"Loving Your House Again"
August 19, 2008
"Loving your house again" is a quote from a Sunday opinion piece in the August 17, 2008 Los Angeles Times newspaper. Written by Chris Ayres, the Los Angeles Times correspondent for the Times of London and the author of "Death by Leisure: A Cautionary Tale", it offers a witting take on the present doom and gloom of the real estate market. If you go on the Internet to http://www.latimes.com/ and search with the title, "Loving your house again", you can read his complete editorial.
Some of the points that caught my attention included the fact that even though prices are down, interest rates are up and loans are much more difficult to obtain. I quote: "Here's another reason to pat yourself on the back (because you bought during the boom): You got a mortgage before banks stopped lending to anyone other than the king of Saudi Arabia, which means your interest rate is almost certainly much lower than the rate that will be offered to the likes of Mr. Hong (a person who sold his house at the top of the boom and went into a rental to wait for the bust) when he tries to get back into the market on the cheap."
The phrase I liked the very best was "it seems appropriate for me (Chris Ayres) to make a rather bold statement: Those of us who purchased nonspeculative property from 2004 to 2007 for the gratuitously self-indulgent purposes of raising a family and investing in our neighborhoods will ultimately have the last laugh."
I urge you to go to the Los Angeles Times web site and read Mr. Ayres entire piece. It is, perhaps tongue in cheek, but in my 33 years in the real estate arena, I believe in his point:
owning a home has many benefits in both the short term and the long term.
"Loving your house again" is a quote from a Sunday opinion piece in the August 17, 2008 Los Angeles Times newspaper. Written by Chris Ayres, the Los Angeles Times correspondent for the Times of London and the author of "Death by Leisure: A Cautionary Tale", it offers a witting take on the present doom and gloom of the real estate market. If you go on the Internet to http://www.latimes.com/ and search with the title, "Loving your house again", you can read his complete editorial.
Some of the points that caught my attention included the fact that even though prices are down, interest rates are up and loans are much more difficult to obtain. I quote: "Here's another reason to pat yourself on the back (because you bought during the boom): You got a mortgage before banks stopped lending to anyone other than the king of Saudi Arabia, which means your interest rate is almost certainly much lower than the rate that will be offered to the likes of Mr. Hong (a person who sold his house at the top of the boom and went into a rental to wait for the bust) when he tries to get back into the market on the cheap."
The phrase I liked the very best was "it seems appropriate for me (Chris Ayres) to make a rather bold statement: Those of us who purchased nonspeculative property from 2004 to 2007 for the gratuitously self-indulgent purposes of raising a family and investing in our neighborhoods will ultimately have the last laugh."
I urge you to go to the Los Angeles Times web site and read Mr. Ayres entire piece. It is, perhaps tongue in cheek, but in my 33 years in the real estate arena, I believe in his point:
owning a home has many benefits in both the short term and the long term.
posted by shirley harry at 8:28 AM
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