Real Estate Madness

[Kitsune]

"Homes from: the 130s"
(one week passes)
"Homes from: the 160s"
(another week passes)
"Homes from: the 190s"
(another week passes)
"Homes from: the 240s"

The prices have been jacked up again this week, I've heard, but the sticker on the sign in front of the subdivision hasn't been updated, yet. These are two bedroom ranches seperated by the minimum required distance from their neighbor and are considered to be some of the cheapest homes up for sale in the area, even at last check.

This is in a county where the average income is $30,000/year.

I officially have very little hope of ever owning a home at this rate and it looks to be much worse in other cities around the country.

A home in the city of Alexandria sells in one day at a price $100,000 over the asking price.

This isn't foolish, anymore, but bordering on the insane. I didn't major in economics, but something seems slightly wrong to me when incomes don't see a huge jump, the majority of America's credit is overextended, the economy hasn't been hot, and houses continue to be bought and sold for far more than they're worth. How, exactly, are people able to afford these overpriced piles of lumber? Who, in their right mind, are granting loans? This was considered a bubble in 2002 but that word was quickly dropped. Why isn't this monstrosity of artifical scarcity still considered one?

"If you didn't buy two years ago, you're simply not going to be able to."

Yeah, nothing like living in an area where housing prices have never fallen. But, really, judging by the quality of the homes they are building, what the neighborhoods are like, etc, I don't think I'll mind renting.