Posted on 09/25/2006 8:41:42 AM PDT by GodGunsGuts
I don't have any difficulty passing on it, I already live in paradise.
By the way, locally, I've seen properties drop over $100K so far this year (20%+).
In my Sunday paper, there were several articles about people dropping house prices and still not selling. These people interviewed were quoted as saying they've dropped their prices anywhere from $40K to over $100K and still haven't sold.
There was a large article about condo-conversions, and how the developers have had to put the properties back to rentals since they couldn't sell them
Then there were ads from the large home builders, that actually listed new properties for sale. In these ads they actually listed the original asking price and then the amount of each price reduction, trying to tempt buyers. These reductions listed averaged $40,000, but several were higher, with one reduction of $100,000.
I'd say there's a lot of evidence of more then a brief "price correction".
Not everything. But gold should comprise about 5-10% of your portfolio, just in case.
I don't pray for anything, I just use available information.
I've always wanted to visit Texas. One of these days...
You said you hope there is another depression so you can profit from the misery of others. More than once you have said this.
Just keeping you posted.
A fall in, or discount of, listing price is not a drop in value.
Conservatives are welcome anytime!!! Enjoy!!
A drop in the rate of appreciation is NOT a drop in price? Geeeez.
That's as disingenuous as the democrats saying that CUTS in the RATE of INCREASES in social spending is a CUT in spending.
That's not only disingenuous, it is dishonest--just like the title of this article.
Sure do, just biding my time.
Exactly. More like overly optimistic initial pricing...
I got out of there a number of years ago, never to return. But many people have refinanced their homes to take advantage of the appreciation of the past. Now the owe $300,000 on a home they originally paid $140,000 for. If the value of the property falls below what they owe... Well, can you say massive bankruptcy? If that should happen the banks, mortgage companies, real estate lenders will be right behind and many of them hold mortgages in your town too.
It could get messy and we can't lose sight of the fact that some foreign governments would be happy to help it along by moving some of their investments away from the U.S. I don't try to predict the future but I do watch those who make their living by correctly doing so. When they get nervous, I do too.
I apologize. There actually WERE 4 counties with price drops. I guess I have repsonded to too many other postings here where there were not price drops. I was wrong on this one.
That would have been a more accurate headline.
2008: Snakes in a house ! Snakes in a motherf$$$ing house !!!
. . . with your Realtor(tm), Samuel L. Jackson
No problem.
I had my house built 4+ years ago here. It trippled in value during the 1st 3 years. Prices in my area are leveling off and in some cases dropping slightly.
Surely people have to understand that housing values couldn't sustain the meteoric rise forever?
A better headline: CA housing prices no longer skyrocketing.
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