it once again! We live in Dallas, Tx; and the find a home on a decent area at a decent price has knocked ssoo many people who would qualify tot he curb, it isn't funny; and yes, the prices are dropping, but oh-so-very-slowly...
I want to go out and strangle the person who thought to look at anyone's home as an 'investment', and then work the market to artificially inflate the value. GGGRRR.......I just wanna stomp EVEYRONE who has been on that particular train, STOMP SOME SENSE INTO THEM!
ok, rant over...thank you for letting me vent...