Posted on 04/17/2011 12:32:25 PM PDT by library user
~ EXCERPT ~
Both short and long-term confidence in the U.S. housing market continue to fall, with homeowners now expressing the highest level of pessimism in two years.
A new Rasmussen Reports national telephone survey finds that just 15% of homeowners expect the value of their home to go up in the next year while 33% expect the opposite and think the value of their home will decline.
The current figures reflect more pessimism than a month ago when 19% were optimistic and 30% pessimistic about the value of their home over the next year.
Looking longer term, only 39% of homeowners now think that the value of their home will go up over the next five years. That’s down five points from last month and the lowest level of confidence measured by Rasmussen Reports. In April 2009, 55% expected their house’s value to rise in five year’s time.
Currently, 18% say the value of their home will go down over the next five years and 37% expect little change.
**SNIP**
The margin of sampling error is +/- 4 percentage points with a 95% level of confidence.
(Excerpt) Read more at rasmussenreports.com ...
Under HAMP, the can is getting kicked down the road: home mortgages are being modified, reducing monthly payments upwards of $800-$1000.
The real problem for 3/4 of these folks isn't their home mortgage, it's their credit card debt. Their ability to pay those down is being devoured by gas prices heading to $5/gallon.
Obama's being too cute by half. We all know he wants gas prices to skyrocket, yet he's too narcissitic to realize that he won't be re-elected next year unless gas prices fall back to $3/gallon.
Improved home values???
Hell, even some of my squishy moderate friends are now asking me to recommend them a good home defense firearm for SHTF because they know I'm a gun enthusiast.
I don't think that "improved home value" even enters the thought process.
YOY last December saw 6.1 million foreclosures with an estimated 12.6 million more in the next 36 month.
January decline forecast was a 10% median reduction by June.
It was reached by the end of March.
CRE is now rolling down hill and will only make the entire
market tank further.
Don’t be a knife catcher.
SFH near here sold 2009 for $475k, resold last week for $220k. In 2006, valued at $625K.
Microsoft’s IPO was March 13, 1986.
One share was $21.
Today one original share would be worth appx. $5,000.
In other words, a $10,000 investment in Microsoft in 1986 would be worth appx. $2.5M today.
Case-Schiller Index is trending poorly, too.
We stepped out on a home in Myrtle Beach, SC in the hopes of selling the property in about 5 years or so. The thing here is location, although there are many foreclosures on the market that could keep the prices down area wide. Ours is a quiet, (even during the sporadic bike week), kid friendly neighborhood four blocks off of the ocean, with a great corner lot, so our investment will probably pay off.
Instead of bailing out banks on forclosures, they should have used the stimulus razing homes. About the time we walk thru all this excess inventory, the baby boomers will be stepping out of their homes into nursery homes.
If I thought there were any buyers for the one I own,
I would sell it tomorrow and I would never buy another one.
Home ownership has become an albatross around your neck.
The homes go on the market here and just sit there...
The only interest is from investors who would but them and rent them out;
but my idiot homeowners association requires homes to be owner-occupied.
from an earlier thread ( link)
| year (jan) | note | my home $ | gold $/oz | my home in gold(oz) | silver $/oz | my home in silver(oz) |
| 2006 | 425k | 550 | 772 | 9.25 | 45,946 | |
| 2007 | dems move into congress | 380k | 625 | 608 | 12.75 | 29,804 |
| 2008 | dems have congress for one year | 290k | 885 | 327 | 16.00 | 18,125 |
| 2009 | dems take whitehouse, 0bama steps in | 270k | 860 | 314 | 12.00 | 22,500 |
| 2010 | dems in full swing | 250k | 1150 | 217 | 17.50 | 14,286 |
| 2011 | GOP takes back the house | 224k | 1360 | 164 | 29.00 | 7,724 |
| 12 APR 2011 | 222k | 1452 | 153 | 40.05 | 5,543 |
although it may look like my home value dropped to 50% of what it was in 2006, in real world buying power, it is now 16-20% of what it was in 2006.
the dems and progressives have done a real job on the people of the US
do the math yourself. check out zillow.com for your home value over the passed 5 yrs. plug those values in, calculate the value in terms of ounces of gold and silver... and you'll see how much you've lost
update:
how much exactly?
| denomination | # ounces | market value ($) |
| gold | 619 | 898,788 |
| silver | 40,403 | 1,618,140.15 |
Today there are open houses everywhere. I think people are desperate to sell now because it is their last chance. Middle class to upper middle class neighborhoods are looking more run down then I have ever seen.
The public, sadly, are sheep that have no clue.
They keep watching Obama TV which includes Fox and all TV looking for hope. By watching, the fools support those who are destroying them.
Those 39% are in denial! Most, if not all, are probably Leftists!
I've seen the same and completely agree.
although it may look like my home value dropped to 50% of what it was in 2006, in real world buying power, it is now 16-20% of what it was in 2006.
No matter what, my county appraisal will continue to go up on my home.
Good, people are finally getting realistic. Unfortunately, realism will soon turn to pessimism and we will be 2 years solid into a housing recovery before most people are aware of it. That said, I don’t expect housing to recover in the next 5 years either, but it will certainly bottom. I would be shocked if we don’t get a bottom by 2012. I could be slightly wrong there but I will still be shocked if house prices in most cities are down year over year from 2012 to 2013.
We have a huge glut of housing in some places, which will depress prices and make selling difficult and long, but prices won’t go down forever. At some point, most people will just sit it out or rent their homes out before taking further losses. It seems to me we are getting close to that point. But what do I know?
Home ownership has become an albatross around your neck.
When everyone is parroting your statements, I will know we are in a housing recovery. Just as approaching the peak of the housing boom, masses were parroting the lie that housing always goes up, renting is always a waste of money, etc. What you are seeing and feeling is the depth of the worst housing bust in 100 years. Your feelings are understandable.
You are wrong to think that housing will never go back up. Maybe for you if you are old enough, but certainly it will cycle back up eventually just as it cycled down. As long as people need shelter, as long as marriages occur, people will demand to "own" homes.
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