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Originally Posted by L-Pink
And a couple summers closed up without air conditioning means severe mold problems.
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I didn't even think of that but now that you mention it I'm sure.
There's one not to far from me that's really a shame. A really nice house in a gated community, or at least it used to be a really nice house. I know people that used to live across the street from it. This house was the jewel of the neighborhood, huge portico entrance, multiple bars, and one of the only homes I've ever seen with a sand bottom pool. Just felt very lux.
It's been vacant since 09, since foreclosure it's shuffled hands a few times and is now owned by bank of america. The pool has wood over it, so i can only imagine what lies beneath. Its almost heartbreaking to see how much its gone to shit.
Quote:
Originally Posted by Jesus H Christ
Noway, it's going to get much worse. There are millions of empty homes right now, plus another million in the foreclosure process. Also, this time next year the unemployment benefits for 6 million people won't/can't be extended causing even more foreclosures.
There will be an enormous amount of homes auctioned off next to nothing as banks try to recover what they can. I'd be willing to bet homes prices will fall another 25% at least, in the next 12 months as lenders practically give low interest home loans away to qualified home buyers.
When it breaks, a true bottom will be apparent as people/companies buy real assets causing a rally. If you have liquid, I'd go long and buy home Depot Stock right now, because when the rally hit's, lot's of contractors and new homeowners will be buying home improvement supplies do to homes sitting vacant for so long.
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Good point on Home Depot. I hope the bottom doesn't drop again.
