From the Forums: Housing Market Crash Good for the Earth?
Living in Southern California, it's painful to watch track homes and big box stores taking over every remaining inch of natural coastal sage scrub and chaparral.
I'm kind of hoping that the housing market slow down also slows down the rate that new developments are going up.
Unfortunately, new housing and development is a sign of growth and I'm sure many are hoping for it to return.
The housing market slump (or crash) is only temporary. As long as there are more homes for sale than can be sold, speculators will be waiting in the wings for the prices to drop to a critical level and the buying will begin in earnest. Once that price drop has been reached, it will not be individuals buying homes (banks are too skittish yet to loan to Joe Bloe), but developers.
That's what I see when I look into my crystal ball anyway, but this darn thing is new and I haven't read the instruction manual yet.
Personally a housing slump is a good thing overall....If the housing boom kept going like it was...NO home would be affordable.....housing crashes bring the prices back down to realalistic numbers
My wife and bought our house back in December, and while we probably could have got a better price now, lenders certainly are a bit cautious signing any new loans right now. Even people with good credit are having a tough time financing a home. Seems to me a bit of a slump in new home sales for now, might just be a silver lining in a very dark cloud.