Comments on: Housing Demonstrated Preference

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By: Windows Hater

Windows Hater — Fri, 01 Jul 2011 22:38:54 +0000

“So while people say home ownership is the path to happiness, fewer people are actually taking the plunge. Murray Rothbard described “demonstrated preference” as the idea that a man’s actual choices in action indicate what he genuinely values. A corollary to demonstrated preference is the recognition that we can never know another’s valuations except as he displays them through his actions.”

But what if the person absolutely wants a house but is super duper poor ?
How can you say that person doesn’t prefer and value having a house ?

Wouldn’t it first require that the person have enough wealth to purchase a house but finally decide not to ? If the person is too poor to buy a house, it’s cruel and flawed to say that he prefers not to have one.

The reality of America is that most people are too poor to buy houses, even with the battered down prices and rock bottom interest rates. People are indebted, unemployed, underemployed and have no savings. Those people would prefer to live in a house but they can’t buy one and they can’t take a mortgage, they can’t afford it.

By: Windows Hater

Windows Hater — Fri, 01 Jul 2011 22:36:04 +0000

So, it does not make sense to pay a huge amount of money to buy real estate that was never yours in the first place.

If I cannot keep the government off my property, then It should not be called property.

The price you pay for the house is just like a taxi medallion, this is not genuine property. That’s why I will not buy property.

By: Windows Hater

Windows Hater — Fri, 01 Jul 2011 22:33:34 +0000

This is only bad if you don’t fully own your house but you are struck with debt on your house and then the market price falls below your mortgage.

But if your house is fully paid and you enjoy living in it, who cares if it falls. Your house cannot fall to zero unless it’s hit by natural disaster, on the other hand history has showed us that currency falls to zero from time to time. Weimar, Zimbabwe and pretty soon USA. So a house is a good hedge against inflation if you want to get to keep some of your wealth.

But you are just looking on owner side. If you are a first time buyer, you are happy that housing prices are falling, this makes it cheaper for you to buy.

What I value the most is solvency, therefore I would not mortgage myself to buy a house, I would wait to have enough money to pay for it cash.

But, given that you are not the absolute owner of your house and your land, that you have to pay property taxes independent of your income and that the government can for any reason, even for no reason, come and seize your property anytime is what’s deterring me the most from proprietorship.

The government cannot seize a rent since it’s not your property.

If I buy property, I want it to be my complete property, not the government’s and I want to have the right to keep government goons off my property. If not then it should not be considered property and paying money to “buy” a property that is not your property is very risky.

If it belongs to the government, then I refuse to buy it.

By: J. Murray

J. Murray — Fri, 01 Jul 2011 13:33:12 +0000

You never really own your house. After 30 years of the bank owning it, you start to pay rent to the State. They just call it property tax.

By: JFF

JFF — Fri, 01 Jul 2011 13:19:47 +0000

“Beyond all these ills, however, a persistent belief endures that the market will eventually improve and housing will regain its traditional importance,” write the Times reporters.

N.B., “traditional importance” only to refers to a very short period of time in the recent past.

By: El Tonno

El Tonno — Fri, 01 Jul 2011 11:59:18 +0000

It’s _good_ if what you want to buy [especially non-durable goods] fall in price because you can buy MOAR. It’s _bad_ if what you have [especially durable goods like real estate] falls in price because you will be able to sell for LESS: Your balance sheet needs readjusting. This is especially irksome if your liabilities [i.e. mortgages] stay the same or go up.

By: Gian

Gian — Fri, 01 Jul 2011 10:00:59 +0000

If progress causes prices to fall and this is regarded as a good thing then why does the public hail a continual increase in the housing prices?