Can't pay? Just walk away

[Larry Gude (Premo)]

Inventory remains high in our area and we’re not even in the “selling season”.

...suck into '09 because building just started slowing last year, so that has to sell as projections finish, there will be some further depression if illegals leave in significant numbers as these people live somewhere, even if it's a rental. They'll be leaving someone who has a mortgage with no tenant.

But, BUT, people are buying. People are refinancing. Not everyone has zero equity. Not everyone wants to move for what amounts to a temporary problem. As you linked the other day, some of the business is people walking away from the one their in, across the street into the same basic house for $100,000 less at new rates, fixed rates, around 5%.

Real estate is going to be a good buy later this year into next as the bottom is hit and we start back up.

As you say; it's inventory. Supply and demand.

[somdrenter]

Real estate gambling knows no party. Everyone in DC is in favor of this stupid stimuli plan AND in support of bailing each other and their buddies out on those Vegas condo's they're all stuck with.

Absolutely. There are votes to be had and folks with their hand out. Of course, it does not matter to these folks that this package/bailout will probably just make things worse.

[vraiblonde]

...take that bet. Real estate gambling knows no party. Everyone in DC is in favor of this stupid stimuli plan AND in support of bailing each other and their buddies out on those Vegas condo's they're all stuck with.

You missed my point.

All this economic hysteria is very similar to the homelessness hysteria when Bush I was Prez.

The fact is, it's not that bad. And the part that IS bad is the buyer's own fault. But the media picked it up like Summer of the Shark to take a poke at Bush and his "mishandling" of the economy.

Once a new (Democrat) President, takes office, watch how all of a sudden the economy is booming and the housing industry is just peachy.

Watch and see.

[Larry Gude (Premo)]

You missed my point.

All this economic hysteria is very similar to the homelessness hysteria when Bush I was Prez.

The fact is, it's not that bad. And the part that IS bad is the buyer's own fault. But the media picked it up like Summer of the Shark to take a poke at Bush and his "mishandling" of the economy.

Once a new (Democrat) President, takes office, watch how all of a sudden the economy is booming and the housing industry is just peachy.

Watch and see.

People are losing their azz in housing. It is real. It is not made up absurd exaggerations like 3,000,000 homeless dying a year.

I mean, I guess we could define what 'bad' is, but we're dealing with rich and powerful people who will sell a million dollars worth of stock and put someone out of business if it loses 5%.

I think you are right though if we're talking about spin. It will be 'housing crisis help on the way with O'Hillary!'. But it won't be that it's peachy, but that help is coming for the real estate gamblers.

[somdrenter]

Real estate is going to be a good buy later this year into next as the bottom is hit and we start back up.

As you say; it's inventory. Supply and demand.

Now that lending standards have tightened and the catalyst for the housing run up has been removed, what will step in during next six months to prop up prices?

[somdrenter]

The fact is, it's not that bad.

[Larry Gude (Premo)]

Now that lending standards have tightened and the catalyst for the housing run up has been removed, what will step in during next six months to prop up prices?

...months, maybe nothing much, but houses ARE selling. I mean, a 5-10% lower price from two years ago, it sucks for the seller, but, in any kind of decent market, that will come back in 5 years or less.

[vraiblonde]

...

Oh stop. TV news people can find an "expert" who will insist that grass is purple. It doesn't mean it is.

Maybe you'd have more credibility if you were a little less one-sided.

[somdrenter]

...months, maybe nothing much, but houses ARE selling. I mean, a 5-10% lower price from two years ago, it sucks for the seller, but, in any kind of decent market, that will come back in 5 years or less.

Now that lending standards have tightened and the catalyst for the housing run up has been removed, what will step in to prop up prices?


Saint Marys County, MD
From: 12/01/2007 to 12/31/2007

Total Sold Dollar Volume: $ 21,522,006 - 44.12 %
Average Sold Price: $ 316,500 - 13.71 %
Median Sold Price: $ 294,450 - 15.41 %
Total Units Sold: 68 - 35.24 %

[vraiblonde]

I'm curious, Renter, what your motive is in posting this flood of doom and gloom stories. Are you trying to talk people out of homeownership? Do you think NOBODY can afford a home?

What is the point of all this, or is there one at all?