when will the bottom fall out of the housing market?

Originally Posted by Wickedwrench

It's not uncommon to get 30-40K more for your home than advertised now. I've heard of many that sold in less than a day with bidding wars over the contracts.

I can't wait to sell ours. The only problem is that unless you totally move out of this area and to somewhere cheaper, you will get stuck when you buy again.

[kom526]

Originally Posted by Wickedwrench

It's not uncommon to get 30-40K more for your home than advertised now. I've heard of many that sold in less than a day with bidding wars over the contracts.

I'm salivating over the possibilty of a bidding war on my house. We are getting ready to build the dream house, but if all goes well we should only have to finance 40% of the total cost of the build.

Originally Posted by kom526

I'm salivating over the possibilty of a bidding war on my house. We are getting ready to build the dream house, but if all goes well we should only have to finance 40% of the total cost of the build.

That sounds great. Obviously you didn't keep refinancing and cashing out on the equity in your house. Congratulations.

[kom526]

Originally Posted by newtosomd

That sounds great. Obviously you didn't keep refinancing and cashing out on the equity in your house. Congratulations.

We did one re fi in 2000 to do some upgrades (windows, siding, new HVAC) and left it alone. We have been in this place for 10 years so we have seen the market value increase astronomically.

New article from Excite!


WASHINGTON (Reuters) - U.S. housing starts rose in May, but fell shy of expectations, while a separate report on Thursday showed the number of Americans filing new claims for unemployment benefits edged higher.

May housing starts increased 0.2 percent to a 2.009 million unit rate from a downwardly revised 2.005 million unit pace in April, the U.S. Commerce Department said.



http://money.excite.com/ht/nw/bus/20...n16331668.html

Originally Posted by kom526

We did one re fi in 2000 to do some upgrades (windows, siding, new HVAC) and left it alone. We have been in this place for 10 years so we have seen the market value increase astronomically.

I can only imagine! That's great for you. We did a re-fi, but didn't cash out! We've also been doing bi-weekly payments which has allowed us to gain a little more equity.

Does "multi-family" mean condos, apartments, etc? Just curious. That could be an indicator of a fall off in real estate investors.

"Single-family housing starts rose 4.7 percent to a 1.704 million unit pace in May while multifamily starts dropped 19.3 percent to a 305,000 unit pace, the Commerce Department said."

"Permits for future groundbreaking, an indicator of builder confidence, fell 4.6 percent to a 2.050 million unit pace. The drop was the largest monthly decline since June 2004 and exceeded forecasts for a 2.1 percent dip."

[Schizo]

Originally Posted by newtosomd

Does "multi-family" mean condos, apartments, etc? Just curious. That could be an indicator of a fall off in real estate investors.

"Single-family housing starts rose 4.7 percent to a 1.704 million unit pace in May while multifamily starts dropped 19.3 percent to a 305,000 unit pace, the Commerce Department said."

"Permits for future groundbreaking, an indicator of builder confidence, fell 4.6 percent to a 2.050 million unit pace. The drop was the largest monthly decline since June 2004 and exceeded forecasts for a 2.1 percent dip."

Yes

Thank you!

[ceo_pte]

It's crazy in Waldorf. My wife and I bought our house 2 years ago(August), and now we can sell for at least 130K more than what we paid for it. Probably more! I am thinking of refinancing b/c I saw some rates the other day at 5%. Anyone refinanced in the last few weeks? What type of rate/lender did you use?