The UCLA Anderson Forecast which is known for being negative had this to say in it’s latest quarterly report on the California economy.
While there’s some wiggle room on how weak real estate will be and how much other sectors will offset this weakness, there is still no other sector that looks poised to combine with real estate to generate enough job loss to cause a recession.”
I guess that would be a backhanded complement.
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Justin Chimento 04.03.07 at 6:07 pm
Seven Reasons to Own Your Own Home
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you, pay, as well as some of the costs involved in buying your home.
2. Gains. Over last five years (1998-2002) national home prices have increased at an average of 5.4 percent annually. And while there’s no guarantee of appreciation, a 2001 study by the National Association of REALTORS® found that typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
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7. … Seven Reasons to Own Your Own Home
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