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The Housing Trap: How Buyers Are Captured And Abused And How To Defend Yourself Paperback – September 12, 2012
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So far the other reviews are either 5-star or (in one instance) 1-star, with some possibly reflecting opinions of broader market prices rather than the book. The one-star review said the book would have been better timed during the bubble inflation 2004-06, and would have been ill-timed in the 2010-11 dip; that's mostly irrelevant because everyone's decisions must be based on individual circumstances that vary widely regardless of the overall market. The relevant supply of housing is always local, even though demand depends partly on macroeconomic factors (e.g. federal policy) and global capital markets.
The book does leave some slight room for improvement in future editions. Page 2 candidly introduces the book as lay opinion and warns not to take any of it as professional advice, but even so the tax arguments might benefit from review by a CPA with relevant experience. Occasional typos can be distracting, although those can occur even in books published by major houses.Read more ›
In the recent past, house prices have escalated unchecked and out of balance with historic's fueled by easy credit and lax standards for lending. Rents however, have remained mostly in check as they will always be (or should be) in line with salaries and what people can afford. This book explains the balance and unbalances in a way that makes perfect sense but is barely (if ever) reported in the mainstream media.
In many parts of the country, house prices will still need to fall into line. The entire real estate business, supporters and cheer leaders are all in on a massive Scam. Patrick sheds some light on the scam and its beneficiaries including Government.
While his reasoning is sound, abolish the tax incentives and make the whole process more transparent, it is highly unlikely to happen. It is wishful thinking as the powers that be have way to much of it!
The book itself is a quick read, (I read it in 1 night) but possibly the best investment any would be house buyers can make. There are several typos and spelling mistakes (at least on the kindle version) that give the impression the proof reader was dyslexic and it was put to press in a hurry.
I would have also liked to see some more information on dealing with auctions, price negotiations and the different types of mortgages available. Pros/ cons of each type. Guess that will wait for part 2??
Most Recent Customer Reviews
Amazing book, great read for anyone planning on buying a home. Made us really re-look at renting.Published 3 months ago by Camille
This is good food for thought. However, it is long on analysis, but offers few practical alternatives. Everyone has to put a roof over their heads, so set your foot in the trap. Read morePublished 6 months ago by SCOTT GRABAU
I have been avoiding buying a house for 13 years. Year after year prices in New York have appreciated 10 to 20%. Read morePublished 7 months ago by Mortal
If you are thinking about purchasing a home or interested in learning about what really makes the real estate market tick, buy this book. Read morePublished 8 months ago by Andres Villavicencio
thank you! it is too bad that most people waste their hard earned money!Published 13 months ago by Evans N. Fernandes
Kinda wish I had never tuned in to Patrick Killelea and his website... He has a valid perspective if housing were a free market, but given that inflated housing values are now... Read morePublished 15 months ago by JD Homestar