“I have long been convinced that the current run-up in home prices is a false high,” senior staff attorney at the Empire Justice Center Ruhi Maker, a New York nonprofit, tells American Banker. “Once all these foreclosures are through the system, we could see another decline in prices.”
False high, indeed. Bankers cannot control the market forever.
There is lots of vacant inventory just waiting to hit the market. When it does that will be the time to buy. Not now.
There’s a lot of excitement in the housing market now but it might be just short term,”
And those underwater now will be underwater then...They will continue flushing money for the next ten years
Well...he’s an idiot...
from June 2012 to Jan 2013 my appraised value rose 13.2%
County Assessor reported last Friday that the average was over 9%.
I believe this. In the last 5 years, there has been no change in prices and sellability in my 90+ home subdivision.
My house is valued a little less (by the county assessor) than the day I moved in 10 years ago. Do I care? Well, no...I paid for it with cash, so it is a place to live for me, not an ‘investment’ I HAVE to count on to be solvent. I don’t have to pay rent or a mortgage - that hasn’t and won’t change, that’s all.
I’ve been in the real estate business 35 years. All real estate is local. My area is still flat even with low inventory. Some of the low inventory is due to the fact so many sellers are under water and can’t sell.
as the dollar devalues, expect home prices to rise.
this does not mean the value will rise.
the value is effected by demand... which would drop as unemployment remains high.
the combination of the two would see dropping value but stagnant prices.