Quote:
Originally Posted by noclue
I don't get the argument that if houses drop a bit people on the sidelines will buy in and cause the market to go up again.
Unless everyone has $1.5M in cash ready, if the market goes down banks will start being much more conservative in giving out mortgages or freeze lending altogether. You'll probably need at least 30-35% down.
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The people complaining won't have it. The overseas investors will buy 10 at a time. Cash
On another note, i visited my neighbors place across the street. He does those cheap $30-$50 room rentals to mostly Chinese people visiting from out of province etc etc. The place was crazy. Each area you can think of was turned into a 'bedroom'. Basically you walk in and there's a bunch of locks on all the doors (I believe 9 total) and a kitchen common area. Supposedly pulls in $15k cash per month. Crazy