Housing Cool-Down?

[ylexot]

Existing home sales lowest since January 2004

The pace of existing U.S. home sales fell more than expected in July as a measure of the supply of unsold homes was the highest in over 13 years, signaling a deepening housing sector downturn, a trade group report showed on Wednesday.

Existing Home Sales Drop in July

The inventory of unsold homes in July rose to a record high of 3.86 million. At the current sales pace, it would take 7.3 months to exhaust that overhang. That is the longest period to exhaust the supply of home since the spring of 1993.

 

[Toxick]

All would-be home buyers are saving their pennies to pay for gasoline.

 

[SamSpade]

Dumb question, I know, but - I'm going to get a second mortgage soon. Does a housing slowdown translate into smaller amounts I can borrow? My guess is that it does, because I'd be borrowing against its value today, and if that value drops, so does the upper limit against which I can borrow.

 

[Magnum]

Prime time to buy a house because none are selling and prices are dropping. I'm still looking for a place. Trying to find a shack on a few acres

 

[GeezLouise]

Prime time to buy a house because none are selling and prices are dropping. I'm still looking for a place. Trying to find a shack on a few acres

Mine is up for sale! Only 1/2 acre though.

 

[Magnum]

Mine is up for sale! Only 1/2 acre though.

I might just try to pick up 5 acres somewhere and build my own house. I'm relly not sure yet. I need something bu not sure what I want yet

 

[CMC122]

I might just try to pick up 5 acres somewhere and build my own house. I'm relly not sure yet. I need something bu not sure what I want yet

Good luck

There's a 4 bedroom colonial on 3 acres over here by me Been on the market for a while and just recently had the price dropped.......

 

[FastCarsSpeed]

See thats the problem... People are valuing their houses way above the market thinking they are still gaining 20% a year in value. In this area houses under 300 seem to be selling at a normal rate but these people trying for over 300-450 are having a hard time selling their homes.

Im sure the interest rates arent helping out at all on this.

 

[somdrenter]

Prime time to buy a house because none are selling and prices are dropping. I'm still looking for a place. Trying to find a shack on a few acres

Not quite prime time yet, prices are sticky on the way down. I'd give it a few months at least. However, you should not be paying closing cost at this time. The D.C. market saw negative year over year (YOY) median and average prices for the month of July, Southern Maryland will probably lag this indicator by a few months. St. Mary’s saw a total sold dollar volume decline of -22.48 % YOY.

http://www.mris.com/reports/stats/index.cfm

 

[Chasey_Lane]

Good luck

There's a 4 bedroom colonial on 3 acres over here by me Been on the market for a while and just recently had the price dropped.......

Really? How much?

 

[CMC122]

Really? How much?

Hmmmm I wanna say another 20k...... You'd be in walking distance for cosmo's

 

[jazz lady]

Hmmmm I wanna say another 20k...... You'd be in walking distance for cosmo's

And a whole lot of other stuff. :fullystockedbar:

 

[kom526]

My mortgage guy is expecting the rates to get near 6% within the next 2 months. I locked in @ 6.375 for 30 days, but this is for what will amount to a re-fi on a construction loan.

 

[buddy999]

Dumb question, I know, but - I'm going to get a second mortgage soon. Does a housing slowdown translate into smaller amounts I can borrow? My guess is that it does, because I'd be borrowing against its value today, and if that value drops, so does the upper limit against which I can borrow.

I think you're right.

It stands to reason that if you have $100,000 equity in a house and the value of the house drops $50,000, you'll only be able to borrow up to $50,000, which would be the equity still left in the house.

The best thing to do would be to contact a mortgage loan expert.

 

[CMC122]

And a whole lot of other stuff. :fullystockedbar:

Yeah baby

 

[DoWhat]

Hmmmm I wanna say another 20k...... You'd be in walking distance for cosmo's

What's the asking $$ fot that house?

 

[DoWhat]

And a whole lot of other stuff.

And me as a neighbor.

 

[CMC122]

What's the asking $$ fot that house?

$359,000

 

[Magnum]

So yep I'm thinking I should try to sell some of my toys. This will help out for a down payment and make less stuff I have to find room for. I'm thinking Since I have only taken my boat out once that should go. Also other than starting up and running up and down the street a few times I have not done a thing with my 55. I should sell them then I have more options of where I could go.

 

[jazz lady]

And me as a neighbor.

And the housing prices just plummetted because of that.