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Originally Posted by Ross
Good news for me. I plan on buying a house in the US in the next 15 months.
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Originally Posted by Oracle Porn
good idea |
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Originally Posted by Sysgenix
Housing prices in METROPOLITAN areas double every 10 years. Its a statistical fact.
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Correct. Although from what I've read it's those high growth, or Los Angeles, Miami, and those type of cities (i.e. top 500 markets).
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Originally Posted by kane
yep, sad but true. they fuck you over then want to sell you something to fix what they fucked you on.
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Yep. Funny but sad. Two years ago they were all over the tele talking about ARM loans. Now they are offering to get you out of your 'teaser' loans.
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Originally Posted by jayeff
Inflation-adjusted house prices in the US increased by an average of 0.7% per year between 1940 and 2004 (and that includes most of the 2001-2005 period when prices in some place began to rocket). Over the previous 50 years the real increase in prices was even lower.
In other words, anyone who wants to believe that within the next couple of years prices will not generally return to "normal" levels, is effectively proposing that a 100-year trend has been replaced by something totally different. Anything is possible, but it seems to me that such sudden and dramatic change is far more in need of solid justification, than the more credible notion that we have witnessed a hysteria-driven bubble.
Not only that, but if changes on this scale are to prove sustainable, the economic indicators should be loud and clear. But even those with a vested interest in talking up the housing market seem to have problems identifying any such indicators. What we are hearing instead is exactly the same kind of waffle and wishful thinking which preceeded the dot-com crash and I imagine, other bursting bubbles in the past.
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I have a business partner, and friend who are both fairly heavy in real estate. One doing it over 20 years experience. One in flipping, and the other in rentals. I talk to them often about the stuff going on, and has been going on. While this doesn't apply for EVERY market out there. It does for this town, and the next one down the highway.
Before the boom. Housing prices were typically the 7% you refer to. But a few years back people with $100k/150/175 houses started asking double for the property, lake or not, that my friend is a huge jump over a handful of years. These are now the same areas where the prices are coming down by tens of thousands of dollars because every 3rd house is on the market.
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Originally Posted by CWeb
Agree pk - home sales are up, prob in part due to the incentives being given by developers and a reduction in overall home values.
On the contrary - developers are sure feeling the pinch and selling off sections of their land assets to ensure a piggybank in the hope the market may change.
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Agreed.
The offers I get on mortgages and such now versus end of last year are definitely a lot different. They are more aggressive in trying to get people into homes. But also some of the asking prices have come down.
I have watched the market the past number of years, and some of the same homes I recognize because they have been on the market that long. They were asking unrealistic asking prices have been dropping in prices because their shit hasn't sold. Now you are finally seeing some of them with "sale pending" once the "price reduced" started coming out.
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Originally Posted by Rochard
And what really blows me away is my in-law's house in Fontana, California, is worth $600k. It's a small shack in a nasty city....
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