tag:blogger.com,1999:blog-11336670.post3151684597938347927..comments2024-03-13T03:24:01.167-04:00Comments on Marginalizing Morons: Real Estate Insanity Bubbling AgainCaptiousNuthttp://www.blogger.com/profile/14440029537418230507noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-11336670.post-9720244235285572882012-02-07T23:30:43.017-05:002012-02-07T23:30:43.017-05:00Somebody I *know* here on Long Island just bought ...Somebody I *know* here on Long Island just bought a house.<br /><br />Looking on Zillow.com I see that the real estate taxes on it went up 60% from 2007-2011 - from $7,300 to $11,700.<br /><br />The reality is pols have proven time and again that they will simply raise taxes rather than cut spending and pensions. Where are the taxes on that house going to be in 10 years?<br /><br />I just don't see how so many <b>Morons</b> can keep buying these time-bomb moneypits!<br /><br />And go back further than 1999. I know people who started buying in the early 90s (at the bottom, on the upswing) who are die-hard real estate bulls.CaptiousNuthttps://www.blogger.com/profile/14440029537418230507noreply@blogger.comtag:blogger.com,1999:blog-11336670.post-6212582593855718132012-02-07T10:47:23.917-05:002012-02-07T10:47:23.917-05:00I couldn't agree more about this insanity. But...I couldn't agree more about this insanity. But you have to remember that anyone who didn't experience the housing market prior to 1999 doesn't really have any idea what reaslistic housing prices are. <br /><br />I'd compare it to the 30 year mortgage. There was a time when cunsuming the majority of your working life to pay off a house loan would have been considered insanity. But the 30 year has been around long enough now that most people consider it normal to become a slave to a mortgage.<br /><br />And you make an excellent point about the real estate taxes. I'm guessing that will be the part that really starts crushing people in the not-to-distant future.Justin Timenoreply@blogger.com