Bump for reference. Prices still dropping here in Texas. Never thought I'd see it.
" owing more for their homes than they're now worth. "
Everybody who didn't see this coming, raise your hands..
(I'm talking to *YOU*, Cavuto - and your gaggle of head-in-the-sand pollyanas)
Buy High, Sell Low! That's my motto!
PS. What your home is worth today is irrelevant unless you sell it today.
All the realtors that said this couldn't happen in Orange County were quite simply wrong...
If they were in the market in order to flip the house, tough cookies. They had a hand in driving up the price to ridiculous levels. If they bought the house as a long-term residence, so what? Assuming they could afford the payments for what they bought, all they ned to do is wait for the market to cycle through the dip. Meanwhile, demand a break on property taxes.
Typical entitlement mentality. Now someone else should foot the bill for their buying a 100% financed home with an exotic mortgage in a falling market.
$870,000 for that house? You could score something like that for 1/4 the price on the east coast. I can see appraisers in that area getting their butts chewed by the loan officers and realtors when appraisals start coming in significantly below sales prices.
Democrats in Congress will have a plan for dealing with this.
You could see this coming from a mile away.
Remember the old saw about the stock market? "In every transaction there's a buyer and a seller ... and they both believe they got a good deal."
New homebuyers like us, on the other hand, are doing just fine, thank you. We're closing on a house this week at $10,500 under appraisal on a fixed 6.5% mortgage. The seller is selling below his cost, but that's not our problem, is it? [Our local market is far below either coast, so $10,000 under appraisal is a pretty good deal.]
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Toll Brothers hasn't dropped prices in NJ. In fact, they have increased the prices from $500,000 to $800,000 in the last 3 years.. On the same models in the same towns...
for later
Moral of this story,if you've got money to buy a house,DO NOT BUY WHEN INTEREST RATES ARE LOW. Sit back wait till they go up,the higher the better and save abot 100-200k on the purchase.Pay the higher rates till the goofball Federal Reserve starts dropping rates because for some reason they never seem to be able to leave them alone,and refinance at the lower rate !!!
Just ouch!
Prices in New York are rising again, because (a) it's New York, (b) inventory levels finally dropped off due to the balance shifting to rental unit development.
So a small development had to lower prices to sell their last few homes. That's hardly a story of national significance.
ROTFLM*O!!!! What a scare!!! Oh my! Guess the doom-and gloom mongers need work, hahahaha!
ROTFLM*O!!!! What a scare!!! Oh my! Guess the doom-and gloom mongers need work, hahahaha!
Owning is still better than renting ....