It's the weather! (Yeah right. Arizona, Nevada, Florida, California, New Mexico, Utah, Portland, Denver, Georgia, Kentucky, and Tennessee have such awful weather)
agreed...there will be some small pops from investors who worry that the market has bottomed and jump in too quick ( im wrestling with that right now!)...but over all.....another year of pain to come.....FWIW...a home on the other side of me is now listed for 439k!...its 5 bedrooms,4 baths, 3car garg. pool and spa....and is on a world class golf course that use to have pga tournaments on it!!! 2 years ago they were going for 600k+....balloooooooon payments make people do drastic things
There is a house for sale up the street that was just built about 2 yrs ago. I know that it sold for $675k new (its not on the lake or park), so it will be interesting to see what they are asking now and what it goes for. On the one hand, I hope they get a good price for it because it makes mine worth that much more, but I think they will be very lucky to break even, especially taking into consideration realtor fees, etc.
LOL...Ah Come on now...cut em some slack....I think what happened is that alot of people try to predict a bottom just like the stock market and keep that mentality of " it can't go any lower then here right"??? there is a false assumption that at some point buyers will come in like clock work and save the day
Well, I don't know if I agree that it is "senseless" to believe that home prices will increase. Historically, on a decade by decade view, home prices have increased in every nook and cranny in the US since probably the turn of the 20th century, To say that home prices will continue to increase (while maybe not in the very near future) would be a historically accurate statement. I wouldn't bet on home prices increasing in the near term as we are just now witnessing the real estate bubble's bursting... -HedgefundJim
The bottom which many thought took place in 2006 then again in 2007 and 2008 wont take place for many more years, this bubble is still bursting, still has a long way to go, foreclosures have yet to peak and more ARMS are resetting this year and 2009. Expect 5 million foreclosures by the end of 2008. I think the housing industry is going to have years of inventory rather than months. Housing prices still haven't found a bottom, I think 25-30% drop in housing prices over the next 2-3 years is possible.