where i live in wv, i dont think their will be a change in real estate....nothing going up or down....pretty much just staying the same.....since the recent fall in other parts of the country, wv has remained pretty stable with no change...
but i have looked for some beach property....it looks like it fallen a good amount.....im thinking it will fall some more....
Still in my Treehouse haha. I wish I had a book written about me making billions off the housing crash like Paulson. Instead I sit and watch the debacle as it grounds slowly lower and lower....If and when I buy it won't be the bottom, just out of need as I have a family now and I only ever wanted a small house....Good to see this thread alive and well 6 years later.
DAWOOF GIVING ME way TO MUCH CREDIT.............
Recall in 2006-07 him stating that one will know when the housing market has hit rock bottom and that will be when I purchase my next house..............for the record, that time has not come yet, but it's getting close.
Think we are headed down in most areas of the country over the next 12 months, not much, but still down.
NEW YORK (CNNMoney) -- In an off-hand remark before cameras and microphones, economist and housing market guru Robert Shiller opined earlier this year that he would not be shocked if there was another 10% to 25% in the nation's home price plunge -- and he's not backing down from that statement.
At a S&P Housing Summit in New York, Shiller on Thursday reiterated his fears of falling home prices. It's not a forecast, he said, just a comment on his understanding of housing market trends.
He explained that speculative markets, like stocks or commodities, act like random walks. They go up and down all the time. Housing market direction tends to be more consistent.
"I worry that this is a real and continuing downturn, like in Japan," Shiller said. "It had a boom in the 1980s that peaked in 1991. Prices declined in the major cities for 15 straight years after that."
The U.S. housing market is hard to predict because the boom and bust it went through was unique. Shiller has studied historical price data back to the 1890s and found nothing like it.
"This is the biggest housing boom and bust in U.S. history," he said. "The bubble was unique. "That makes it impossible for statisticians to forecast because they deal with things that repeat themselves. You see a pattern and expect it to repeat."
At a S&P Housing Summit in New York, Shiller on Thursday reiterated his fears of falling home prices. It's not a forecast, he said, just a comment on his understanding of housing market trends.
He explained that speculative markets, like stocks or commodities, act like random walks. They go up and down all the time. Housing market direction tends to be more consistent.
"I worry that this is a real and continuing downturn, like in Japan," Shiller said. "It had a boom in the 1980s that peaked in 1991. Prices declined in the major cities for 15 straight years after that."
The U.S. housing market is hard to predict because the boom and bust it went through was unique. Shiller has studied historical price data back to the 1890s and found nothing like it.
"This is the biggest housing boom and bust in U.S. history," he said. "The bubble was unique. "That makes it impossible for statisticians to forecast because they deal with things that repeat themselves. You see a pattern and expect it to repeat."
i'm closing on a house friday and the process has been a horror story from the start...the amount of documentation and other asinine shit i've had to deal with is enough to make my head explode....not only is nobody willing to catch a falling knife, not only is nobody able to get credit...but if you are able to run the credit gauntlet and have the balls to buy now you still have to face a TSA-esque strip search of your finances and financial history...i personally feel the housing market is screwed for a LONG time....i do NOT expect to make any money in the future by being a homeowner...
low rates and a haircut in homeprices isn't sparking any interest...that means we need even lower rates and even lower prices...this winter the housing market is gonna have the life of a freaking crematory
low rates and a haircut in homeprices isn't sparking any interest...that means we need even lower rates and even lower prices...this winter the housing market is gonna have the life of a freaking crematory
It's nowhere near as ridiculous as foreigner want to buy a house over here. My friend bought a house for his daughter who goes to school in Houston, the process was insane.
US should have done what Canada, Australia and New Zealand have been doing-easing immigration law and make it easier for foreigners to own properties in the US. Asian saving rate is 50% and they do not trust their commie gov, especially Chinese and Vietnamese. All they want is to buy a house and to raise family here. The would bring in cash and the local can collect tax on the property, it's a win-win for everyone. But NO NO NO AND NOOOOOOOOO, anyone with that much cash must be associate with terrorist.
US should have done what Canada, Australia and New Zealand have been doing-easing immigration law and make it easier for foreigners to own properties in the US. Asian saving rate is 50% and they do not trust their commie gov, especially Chinese and Vietnamese. All they want is to buy a house and to raise family here. The would bring in cash and the local can collect tax on the property, it's a win-win for everyone. But NO NO NO AND NOOOOOOOOO, anyone with that much cash must be associate with terrorist.
A very knowledgeable and successful Realty person stated that now is absolutely the time to buy. 2 bedroom condos near the Loop in Chicago are renting for $2800 well above historic levels. These same condos can be purchased where the monthly payments including all escrows would be near $1800 to $1900. He says Banks are going to ease shortly and this is where buying will be encouraged. At that time he says interest rates will have bottomed and a recovery will begin. He says this phenomenon has never occurred in history.
You may miss out and kick yourself. This ratio of renting and buying with monthly payments cannot continue for long. Renters aren't gonna pay a dime more on renting when they can buy. It is true the Realty expert noted that there are held back foreclosures that will enter the market but Banks are slowly bringing the remaining that are left forward. This could take as long as a year BUT this fact is factored in for the most part and shouldn't have too dire an effect on prices dropping too much this point forward. Once the ball gets rolling 4% interst rates will be long gone. Don't wait til Sunday to bet Sunday's games, bet them on Monday or Tuesday befor line changes against you.
