Dear folks who wish you owned your own home

[glhs837]

You're funny!

they'll do the same thing they did to my house i just bought. appraise it for 30k more than i paid for it.

Only 30? Mine is 60K over

 

[somdrenter]

Home sales during housing bust worse than thought

By Les Christie @CNNMoney December 21, 2011: 10:29 AM ET
NEW YORK (CNNMoney) -- Existing home sales during the housing bust were actually 14.3% worse than previously reported, a revision to Realtors' group numbers shows.

On Wednesday, the National Association of Realtors (NAR) revised home sale counts back to 2007 due to flaws in their original data analysis.

Home sales during housing bust worse than thought - Dec. 21, 2011

 

[somdrenter]

Foreclosure sales still pummeling home prices

By Les Christie @CNNMoney December 21, 2011: 10:15 AM ET

NEW YORK (CNNMoney) -- Nearly five years into the crisis, foreclosures are still weighing heavily on home prices.

A whopping 46% of homes sold in November were either short sales or REOs -- as homes repossessed by lenders are called, according to a survey by Campbell/Inside Mortgage Finance.

One problem: Distressed homes sell for a lot less than homes sold by conventional sellers. The average price for a short sale (when borrowers owe the bank more than their homes are worth) was $209,000 in November. For a regular sale, the average was about $259,000.

The numbers are even worse for REOs, which averaged about $190,000 for properties in move-in condition.

Foreclosure sales still pummeling home prices - Dec. 21, 2011

 

[Merlin99]

Foreclosure sales still pummeling home prices - Dec. 21, 2011

Why is this bad? It's getting prices back to the reasonable range.

 

[Baja28]

Why is this bad? It's getting prices back to the reasonable range.

besides, why do I care? My house has been paid for. When I sell and move south in 15 years, I'll be livin large and renters will....... still be renting.

 

[Beta84]

Why is this bad? It's getting prices back to the reasonable range.

Exactly. Prices might be low, but in this area they're still relatively high compared to what they're worth. In other areas I could take 200k and get a REALLY nice place with some property. Here? I'd be lucky to get a townhouse in an average neighborhood.

 

[Gilligan]

Exactly. Prices might be low, but in this area they're still relatively high compared to what they're worth. In other areas I could take 200k and get a REALLY nice place with some property. Here? I'd be lucky to get a townhouse in an average neighborhood.

? Housing prices have always been very senstitive to geographic/demographic factors. I could buy a killer estate in rural south VA where my sister lives for half what my property here is worth. Could I earn even half of what I do here? No..and neither can most anyone else. Hence we've just identified one of the key factors affecting housing values.

That said..can't wail until I retire. Zoom!..I'll be headed for "cheap property" country, you can bet.

 

[somdrenter]

besides, why do I care? My house has been paid for. When I sell and move south in 15 years, I'll be livin large and renters will....... still be renting.

Heck Mike, with prices attempting to come back to a reasonable range of affordability, maybe more folks will see your under $800 mortgage payment and have the discipline to pay it off in 10 years.

 

[Baja28]

Heck Mike, with prices attempting to come back to a reasonable range of affordability, maybe more folks will see your under $800 mortgage payment and have the discipline to pay it off in 10 years.

I don't have a mortgage. Paid it off a couple years ago. But that is exactly what I did. This is why I was an opponent of renting.

 

[CrashTest]

Why is this bad? It's getting prices back to the reasonable range.

Correct. The only way rising home values are good is if YOUR home is only one going up in value. If they're all going up, then it's meaningless.

 

[somdrenter]

I don't have a mortgage. Paid it off a couple years ago. But that is exactly what I did. This is why I was an opponent of renting.

I thought we had established that you paid it off in 10 years and your (then) mortgage of under $800 was perhaps not indicative of an over inflated housing market?

 

[somdrenter]

Home prices fall to 2002 levels

NEW YORK (CNNMoney) -- The housing market started off the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.

The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets.


Home prices have fallen a whopping 34.4% from the peak set in July, 2006.

Home prices hit a 9-year low - Mar. 27, 2012

 

[Baja28]

Home prices hit a 9-year low - Mar. 27, 2012

Rents continue rising nationwide, while hard-hit home values keep declining, according to real-estate website Zillow.
A Rising Tide Lifts Rents, Sinks Home Values - Developments - WSJ

March 13, 2012|By Alejandro Lazo, Los Angeles Times
Home prices are tumbling to fresh lows, but new data show the rental market is on an upswing, an early indicator that housing may be headed into recovery.
Rising rents may signal a housing market recovery - Los Angeles Times

Unlike home prices, rents have been rising, up 2.4 percent in January from a year earlier, according to recent data, not adjusted for inflation, released by the Labor Department. http://www.nytimes.com/2012/02/25/b...partment-landlords-market.html?pagewanted=all

 

[Dakota]

Home prices hit a 9-year low - Mar. 27, 2012

2002 levels are actually better than I expected. :shrug:

I think 10-15-20 year mortgates are a good idea.... 30 years is just too long, IMO.

 

[Namikazenaru]

2002 levels are actually better than I expected. :shrug:

I think 10-15-20 year mortgates are a good idea.... 30 years is just too long, IMO.

If you are disciplined thoguh you can still pay off a 30 year loan in 15-20. I ended going with a 30 year loan so if something big comes up I can pay the 30 year payment and as long as things are goign well I can pay double.

Mortgage rates low, house prices are low, rent is going up (especially around here)

For the price of an apartment you can own the same amount of sq ft for even less.

 

[Blister]

This thread was started in 2007. Stating that tyou were stupid if you didn't buy then. I'd be willing to bet that the OP is a realtor or someone with properties to sell.

 

[Chasey_Lane]

I'd be willing to bet that the OP is a realtor or someone with properties to sell.

 

[glhs837]

This thread was started in 2007. Stating that tyou were stupid if you didn't buy then. I'd be willing to bet that the OP is a realtor or someone with properties to sell.

I'll take that bet OP is our very own Vrai, who, is not a realtor.

 

[blazinlow89]

We are up for lease renewal on our apartment, looking back we have spent over $24k on a one bedroom apartment. This is ridiculous, we are very likely not renewing the lease.

 

[Namikazenaru]

We are up for lease renewal on our apartment, looking back we have spent over $24k on a one bedroom apartment. This is ridiculous, we are very likely not renewing the lease.

if that's for a year. holy $hit. That's about the mortgage with no down payment on a $330,000 house.