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February 21, 2010

Real estate poll: The slump's psychological effect

The Great Depression had a lasting impact on how an entire generation lived. What about the Great Recession?

Or, more specifically, the housing slump that kicked it off?

I'm curious to know if it's changed your view of homeownership, which for many years has been seen as the American dream, a way to build wealth and all sorts of other warm and fuzzy things.

So weigh in. (And add a comment if you're in the mood, because a poll can't possibly get at subtleties.)

Posted by Jamie Smith Hopkins at 7:00 AM | | Comments (4)
Categories: Polls
        

Comments

In fact, after reading this article, (see link below) I'm thinking about moving to Oak Hill!!

http://www.theonion.com/content/news/real_estate_developers_push_to

LOL, pgp! (Headline of the story: "Real Estate Developers Push To Rebrand Murder Heights Neighborhood Of Baltimore.")

I'm sure Baltimore leaders wish the Onion picked a different city. But everyone gets picked on eventually.

Well, I wasn't one of those who tapped my home equity to the hilt to buy SUVs and pay off credit cards, etc and the slump has confirmed my conviction to stick with the old fashioned notion that a house is a long-term investment whose sale should be used to top up your retirement nest egg when the day comes. I've got 10 years to retirement and a lot of equity in my home, so can weather the slump. It's pretty scary that there will likely be a lot of very impoverished seniors over the next decade with lousy pensions, if all all, and no home equity to speak of.. AND all those stock brokers who advised that money is better spent on the stock market than sunk into a house are also, despite the housing slump, proved self-serving.

I never was that pressed about owning a home in the first place. I rent now, and seeing that i'm young and single, there is no need to buy. I could see if I was renting a 3 bedroom apartment or house that maybe it would be worth owning property instead, but i'm just in a 400 sq ft space, and it's plenty for my current situation, and a lot cheaper than the cheapest mortgage out there!

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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