Thursday, February 26, 2009

New California Gold Rush-the Housing Market

The global recession

Global recessionEverything is deteriorating. The stock exchanges that we thought would be down for a couple of months before they drag themselves back onto their feet, have stayed down. For some reason nothing induces them to get going again. The housing market is a disaster, the auto industry is dead and refuses to lie down, and the terrible financial disease is spreading around the world like a wildfire out of control.

The horror stories

The horror stories are starting to emerge. This guy worked his whole life and paid his insurance and pension premiums every month, even in the months when he had to scrape the money together. Now aged 68, he's still here but the insurance and pension company has disappeared. Immigrants who arrived from other countries in mid-life are destitute and are begging on the streets. A guy loses his great job at a hi-tech company, defaults on a couple of mortgage payments while he is racing around the country looking for something else, and his house is repossessed.

Are you running to the California Gold Rush?

But not all is darkness. There is always someone who profits in the worst of times. The price of houses is down and down and down. The good news? Why, there's a special on houses in California, a silver lining in the Golden State’s epic housing crash.

In the midst of this crash, plummeting prices and near record-low interest rates make it possible for young couples to own a home in California for the first time. ... click here to read the rest of the article titled "New California Gold Rush-the Housing Market"

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