House prices to drop 20%, says news article

Discussion in 'International Current News & Events' started by gypsysue, Jul 14, 2011.

  1. gypsysue

    gypsysue The wanderer

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  2. IrritatedWithUS

    IrritatedWithUS Well-Known Member

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    I saw that. Wish I had some money.

    Gold is almost $1,600 an ounce and silver almost $40 again. It'll be $2,000 an ounce and $60-$80 soon
     

  3. Meerkat

    Meerkat Seeking The Truth

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    Seems its bad news for all.Even if ou are looking to buy a home,it won't be safe anywhere if the bottom falls out.

    Time to start having neighborhood watch meetings.We use to have them a long time ago.The police will set them up,come to the meetign and talk to all who attend.or just call oen of your own.
     
  4. BillS

    BillS Well-Known Member

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    Housing prices will continue to drop as people's unemployment runs out and they can't make their mortgage payments.

    I think falling housing prices are clearest indicator that our economy is getting worse.
     
  5. IrritatedWithUS

    IrritatedWithUS Well-Known Member

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    My house went from $260,000 in value to $118,000 (after a $50,000 remodel) last year. Really sad times!
     
  6. gypsysue

    gypsysue The wanderer

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    "Ouch"! I've been reading so many stories where people who tried to sell before foreclosure couldn't even get enough to pay off the mortgage. What an awful situation to end up in. I hope you've still afloat, equity-wise. Wow, that's a big drop in value, Irritated.
     
  7. gypsysue

    gypsysue The wanderer

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    Last week the article about house prices to drop 20% and now this week:

    High cancellations depress homes sales - Yahoo! News

    Do ya thinK?

    If I was considering buying a home and heard that house prices were going to drop, I'd probably wait to buy. I know some of the home sales in this article referred to June and included people who backed out of contracts to buy condominiums. But still...

    Banks aren't being too generous with loans these days either.
     
  8. slick

    slick Active Member

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    its the best time in the world to buy a home now because you can get a loan at the cheapest interest rates you will ever see, I have been pre approved for 15 year fixed at 3.8% and the banks are giving the loans as long as you have good credit and you can sell your home and not under water in it.. The property I am looking at I could not afford before because it was over $500,000 and now its $210,000 and I have three of these properties lined up in case one of them falls thru so I say get out there and buy your dream home before the bottom falls out and the interest rates go up, good luck.. Cya Slick
     
  9. Clarice

    Clarice Well-Known Member

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    Funny thing I was thinking yesterday when I read this article. My property taxes haven't gone down. No one from the assessor's office has come to re-appraise my home. Still paying same taxes as I did 6yrs ago when we purchased. Things that make you go hmmmm.
     
  10. Calebra

    Calebra Well-Known Member

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    True market value on properties is already way under that. They're talking about appraisal value not what you can sell it for. And it will keep on going down--their is really nothing there now to stop the process--the economy is collapsing and so must the house market.
     
  11. stayingthegame

    stayingthegame Well-Known Member

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    pay taxes on the square footage here so it doesn't matter what you paid they charge you at 100 + dollars per square foot. or what you paid.
     
  12. TheAnt

    TheAnt Aesops Ant (not Aunt)

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    I feel for you... im in the same boat (though smaller). My house went from 145k to probably 80k after 15-20k (material only) in improvements.

    Add to that I really would like to move and purchase land -- its ugly. On another note, rents are going up as well which means that I should be able to rent it for close to (and eventually more than) my payments. Ill let someone else pay the damn thing off... just hope they dont trash it (fat chance).
     
  13. It is a different world when it comes to real estate now. Remember the Superman comics, Bizzaro World. What we learned and practiced our whole lives is now upside down. True this is very bad on current homeowners but it is an opportunity for others

    Two weeks ago I came across this place. 2.84 acres-+. Four bedroom, two bath 1999 double wide (I know, double wide). Well and septic and the remains of a small pond. Fenced on two sides and a half mile out of town. The following is not a typo...$34,500. I know huh?

    Bank repo and the house sits on the back of the property. I think I will check into it more...:)

    Tough times, gawd knows I know, but there are some deals out there.