The very fact that shares haven't done well in recent times makes it more likely they will do well over the next few decades.
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Financial advice from Mary Holm
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As for wishing you had been in property, don't overlook all those mortgagee sales of the past few years. And there's more to come. Terralink recently predicted this might be New Zealand's worst year ever for foreclosures, and most now involve property investors.
Cheers,
DonnaEmail Sign Up - New Discussions, Monthly Newsletter, About PropertyTalk
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Interest rates way, way down.
Rents rising - in Auckland.
Tenants clamouring for somewhere to live - In Auckland
Shucks could have been so much more "productive" invested in finance companies like many other professionally advised people.The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.
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Originally posted by donna View PostReally? Anyone here in foreclosure?
Cheers,
Donna
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Originally posted by halfempty View PostHow common is it for you to buy a house and then over the next few years it becomes worth nothing?
What happens is they put in $20k on a house, borrow the rest, but the banks get nervous, force them to sell, and they lose the whole $20k. And maybe some more...
So you can lose the lot.Squadly dinky do!
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Yeah and if that happened (and it never has because banks don't foreclose based on nerves), then you would lose the $20k that you had just like you would lose the 20k you put into any other investment that went belly up.
What I'm saying is that the house itself would still be an asset with some value.
I wonder what has been the largest drop in asset value of any property in New Zealand in the last 10 years?
Maybe 10-12%? But nothing like a 100% loss.
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Agreed ^^^
You can spend all day on different "what if" scenarios.
Fact remains, paper money (or balance sheet money) disappears. Land (unless in Christchurch) mostly stays.
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