Dropping Home Values: One More Reason to Build Your Own Sustainable Home
As if you needed another reason to build and live sustainably… Okay, here’s another reason – dropping home values. Millions of people are getting badly burned on their home investments. This is another reminder to live within our means. Build and buy only what we need, not what some banker or mortgage guy tries to pitch us. Building your own low cost natural home is a lot of time and work, but this sort of lifestyle is looking better and better. Peace of mind living debt-free in your own home = priceless.
From CNN Money:
“Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002… Home prices have fallen a whopping 34.4% from the peak set in July 2006… Potential homebuyers lack confidence in the market… A big problem looming is a massive number of potential foreclosures.”
“People see that there are millions of homes underwater, and at elevated risk of foreclosure, and conclude that housing values are unlikely to appreciate in any meaningful way for many years,” he said.”
Source: CNN Money
The problem is people buying homes and always selling them for profit.
In my small town houses that are worth sixty thousand,people are in dept for two hundred fifty thousand for the home.Some homes have been for sale for years.
Ive never been a big money maker but did try to buy a home and was approved for a loan.I told the bank i could do one thousand a month,and that was stretching it.They called and said common in and sign the papers.I asked about the loan and they said fifteen hundred a month.So i told them i couldnt do it unless theyre was five weeks in a month.
Im happier owning a piece of dirt.To bad building codes are the way they are.
You are definitely right about that….and we are going to take advantage of this opportunity since our bank violated many regulations on our mortgage and we are going to be doing exactly that, live more sustainable with an earthbag home.