Subj : Re: Chinese Scientists Cr
To   : KURT WEISKE
From : Rob Mccart
Date : Mon Feb 24 2025 02:12:00

RM> And some modular home parks (like big trailers without wheels?)
RM> sell for from not much over $100,000 to $200,000 but you lease the
RM> land and the value is in the location. If the place closes down you
RM> virtually lose it all. You'd be lucky to get $15,000 for the home,
RM> which would have to be moved.

KW>I've heard more and more stories about parks being sold out from under
  >the tenants, and tenants buying the park and turning them into a co-op.
  >Great idea, I hope it works out for them.

Usually that happens in parks that are close to bigger cities up here
and they are making probably millions a year on the lot leases, and
then get an offer from a builder so high that it's worth it for them
to sell instead, but that same situation usually makes the value of
the land too high for the residents to buy - keeping in mind that
those places tend to draw lower income people in the first place.

KW>Housing has been the primary means of the middle class accumulating
  >wealth - and people still assume values are going to rise.

They keep rising, with a few bumps, but they used to do it a lot more
slowly and reliably. Prices in some areas here have dropped by 20% to
30% in the past 2 to 3 years after the big increase earlier.

KW>If the prices
  >drop across the board, you're going to get a lot more underground
  >mortgages, more foreclosures, and more investment banks buying
  >single-family homes to drive the price up - which should be illegal.

Yes, that sort of thing actually bankrupted a lot of banks in the USA
a few years back. Our banks in Canada are bigger and generally better
protected and maybe more conservative so we rarely see big problems
with them, not that a few haven't had a few bad years now and then.

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 * SLMR Rob  * Oh yeah? If you're so smart, why don't I understand you?
 * Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)

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