I bought my house during the peak of 2005 in a suburb outside of Detroit for 125,000......I still owe 90,000 on it and its worth only 70,000 now....talk about getting screwed....had I just waited another 3 years like now to buy, I could have bought something much better....so many forclosed homes now in the area...people just letting them go and moving out of this state...I have my house up for sale and willing to take a loss....but Its not going to sell...hell, it probably wouldnt sell for 50,000 at this time right now...I have a credit score of 720 but Im thinking about walking away from it...I want to move to Las Vegas....I have a job that I can transfer....but I dont know how bad it would be on my credit if I let it go...I was thinking of doing that and then putting the next house in my wifes name and I would take the credit hit...but I dont know if I could morally do it...Im never late on any of my bills let alone having a house go into forclosure....so I will probably just stay here unless the house somehow sells....
Gasm~
Gasm~
I don't feel sorry for the people who were buying houses just to flip for a profit, sorry guys that's business.
But if you bought a house and it's worth less than you paid for it, who cares as long as you and your family have a place to live and build some memories. I'm sure in 20 years what you paid won't matter.
But if you bought a house and it's worth less than you paid for it, who cares as long as you and your family have a place to live and build some memories. I'm sure in 20 years what you paid won't matter.
Im in Hazel Park.....everything happend so quick with me...if I was still single I wouldnt care...but I ended up getting married and having a baby....the house is just too small. I didnt realize how much shit a woman can have when she moves in....lol....+ the baby....and I dont want any sympathy, Im just saying I bought at the wrong time....had I didnt buy and just had an apartment, I would be in good shape...as far as selling the house and bringing money to closing, I would have to do that...but there is only so much of a beating I can take....Im willing to lose $40,000 but not anymore than that....I should ask, whats more important.....selling the house and losing 60-70,000 and keep my credit score good.....or keeping 70,000 and having a shitty credit score....I have a feelin I could build a credit score a lot faster than I could build 70,000......just tough economy right now...and at least my job is secure....which is a plus in this shithole area I live in...
Gasm~
Where are the Las Vegas real estate bulls such as WC Bias nowadays to defend their former opinions about the topic?
67% of LV homeowners have homes worth less than whats owed on the mortgage.
48% of Reno has a similar situation and its 4th on the list LV is #1.
Fishhead, are you still waiting to buy and how do things look these days in Pinellas County?
http://www.fox5vegas.com/news/19411716/detail.html
hno:
67% of LV homeowners have homes worth less than whats owed on the mortgage.
48% of Reno has a similar situation and its 4th on the list LV is #1.
Fishhead, are you still waiting to buy and how do things look these days in Pinellas County?
http://www.fox5vegas.com/news/19411716/detail.html
hno:
How about this classic post tiznow?
<table id="post2100829" class="tborder" width="100%" align="center" border="0" cellpadding="6" cellspacing="0"><tbody><tr><td class="thead" style="border-style: solid none solid solid; border-color: rgb(253, 222, 130) -moz-use-text-color rgb(253, 222, 130) rgb(253, 222, 130); border-width: 1px 0px 1px 1px; font-weight: normal;">
08-09-2005, 12:01 AM <!-- / status icon and date --> </td> <td class="thead" style="border-style: solid solid solid none; border-color: rgb(253, 222, 130) rgb(253, 222, 130) rgb(253, 222, 130) -moz-use-text-color; border-width: 1px 1px 1px 0px; font-weight: normal;" align="right"> #69 </td> </tr> <tr valign="top"> <td class="alt2" style="border-style: none solid; border-color: -moz-use-text-color rgb(253, 222, 130); border-width: 0px 1px;" width="175"> NoTax <script type="text/javascript"> vbmenu_register("postmenu_2100829", true); </script>
I win every year!!!!!!!!!!
Join Date: Sep 2004
Location: A world where no taxes exist
Posts: 737
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<hr style="color: rgb(253, 222, 130); background-color: rgb(253, 222, 130);" size="1"> <!-- / icon and title --> <!-- message --> Personally I think that housing in certain areas like California are undervalued. I personally think that many people will be priced out of the state. It is the best state in the country.
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I win every year!!!!!!!!!!
Join Date: Sep 2004
Location: A world where no taxes exist
Posts: 737
</td> <td class="alt1" id="td_post_2100829" style="border-right: 1px solid rgb(253, 222, 130);"> <!-- icon and title -->
<hr style="color: rgb(253, 222, 130); background-color: rgb(253, 222, 130);" size="1"> <!-- / icon and title --> <!-- message --> Personally I think that housing in certain areas like California are undervalued. I personally think that many people will be priced out of the state. It is the best state in the country.
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The beauty of this thread.......
......is it was started at the absolute peak of the market
Unbelievable as it is, still seeing some bullishness out there in the sector. The first round of wannabe investors have capitulated, the second round of them should be close to going broke too. Should be a third and final round of investors who buy in the next year or so. Once they go broke and you start hearing the realtors and talking heads turning ultra-bearish, that will be a good bet the market has bottomed
......is it was started at the absolute peak of the market
Unbelievable as it is, still seeing some bullishness out there in the sector. The first round of wannabe investors have capitulated, the second round of them should be close to going broke too. Should be a third and final round of investors who buy in the next year or so. Once they go broke and you start hearing the realtors and talking heads turning ultra-bearish, that will be a good bet the market has bottomed
This post should be referred to as swiss cheese.
<table id="post4339438" class="tborder" width="100%" align="center" border="0" cellpadding="6" cellspacing="0"><tbody><tr><td class="thead" style="border-style: solid none solid solid; border-color: rgb(253, 222, 130) -moz-use-text-color rgb(253, 222, 130) rgb(253, 222, 130); border-width: 1px 0px 1px 1px; font-weight: normal;">
08-01-2007, 02:07 PM <!-- / status icon and date --> </td> <td class="thead" style="border-style: solid solid solid none; border-color: rgb(253, 222, 130) rgb(253, 222, 130) rgb(253, 222, 130) -moz-use-text-color; border-width: 1px 1px 1px 0px; font-weight: normal;" align="right"> #216 </td> </tr> <tr valign="top"> <td class="alt2" style="border-style: none solid; border-color: -moz-use-text-color rgb(253, 222, 130); border-width: 0px 1px;" width="175"> WC Bias <script type="text/javascript"> vbmenu_register("postmenu_4339438", true); </script>
RX Wizard
Join Date: Sep 2004
Posts: 8,317
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<hr style="color: rgb(253, 222, 130); background-color: rgb(253, 222, 130);" size="1"> <!-- / icon and title --> <!-- message --> The "hissing bubble" is just another word for correction. I'm sorry, we are not headed for another depression because of a correcting market that got overheated with a very small number (in relation to actual home owners) that played with monopoly money. tThe vast majority of homeowners can and will continue to make their paymen, despite what happens to their equity. Just like the housing recession before, and the one before it. At the end of the day, the home they bought 30 years ago is worth hundreds of thousands more than when they bought it.
You can research real estate cycles and trends for the past hundred years. It will take a total collapse of the economy before real estate becomes a bad investment long term...and even then it will rise from the ashes.
As long as people are working and can afford their payment, they are not going to leave their home just because they have lost their equity, or worse, are upside down. Unemployment is a far bigger threat than rising interest rates. Again, the number of "investors" trying to make a quick buck is a marginal figure compared to long-term homeowners. Many of those investors are already out of the game, or are in the process of losing their ass as we speak (I know a guy with 27 homes all going back to the bank)
By the way, I've read completely contradictory data to that cited in Post 55. The sky is hardly falling in San Diego. I lived through the last recession and this one has a long way to go before it reaches the bottom in that city. I remember the chicken little stories well and how there had never been outmigration ever in the city and that there was a major oversupply of housing there. It took four years to rebound and when it did, prices averaged at least 10% growth for 10 years. It is an insulated market...at worst there is a price correction, and so far the correction has been minimal. San Diego has always been at the top of the least affordable index for a reason, people will always want to live there, only more so if and when prices drop.
As for Las Vegas, there is a rebound effect in any growing housing market when it comes to inventory. When you are building 5,000 new homes per month, there is a real good chance you are going to be hit with an oversupply of housing when the engine slows....and here we are. Regardless, the city continues to generate new jobs, and your average joe with a hammer is making at minimum $60,000, that makes it real easy to afford a $250,000 to $300,000 home. I expect another 20% to 30% price correction....At the end of the day I'm still over what I paid for the house, and when the market emerges prices will increase again.
Bubble...correction...call it what you want. The real estate market was due to decline and will continue to do so for a few more years. I expected it a few years before it really started.
At some point the correction will end and prices will rise well above what we see today. People still bought houses when interest rates were double digits, some near 20%...prices still rose. We are in a down cycle, but the sun will shine again. We as a people are always going to not only want, but need a place to sleep at night, to keep our shit. You can't sleep on a bond or a stock dividend.
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RX Wizard
Join Date: Sep 2004
Posts: 8,317
</td> <td class="alt1" id="td_post_4339438" style="border-right: 1px solid rgb(253, 222, 130);"> <!-- icon and title -->
<hr style="color: rgb(253, 222, 130); background-color: rgb(253, 222, 130);" size="1"> <!-- / icon and title --> <!-- message --> The "hissing bubble" is just another word for correction. I'm sorry, we are not headed for another depression because of a correcting market that got overheated with a very small number (in relation to actual home owners) that played with monopoly money. tThe vast majority of homeowners can and will continue to make their paymen, despite what happens to their equity. Just like the housing recession before, and the one before it. At the end of the day, the home they bought 30 years ago is worth hundreds of thousands more than when they bought it.
You can research real estate cycles and trends for the past hundred years. It will take a total collapse of the economy before real estate becomes a bad investment long term...and even then it will rise from the ashes.
As long as people are working and can afford their payment, they are not going to leave their home just because they have lost their equity, or worse, are upside down. Unemployment is a far bigger threat than rising interest rates. Again, the number of "investors" trying to make a quick buck is a marginal figure compared to long-term homeowners. Many of those investors are already out of the game, or are in the process of losing their ass as we speak (I know a guy with 27 homes all going back to the bank)
By the way, I've read completely contradictory data to that cited in Post 55. The sky is hardly falling in San Diego. I lived through the last recession and this one has a long way to go before it reaches the bottom in that city. I remember the chicken little stories well and how there had never been outmigration ever in the city and that there was a major oversupply of housing there. It took four years to rebound and when it did, prices averaged at least 10% growth for 10 years. It is an insulated market...at worst there is a price correction, and so far the correction has been minimal. San Diego has always been at the top of the least affordable index for a reason, people will always want to live there, only more so if and when prices drop.
As for Las Vegas, there is a rebound effect in any growing housing market when it comes to inventory. When you are building 5,000 new homes per month, there is a real good chance you are going to be hit with an oversupply of housing when the engine slows....and here we are. Regardless, the city continues to generate new jobs, and your average joe with a hammer is making at minimum $60,000, that makes it real easy to afford a $250,000 to $300,000 home. I expect another 20% to 30% price correction....At the end of the day I'm still over what I paid for the house, and when the market emerges prices will increase again.
Bubble...correction...call it what you want. The real estate market was due to decline and will continue to do so for a few more years. I expected it a few years before it really started.
At some point the correction will end and prices will rise well above what we see today. People still bought houses when interest rates were double digits, some near 20%...prices still rose. We are in a down cycle, but the sun will shine again. We as a people are always going to not only want, but need a place to sleep at night, to keep our shit. You can't sleep on a bond or a stock dividend.
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</td></tr></tbody></table>Fishhead, have you bought anything yet? Not your typical wishy-washy maybe it will bottom soon maybe it hasnt bottomed yet post. Yes or no.
A pretty good video from youtube.
tiznow, here is a video about commercial re in cali and likely similar scenes in many parts of the nation.
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A pretty good video from youtube.
tiznow, here is a video about commercial re in cali and likely similar scenes in many parts of the nation.
<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/AnFG1-AgFYg&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowScriptAccess" value="always"></param><embed src="http://www.youtube.com/v/AnFG1-AgFYg&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="425" height="344"></embed></object>
Woofdaddy - there are far worse jobs than selling commercial real estate, not sure what they are though. Great video. It has been like that in Grand Rapins, Kalamazoo, and South Bend for the last 3-5 years with no end in sight. Why would retail get better when you can buy the same stuff on Amazon?
There is a real glut of condos I see now. Everything is getting converted to them. Unless you can get something at an auction or a foreclosed price, why would anyone buy?
There is a real glut of condos I see now. Everything is getting converted to them. Unless you can get something at an auction or a foreclosed price, why would anyone buy?
