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Thread: Where is the money coming from?
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14th February 2015 #21
Ever notice mind - all these cars and SUV's, they're nearly always Toyota. Nothing wrong with this, and everything right - it's like the car dealers say if pushed, notice how the taxi drivers here, especially the stani ones, they drive Japanese cars..............it's because they're so reliable and frankly good.
As for the condos, well.......ok this is probably really going to tread on someone's toes, but I've been told at least some of the growth of these is down to the army of OFW's, who are conned into "investing" into these without realising the downside. Actually I've even seen this touched upon on tv in the Philippines - how they said often OFW's might buy goods not exactly essentials (They gave as examples stupidly sized stereos, the size of a chest freezer - oh come on, we've all seen them over there )
Oh just as a footnote, as Fred said, house prices don't as a rule come down.......much........but it has happened. It was around the 1995/1996 mark, it hit some areas more than others, but they did reduce quite a bit. Irrelevant really as they soon rose again as everyone knew they would. That's when the whole negative equity seemed such a problem, but it's only a problem if you have to move house really to downsize, that's what people didn't get, and the so called experts only stoked the misinformation
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