Tuesday, October 18 2011 @ 08:54 PM CDT Views: 987
Don’t Be Suckered Into Buying a House Now
By Mike Whitney
Don’t even think about buying a house for the next year or so. Not unless you can afford to flush tens of thousands of dollars down the toilet, because that’s what you’ll be doing.
Here’s what’s happening. As everyone knows, housing is driven by the same supply-demand dynamics as every other market. The problem is, the banksters have gamed the system so it looks like there’s less inventory then there really is, so prices are higher than they should be. By keeping millions of homes off the market the banks are protecting themselves from bigger losses. Unfortunately, it’s the buyer who ends up being the victim in this market-rigging scam.