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thranx on 09 April 2013
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sales2099 said:

Ya, I always wondered how dirt cheap US houses are. UK space is limited so I understand how prices are at a premium but US prices almost make me wonder how there was a housing crisis when they are so damn affordable.

I mean I bought a semi detach last October for 530 000, with a down payment of 120k. That took my whole life to come up with that, but it is worth every penny, since Toronto houses appreciate 20000+ per year.  In US, you can buy a bungalow for 100k in certain neighborhoods, with the average detach house being in the mid 200's


We had a housing bubble because you could buy a house with as little as 1-2% down, and with your rent cosing 40% of your pret ax income. They basically gave houses away, and houses that should of been sold at 150k-250k went up to 300k plus over a couple of years, and than when people hit any little bumb (house repair or other) they couldn't afford it. And as crazy as that was, we stopped doing it, and just this year or last, started it up again. So wait for another bubble.