Quote:
Originally Posted by nostatic
. Housing prices are spiking again and I don't understand how it is any way sustainable. Nothing under $1M in my neighborhood (which isn't particularly upscale). Basically it is a case of now the only people who can get into the market are those coming from some other over-priced area or with a *lot* of capital.
Could be better...could be worse...
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I find threads like these really helpful as they are full of honest observations and mostly opposite to crap Official pronouncements.
In the nice neighborhoods in the Australian cities, it is the mainland Chinese multi-millionaires who have a *lot* of capital and are buying like crazy. Here, its a Chinese 'funny-money' led recovery.
I worry that the US could gradually morph into another UK (England) where royalty and a few lords-of- the-realm own most everything and everybody else just works to sustain their lifestyles.