Housing Armageddon: We Are In The Midst Of The Worst Housing Collapse In U.S. History

The Economic Collapse ^ | 2-2-2011

[ASOC]

Ya, the mayor at the time was a

Dem

Quite the surprise, eh?

The orinance has not changed tho.....

[21twelve]

“So what happens when supply is really high and demand is really low? That's right - prices go down.”

My neighbor just bought a house. They had looked at a house that was foreclosed. They gave an offer on the listed price, but the seller (a bank) didn't take it. The next day it was off the market. The following week it was back on, for $6,000 more. Has been on the market a total of 160+ days.

The guy said the banks are insured by the Feds to 80% of the mortgage value. These houses probably had a mortgage of $450,000, but are on the market now at around $300,000. Not much incentive for the banks to sell at that.

And yes, lots of partially built subdivisions near us. Glad I didn't buy some new crackerbox in one of those. A nice, fancy home sitting next to an empty hole and across the street from rows of half-built homes sheathed in rotting plywood.