property rises.. remember Japan?
=> Japanese lost decade
what you have is a grossly inflated cost of housing, fuelling a
mad scramble to those who use it as a tool for investment rather
than a home...
the "rising wealth" is an illusion unless you have more than one
property and can throw the other one into the feeding frenzy and
earn a quick buck...
otherwise, what the hell are you going to do? sell at a high
price to buy another property at a high price just to have a roof
over your head?
increase your monthly repayment for another place?
your choice...
the damage for this short-term gain is horrible.. we've also
seen an extreme case in the US... however over there, it was
fuelled by greed of the bankers...
while those who need housing are squeezed out now, the
repercussions of a bubble bursting will be felt for a long time..
and in places like Japan, they are still being felt...
i fear for our country if this is to continue... however, i
can't for the life of me see how we can avoid it..
