Originally Posted by CLX
The housing recovery is smoke and mirrors. How many people are holding mortgages on houses they can't sell because their value has dropped to 50% or lower than when they bought them?
I doubt that a full recovery for real estate will be achieved in 2013. With the change in taxes there will be less dollars to spend for a home. The Bush era tax cuts were extended for those below $400,000 - $450,000 but the taxes will not stay at the same level for those under the figure used. Not only will there be more income taxes deducted from your pay but there will be added taxes taken for the Affordable Health Care Act.
The fiscal cliff was avoided at a cost of the debt ceiling being raised another $4 trillion over the next few years. Borrowing money that will never be paid back is still wrong and will always be wrong.
Thats an impressive amount of wrong all in one post.
Homer: [looking at watch] Two hours? Why'd they build this ghost town so far away?
Lisa: Because they discovered gold over there!
Homer: It's because they're stupid, that's why. That's why everybody does everything.