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31 of 35 people found the following review helpful
5.0 out of 5 stars Saved our future
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...
Published on September 19, 2012 by hrhjuiet

versus
7 of 9 people found the following review helpful
3.0 out of 5 stars Skip the book, read the blog
I don't print out emails or blogs. I could have saved myself $10.00 by reading the blog. That having been said, the book takes well placed cynicism about the Bay Area housing market and teeters near giving up on housing entirely. Sometimes it is a good time to buy a house. And houses to have intrinsic value beyond the box of wood, clay or stone that they are. It's...
Published 17 months ago by Isabella Chu


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31 of 35 people found the following review helpful
5.0 out of 5 stars Saved our future, September 19, 2012
By 
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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14 of 15 people found the following review helpful
4.0 out of 5 stars ESSENTIAL reading for anyone considering buying housing, October 5, 2012
By 
Otis (California, USA) - See all my reviews
Verified Purchase(What's this?)
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. The section that begins, "Favor FSBOs," says that sellers "get the same or better average selling price" but that would mean buyers are paying a higher price. (In fairness to the book, buyers might still come out ahead if their process goes more efficiently and they choose a more suitable home without realtors' sales patter and self-interested referrals, because as the book notes, "the layer of harmful obscurity created by real estate agents is removed." The right home for the buyer is actually worth more to that buyer, while the most aggressively sold house might be worth less.) If the first edition finds a big enough audience, hopefully a second edition will be even better.

Meanwhile, this book is the best I have ever seen at responding to the self-interested misinformation presented by the finance, insurance, and real estate industries. The book includes links to the author's website, which includes a free calculator to help evaluate objectively whether a particular house or apartment might be worth buying. Having read both the website and the book, I am glad to have bought the book because it organizes the relevant arguments and information in such a clearly readable way. It also makes a better gift to present someone a book rather than merely referring to a website.
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9 of 11 people found the following review helpful
5.0 out of 5 stars An easy read and a sensible point of view!, October 8, 2012
By 
Verified Purchase(What's this?)
This review is from: The Housing Trap (Kindle Edition)
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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7 of 9 people found the following review helpful
3.0 out of 5 stars Skip the book, read the blog, July 6, 2013
Verified Purchase(What's this?)
I don't print out emails or blogs. I could have saved myself $10.00 by reading the blog. That having been said, the book takes well placed cynicism about the Bay Area housing market and teeters near giving up on housing entirely. Sometimes it is a good time to buy a house. And houses to have intrinsic value beyond the box of wood, clay or stone that they are. It's also nice to own something. The author is right though, that it's not nice if you pay too much for it, and this book really tries to talk you out of doing that. The best piece of advice it gave was "it's cheaper to rent the house than to rent the money." It was a cool way of thinking about it and helpful when looking at cost-benefit.
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15 of 21 people found the following review helpful
5.0 out of 5 stars Patrick is "the man", September 14, 2012
Patrick Killea is "the man" who correctly called the housing bubble, and detailed the reasons behind it's inflation and it's deflation.

No one should consider buying any real estate befor reading this book which is destined to become the basic text book for home buyers.
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4 of 5 people found the following review helpful
5.0 out of 5 stars This is an important book!, November 18, 2012
By 
Verified Purchase(What's this?)
As a long time follower of Patrick.net, I was not disappointed in this book. As always, Patrick provides an alternate view to the conventional wisdom about housing that we have been force-fed for generations by those whose self-interest is served by housing bubbles. I particularly like his proposed remedies to the problems that have been created by our corrupted politicians. Good job, Patrick!
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6 of 8 people found the following review helpful
5.0 out of 5 stars I have been doing this for years, November 30, 2012
Verified Purchase(What's this?)
This review is from: The Housing Trap (Kindle Edition)
The book back's what I have been doing for years.
Always sell and buy without a Realtor! have always beat the average by more than the 6%

I think some realtors aren't lying on purpose, just because they don't know any better!
Question do you want to pay someone 6% for being stupid..
Or do you want to give 6% to someone that knows they are lying?

I had one Broker tell me I was not a good American because I wouldn't list my house and was selling it my self,
He was mad because I wouldn't sell it to him at the 6% discount.. I sold it the next week at asking.

Answer neither one can be trusted.

Read the book! if you don't get it ask yourself have I been brain washed.
Then read it again.
The book is simple 1+1 = 2

Except for the uninformed "PRO" a list of the perpetrators of the crime.
1. Realtors
2. Mortgage Brokers "Look at the mess the US is in you want me to believe they all didn't know better?"
3. Appraisers "Some appraisers are OK about 10% is all that I have found"

LLKJB
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6 of 8 people found the following review helpful
5.0 out of 5 stars The American Dream (Hoax) Exposed, September 26, 2012
This review is from: The Housing Trap (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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10 of 14 people found the following review helpful
5.0 out of 5 stars Real Truth about REALESTATE, September 14, 2012
Verified Purchase(What's this?)
Everyone one should read this book before buying any real estate. Don't fall into the trap of ?? while making the biggest investment of your life. Patrick is very honest in expressing his unbiased opinions.
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12 of 17 people found the following review helpful
5.0 out of 5 stars Don't buy a house without reading this book., September 15, 2012
Don't enter a real estate transaction (buy or sell) without reading this book. Patrick is the only one who correctly called the housing bubble...pointing out the obvious to the rest of us. Many of his readers are highly indebted to his insightful analysis. Just read the table of contents and see for yourself.
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The Housing Trap
The Housing Trap by Patrick Killelea
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