Thread: 30-Day Challenge (LOA)
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Old 12-21-2008, 12:00 AM   #116 (permalink)
Acting Like Godot
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Default Update on Property
Quote:
Originally Posted by Acting Like Godot View Post
I'm asking for a property market crash, so I can buy one of these gorgeous homes at a dirt-cheap price.
The government released some shocking data on Friday. It had specifically gathered this data, due to some concerns about a certain scheme that tended to encourage property speculation.

The scheme was abolished in late 2007, but still applies to property purchases that were made prior to that (including new homes that are still under construction and will be completed only in 2009 or 2010).

Anyway, the data was surprising to many, and some are saying that it's going to lead to our country's own version of the US subprime.

(Before Dan Linehan leaps in with comments about evil banks, I should add that the scheme in question has nothing to do with banks. It's all between the property developers and the property purchases).

Anyway, it looks like the property market is all set to plunge further.
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