Did you know you can buy a house in the Minneapolis/St. Paul area for under $15 K? The houses are old (+100 years) and probably aren’t in the greatest shape and/or are located in bad neighberhoods, but still.
Here’s a couple:
http://tinyurl.com/9a7mcs
http://tinyurl.com/8pkdxm
Even now, the lots alone would cost at least $200 K in most parts of the Bay Area. I wonder what places in the U.S. offer the greatest value? Personally, I value low cost, safety, short commute, a good library system, and a reasonably large tech community nearby.
“If you want to get back to normalcy, you have to let the market liquidate the bad debt and the bad investments. But it’s tough politically, and that’s why we can expect the Fed always to inflate. Politicians will never allow the correction to come. And that’s the fallacy. By bailing out and propping up, you just delay the inevitable. Sure, they may pull this out and the markets may do well Monday, but it won’t stop it. It will come back again, and the correction will come until you liquidate all the bad debt. But propping it up, it doesn’t help the situation long term. Short term it’s a good political answer.”
