Your questions are irrelevant. I said easy credit is available in Detroit and provided a link to prove it.
Your turn.
Do you believe easy credit is available in Detroit?
Do you understand what secured lending is? I think not.
Mike
9 Aug 2013, 11:19 PM
Shadow has proved cheap credit is readily available. He does not need to prove people have the ability to borrow this credit at all in Detroit as anyone in the USA can buy a property in Detroit it is not limited to local people.
How about you Mike, do you understand what secured lending is? Buying a $1 house in Detroit will cost you $6000 in back taxes and $3000 per year in property taxes. Do you think a lender is going to secure a loan with a $3000 per year liability?
Quote:
What you have not done is prove that easy credit forces prices higher as the main driving force. Most posters have said easy credit is a factor in demand but far from the only factor or most important.
On that point you are most certainly wrong.
LOL Mike, stick to building houses, your grasp of economics and finance sucks.
Shadow has proved cheap credit is readily available. He does not need to prove people have the ability to borrow this credit at all in Detroit as anyone in the USA can buy a property in Detroit it is not limited to local people.
What you have not done is prove that easy credit forces prices higher as the main driving force.
Yep, and Sober has steadfastly refused to reveal his own position.
This is because he knows cheap credit is available in Detroit, and he knows it is not pushing up prices.
Bottom line - he knows we are right and the bears are wrong.
The bears have been wrong about everything. For over a decade now.
The fact that national house prices just hit a record high according to the official data has got them really pissed off.
They expected the promised 40% crash to be in full swing by now.
Their tantrums are quite amusing to watch actually.
Yep, and Sober has steadfastly refused to reveal his own position.
This is because he knows cheap credit is available in Detroit, and he knows it is not pushing up prices.
Bottom line - he knows we are right and the bears are wrong.
The bears have been wrong about everything. For over a decade now.
The fact that national house prices just hit a record high according to the official data has got them really pissed off.
They expected the promised 40% crash to be in full swing by now.
Their tantrums are quite amusing to watch actually.
Are the RBA and AHURI bears too?
Glen Stevens, is he a bear? What about Luci Ellis?
All argue that the boom was caused by cheap credit and falling interest rates in the face of a supply side that couldn't possibly keep up.
Once you accept that, you will begin to understand the beating heart of the property finance complex.
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?
The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly. Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
Yep, and Sober has steadfastly refused to reveal his own position.
This is because he knows cheap credit is available in Detroit, and he knows it is not pushing up prices.
Bottom line - he knows we are right and the bears are wrong.
The bears have been wrong about everything. For over a decade now.
The fact that national house prices just hit a record high according to the official data has got them really pissed off.
They expected the promised 40% crash to be in full swing by now.
Their tantrums are quite amusing to watch actually.
Keep that hubris up, you have my full support and encouragement!
I'm a bit worried that you don't understand the concept of secured lending though. Never mind, don't bother yourself with the details, and take care of your shoulder joints, there is a significant risk of injury from patting yourself on the back too vigourously.
Shadow is making a claim about Detroit, the onus is therefore on him to prove it. The onus is NEVER on the person rejecting the claim to disprove it. (Logical Fallacy - argumentum ad ignorantiam)
Shadow needs to show specific evidence that in Detroit easy credit is being extended and being used and that there has been no price rises as a result else his claim fails.
Do you understand what secured lending is? I think not. How about you Mike, do you understand what secured lending is? Buying a $1 house in Detroit will cost you $6000 in back taxes and $3000 per year in property taxes. Do you think a lender is going to secure a loan with a $3000 per year liability?
LOL Mike, stick to building houses, your grasp of economics and finance sucks.
No please explain it to me word for word. I have no idea what secured lending is and land taxes when I currently own 13 properties, what would I know.
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