- Paperback: 204 pages
- Publisher: McGraw-Hill Professional (1 Jun 2003)
- Language English
- ISBN-10: 007142220X
- ISBN-13: 978-0071422208
- Product Dimensions: 23.1 x 15.4 x 1.5 cm
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Amazon Bestsellers Rank:
1,106,126 in Books (See Top 100 in Books)
- #16 in Books > Business, Finance & Law > Personal Finance > Property & Real Estate > Sales
The Coming Crash in the Housing Market
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Product Description
Review
"Is This House Worth USD1.2 Million? No, we don't have a housing bubble yet. But if the frenzy doesn't end soon, we will. Then, watch out"---Cover Story, Fortune, 10/28/2002
Product Description
This title offers strategies to protect your most important investment in today's dangerously overpriced housing market. Soaring home prices, combined with 50-year low interest rates, have lulled U.S. homebuyers into a false sense of security. But current economic conditions, combined with the actions of overly aggressive lenders, leave the housing market ripe for a major crash. "The Coming Crash in the Housing Market" is the first rational, unbiased examination of the dangers homeowners face in today's climate of overpriced housing and overextended credit. Asking and answering questions that have for too long been ignored, respected economic consultant John Talbott provides clear-eyed and convincing analysis of the economic perils of owning or purchasing a home today, and ten steps homeowners can - and should - take immediately to protect themselves.Are you among the millions of Americans who lost thousands in the tech-stock crash of 2000? Do you wish somebody had said something about the dangers of staking your future on overpriced, risky investments? Today's housing market faces a similar crisis, and John Talbott is saying something about it. Find out about the price risks inherent in home ownership in today's economy, and steps you can take to protect yourself and your family from financial hardship, in Talbott's cautionary but convincing "The Coming Crash in the Housing Market".
Inside This Book
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First Sentence
"The first three rules of real estate are expressed as ""location, location, and location.""" Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
"The first three rules of real estate are expressed as ""location, location, and location.""" Read the first page
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62 reviews
37 of 37 people found the following review helpful
Appraiser's Prospective
30 Nov 2003
Format:Paperback
Mr. Talbott is very close to the bull's eye with his book. I am a real estate broker and appraiser who has been appraising residential real estate for nearly ten years. And, from personal experience I can tell you that the vast majority of residential real estate is in fact over valued. In the three markets I have worked in, Richmond,VA; Hampton Roads,VA; and Columbus, GA - Phenix City, AL; most appraisers are pressured by loan officers and brokers to hit the numbers or else their out of business. Please realize that loan officers and brokers need the sale/loan to close before they earn their commissions. Why would they hire an appraiser who does not make "the numbers." This collusion is further exacerbated by the government through subsidies of banks, FannieMae, FreddieMac, and through other mortgage insurances and government garantees. In my view, as long as "lender select," i.e., the lenders are allowed to select appraisers there will be pressure on appraisers to hit the numbers. Now, some may say the appraisers are interpreting the market when making their appraisals, this may be true. But, what if the market their are interpreting is already inflated? Would not their numbers be inflated? Mr. Talbott's section titled "Do Banks and Appraisers Act Rationally?" makes an excellent case. Will the market crash? I don't know, no one knows for sure, but if you leave with anything from "The Coming Crash..." BUY SMART!!! Mr. Talbott's book is a big help.
51 of 54 people found the following review helpful
Excellent! Finally someone to answer the nagging questions.
11 Sep 2003
Format:Paperback
One of the most interesting aspects of the book was that it answered many of my nagging questions that I had about home buying and mortgages. This includes issues that I see every day with my family and co-workers.
I consistently wondered how a person could make $30,000 per year could qualify for a mortgage of $175,000. Many receive mortgages with little or no money down. How can they have a mortgage payment of $1200.00 per month and cope? How did a mortgage banker determine that they were credit-worthy?
How could so many single people afford a home? Every single woman and man in my office (20 people or so) is currently buying his or her own home. Even married couples seen to spend an ever-increasing amount of their salaries to support a mortgage.
How does anyone in this day and age determine future employment or employability? Globalization and the quest for lower labor costs have put pressure on nearly all jobs, even in the field of education, where I work.
If people are spending 40- 50% of their salary on housing, how will they fund other needs, such as saving for retirement and education for their children?
Both my parents and in-laws live on a fixed income with social security and small work pensions. I know that there is no way that they could afford to carry a mortgage after retirement. Property taxes, insurance and maintenance take an increasing share of their fixed income.
Now, I know that they are all pretty much broke, they just don't know if yet.
94 of 108 people found the following review helpful
This book helped me decide not to buy a new house
21 May 2003
Format:Paperback|Amazon Verified Purchase
The author made some excellent points. I have read some of the same things in several recent magazine articles, but he went into greater detail and was very convincing.
When I first started reading this book in the book store, the title made me think it was one more sensational doom and gloom type book on the economy that was designed to sell books without giving the reader any accurate information. That was not the case. The author seems to have a firm grounding in economic principles. He makes his points, while explaining that there are always uncertainties in any market.
If you are thinking about buying a house or investing in rental real estate I think you should read this book first. It convinced me that I should wait another year before buying a larger house.
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