Why buy a home to lose money on it the next day? 19 million homes vacant.

Discussion in 'Economics' started by wilburbear, Feb 3, 2009.

  1. look up melbourne FLORIda on satilite beach area code 32935 good job tho ... 1 mile from the coast 30 min south of orlando ill go take a picture of the house up for sale down the road with my cell tomorrow
     
    #31     Feb 3, 2009
  2. I know this isn't exactly scientific, but I've found these polls very useful for keeping track of what's actually happening. We're already down more than 20% from last year on consumer spending judging from these polls, can't even imagine what it's down from the peak:

    http://www.gallup.com/poll/112723/Gallup-Daily-US-Consumer-Spending.aspx
     
    #32     Feb 3, 2009
  3. Hope you wrote a story on that, maybe turn it into a movie script.
     
    #33     Feb 3, 2009
  4. Sushi

    Sushi

    Must be a total shack. Can't even get a condo in Melbourne For under 70k. See zillow. You gonna be holding da bag on tat investment dude. Next stop 10k.
     
    #34     Feb 3, 2009
  5. dinoman

    dinoman

    Its called Dumb and Dumber!
     
    #35     Feb 3, 2009

  6. :D

    the story gets even better but unfortunately---


    i have issues with people in the movie biz.


    :D
     
    #36     Feb 3, 2009
  7. lol you guys are a harsh crowd huh ill send you pics of the house i bought to its nothing amazing just a reg 3 br 2 bath built in the 50's i thnk but still way nice for 25k if your paying 70k for a condo in melbourne you should just give up on life.. seeing as you cant find a job here... and the amount of foreclosures... them closing down alot of the space coast....
     
    #37     Feb 3, 2009
  8. Notice the pattern. The ratio of new listings and price cuts to contracts signed is significant. This is basically what it has looked like most days in NYC lately.


    MANHATTAN REAL ESTATE DATA

    New Listings
    Price Cuts
    Contracts Signed
    Inventory

    1-day 7-day 30-day
    25 - 577 - 1,685
    40 - 634 - 2,034
    6 - 117 - 305
    9,751 - 9,692 - 9,267

    Courtesy of StreetEasy
     
    #38     Feb 3, 2009
  9. SteveD

    SteveD

    A couple of reality points:

    1. Remember, when you buy real estate you are the guy who agreed to pay the highest price....

    2. Don't assume that amount of mortgages have any thing to do with purchase price....especially in the last 6 or 8 years, LOL

    3. Remember, we are coming off of a huge bubble in some markets....I would be very careful of buying as one gets excited by a 40% drop in price from the "high" but the "high" was an extreme bubble price....real value may be 20-30% below your purchase price.....

    4. I also think the 19 million vacant homes is an extreme number for "shock" value....I really find it hard to believe that 4 million sit empty for rent...they also count 4 million vacation homes, LOL...so a ski lodge in Aspen is "vacant"???? Very one sided and lazy reporting to skew an opinion....

    The 4 million for rent must be investor owned, not bank REO's, and if people are being foreclosed on, where are they going? Why aren't the rental houses doing better???

    Just my opinion

    SteveD
     
    #39     Feb 3, 2009
  10. I have a friend who owns 3 vacation townhouses in an Arizona resort area. Until last year, a company managed them and he just collected his share of the rents every month. I remember him telling me a couple of years ago what a great investment it was and how I should get in on it. Now, the management company has walked away and he is paying the rent on 3 vacant townhouses he can't rent. I understand your point, but I am sure that he "counts" these vacant properties as being his part of the current real estate crisis.
     
    #40     Feb 3, 2009