yes the automotive fleet in america is at its oldest point in history, but we're not seeing those super low prices here. A lot of folks just holding, dealers as well. Its just sorta stagnant...But there's money out there for the stuff people really want. Priced a diesel pickup lately?
Look at any restaurant or mall parking lot on a Friday night. Parking lots full of new cars. Recession my a@&.
I agree to a point about houses being worth what people will pay...the value of a commodity is in peoples confidence in that item. No one has confidence that their house will be worth more in a few years than it is now, so many rent instead of buy.
here's the thing...there's only so many houses, and so many condos and apartments, and right now there's a growing population. So eventually its got to even out based on supply and demand. As rentals become more expensive because they're in demand, ownership will again be seen as more attractive.
Right now we're thinning the herd of houses - the crap gets demolished, the mediocre ones become rentals as people take advantage of pricing to move up and out, the great places will always be expensive. Bad neighborhoods get worse because the lowest common denominators can move "up" to a more visible - and permanent - location.
Banks aren't just going to dump a property they've invested 200k for 25k...The sky is not falling. Its just low clouds.
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