Posted on 11/04/2009 7:55:23 PM PST by SeekAndFind
Millions of homes are still out there, going into foreclosure. Most of the home sales are at the low end, and are being artifically pushed by investors and the $8000 credit. Further, values are “average” which is a disproportionate weighting of the market.
People are still being laid off. Consumer confidence is at its lowest, and probably going lower. People are selling what they don’t need (how many boats, 2nd and 3rd cars, etc do you see on the side of the road for sale).
The market was driven by a government-inspired Ponzi scheme to prop up consumer spending. We have years of excess inventory. There will not be any real recovery in prices for 3-5 years.
Smart Money and Money spew garbage. They were hyping home improvements during the bubble to increase the value of your home and other hype crap.
Always do the opposite of what they tell you to do.
The federal government is STILL playing the same "Community Reinvestment Act" fraud that got us here in the first place, plus they're paying people $8000 of "first time home-buyers" incentives.
This BS has already created another bubble that will collapse sooner rather than later.
Houses are still overvalued by 30%, and that drop will be actualized in the next couple of years.
7. Your Insurance company serves notice that the “replacement cost” has increased by 25%.
Just because your house would cost X dollars to rebuild does not mean it is worth X dollars on the open market.
8. The Obamas move out of the neighborhood.
What a steaming pile of horses**t article.
Blah, blah, blah. Don’t listen to the Realtor Talking Heads, they are nothing but pimps in this market.
The only question you need to ask a Realtor is this. Do they support extending and expanding the First Time Home Buyers Tax Credit?
The answer will be definitely yes. Then the money question is, why does the government need to stimulate housing sales with the tax credit if the housing market and the general economy is recovering?
Then watch the squirm, sputter and dance routine as they try to explain the contradiction.
ROFLOL, Two weeks ago I went to an estate auction, include a nice house on a level lot. The broker said it was the first house he had sold all year that brought the tax assessment value. That means it sold for 30 to 40% below what it would have sold for at the peak. Sure is improving, mean while the house around the corner has been on the market for 3.5 years. Still empty!!!
The other question is, put in writing what you will guarantee this house will sell for next year.
I own my House, it is paid for. I’m happy Here.
Until the Government penalizes Folks like Me, I’m fine.
Too true, I’m afraid.
We would love to move closer to our kids and grandchildren, but my husband’s job is here and he was unemployed for a while, so he’ll hang on to this job as long as he can. Even if he could find a job where we want to live, we wouldn’t be able to sell our house here.
That hope and change isn’t working out too well for us. :-(
16 Years in the house. 9 left on the mortgage. Even in the dip the house is worth at least twice what we paid for it.
But where would I go. To get out of MASS, I would go just about anywhere. I am counting the days until the kids are out of school.
The millions of morons running our government will continue to wave through another 100 million people in the next decade or two....Bet on it.
Based on this government lunacy, you can count on just about ALL homes prices ticking up, and up...
True 100 million people will need a place to live but uneducated, unemployed people won't be driving home prices up, especially when they are living 15 to a house. They will be pulling the prices of surrounding properties down.
Watch for HUD to build 10,000 20-story pink apartment buildings across the Texas and Kansas plains.
Homes are still way over-priced.. Going from $100K in 1997 to 300-400k in 2009 is WAY TOO MUCH. It used to be homes increased maybe 1-2k a year.
People's maximum need for housing is about age 42. The last of the baby boomers were born about 1965. Right on schedule housing peaked in 2007. We know there are other causes, but don't overlook this.
Keep that crap off my rivers in Tennessee. We haven’t lost much here.
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