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The Housing Trap: How Buyers Are Captured And Abused And How To Defend Yourself Paperback – September 12, 2012

4 out of 5 stars 38 customer reviews

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Editorial Reviews

About the Author

Patrick Killelea is a programmer living in Menlo Park, California. Patrick started the http://patrick.net website in 2004 with the mission of making the housing market fair for the buyer. The public has taken note and currently daily readership exceeds 18,000 for his website and e-mail newsletter. Patrick has been interviewed on Nightline, NPR, and in the Wall Street Journal.
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Product Details

  • Paperback: 114 pages
  • Publisher: CreateSpace Independent Publishing Platform (September 12, 2012)
  • Language: English
  • ISBN-10: 1479156213
  • ISBN-13: 978-1479156214
  • Product Dimensions: 5 x 0.3 x 8 inches
  • Shipping Weight: 6.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (38 customer reviews)
  • Amazon Best Sellers Rank: #410,335 in Books (See Top 100 in Books)

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Customer Reviews

Top Customer Reviews

Format: Paperback
This man saved my family from buying at the top of the market. Everyone (from the media and their statistics to our own family and friends) tried to convince us we were doomed if we didn't "get in on the game." We stayed out after reading Patrick's web site right before the crash. He was a lone voice of reason and everyone said HE was the crazy one. He ended up dead on. Everything he predicted came to pass. If we had bought we would be underwater right now, our retirement and savings gone and our credit destroyed. His writing is easy to understand and his book is full of real and useful information for both prospective buyers and current homeowners. A must read for anyone making this serious and life altering choice.
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Anyone thinking about buying housing should definitely read this book. It presents clearly and concisely many counterpoints to the sales pitches and "conventional wisdom" that most people hear endlessly from realtors, mortgage brokers, politicians, and news reports. Regardless of whether sale prices are high or low, or which way they might move, objectivity depends on balancing evidence and arguments on both sides. Most people hear only the arguments in favor of buying, presented by self-interested sources and supported by evidence that may be cherry-picked or even falsified. Patrick exposes the interests involved and addresses their arguments and evidence, so that readers can be forewarned and thus forearmed.

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.
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Comment 17 of 18 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Format: Kindle Edition Verified Purchase
Having been a regular reader of Patricks website for several years I thought I owed him one so bought this book on the kindle. I was not disappointed! The essence of the book is really that real estate prices should be (and have historically been) in line with rents/ salaries.

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??
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Format: Kindle Edition
The Housing Trap is your wake up call that home ownership is for "suckers" and that the American Dream has always been a well orchestrated piece of hallucinogenic propaganda that's herded many Americans into "indentured servitude" and debt. Why aren't more people taking Patrick's advice? Well no one has a monopoly on stupidity, but with America awash in celebrity worshipers, gossip mongers and techno zombies enamored with the trivial pursuit, is it any wonder the nation's become easy prey for Wall Street and their accomplices in the housing industry to "rape and pillage" the economy with reckless abandon? Simply, we're too distracted. Seriously, buy this book. Read it again and again until it shakes you out of your American Dream "stupor" and you realize that if you're not prudent and careful homeownership could result in you flushing money down a bottomless "dung hole". And don't forsake the wisdom of that old adage, "Fools rush in where Angels fear to tread". Don't get me wrong, I love my country dearly, but until our political leadership, Democrat and Republican alike, stop flaying about like clueless dunces and make a concerted effort to extricate the country from the Great Depression II-the Sequel, The Housing Trap will provide the kind of "spot on" information you'll need to get through these trying financial times and live to fight another day. In fact, The Housing Trap could well be the smartest investment you ever make!
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