Posted on 05/12/2007 10:12:37 AM PDT by Sleeping Beauty
Despite the increase in mortgage fraud cases and the resulting hike in foreclosures, 13 states have at least some local housing markets which are performing strongly and are appreciating. Housing Predictor forecast in early March that the number of appreciating markets will increase to include more housing markets by late summer.Housing Predictor regularly surveys visitors for their opinions on crucial economic issues related to real estate, widely considered as the single largest driving force of the U.S. economy. Some 68% of the nation’s population are now homeowners, an all-time high.
This good news IS a result of the Bush economic policies.
They made me feel good so it isn’t a total loss. lol
I am trying to get out of Florida and I can't even get a showing on my home. There are 44,880 pre-existing homes on the market right now, and builders keep churning them out. Almost 9000 new homes (by builders) are currently on the market, on top of the pre-existing homes.
I wish I were a buyer right now instead of a seller! It is quite the time to be in the drivers seat if you want to buy a home...
Apparently more than three out of four Americans are even more ignorant than I thought....
Dear Dubh_Ghlase --
I am so sorry to hear that. Coming into summer in Florida -- in these past fews years -- has not been the best hime to sell. I really think the market will correct itself rapidly. I hope you can hang on until the Fall.
I am having the same problem with a house in Phoenix. There are so many on the market and it is getting really hot and uncomfortable. Plus, my loan has reset, I'm in negative cash flow with my tenant, and I can't re-fi because I have a huge pre-pay penalty.
Yet, I am confident that this Fall will bring some needed relief. (The Feds will drop interest rates later this summer -- which will make the real estate market hot again for awhile. I suggest you sell at that time, because it probably won't last -- but it is a good opportunity to get out and take a break.
“Of course, it was the fraud that pushed the stock up high to begin with.”
EXACTLY!
“The Feds will drop interest rates later this summer...”
You know I’m pretty ignorant, but I don’t see that move in the cards. Why do you?
Every other house is for sale on some blocks here in Pasco, and I have a girlfriend who every single house on her block is for sale. They aren’t getting their prices, so they are just trying to rent them.
The house across the street from me was bought for 130K about 3 years ago, went up in value to about 150K, and the people tried to sell just about the time the market was crashing. They eventually just walked out in the middle of the night, and some folks picked it up at a government sale for $118. It’s a very nice little house too, and this is a nice little area, although not wealthy.
It took the govenment 3 months to sell the house for that rock bottom price. But I think whoever bought it for that will never regret it, unless he suddenly runs into a cash crunch in the near future.
Zillow isn’t that great. Even after four or five attempts to correct their errors, they still show my home as missing one and a half baths (I have 3 full as originally built, they show 1 1/2) and one bedroom.
The co-op is trying to enforce a noxious policy on me, and when I inquired this week about selling, the agent says there is no market. He and I agree that one reason is the pressure on illegals to leave.
We saw huge run-ups in property value in the last 6 years. You used to be able to buy a bungalow in South Tampa for $65k. It got so crazy that they were paying $250k, razing the house, and building a $500k home on the lot!
Trust me folks: If I had my druthers, I'd stay in Florida. In spite of the bad press (hurricanes, sinkholes, crime, etc) the things to do there and the weather more than made up for it. However, forces bigger than just the real estate market, property taxes, and insurance are causing me to move on. The Good Lord willing (and the creek don't rise) I hope to be back some day. Maybe it will have calmed down a bit by then...
You know I’m pretty ignorant, but I don’t see that move in the cards. Why do you?
I play around in the currency markets and read a lot of newsletters and meeting minutes. That aside, it's rash of me to say that. It's just a gut feeling that in August -- there's going to be a token interest rate drop -- maybe only 25 basis points -- to prevent a potential recession by boosting public sentiment.
It's just a guess, of course. And, it's not wishful thinking (quite the opposite in my business). Feel free to ignore it -- it's worth less than $.02.
How accurate is this Zillow? It is showing a steep appreciation since I bought.
Where are you at? I'm heading to FL in July (40 months in Iraq is enough) and will be buying eventually. I'm planning to initially rent and watch the market until either the state and local governments do something about taxes and insurance or the prices decline to something I can buy outright, avoiding the insurance and minimizing taxes. You can FReepmail me if you'd like.
There are quite a few houses for sale in my subdivision - I'd say 12-15% of the total. They are moving pretty quickly, and for very good prices, according to the newspaper. A house similar to ours recently sold for about 25% more than we paid in 2003.
Has your loan been reset (gone higher) due to interest?
No. We have a fixed-rate loan.
Are you going to be selling or buying this year?
I hope not, for reasons unrelated to the housing market.
Do you prefer to rent rather than own at this time?
No. Nobody wants to rent to a family of ten with a cat.
Whatever that is, I hope it is not in earthquake country, because it might roll downhill...LOL
Property appraisers all use computerized systems now which factor in actual sales data. Even with the increases, the impact of huge developments on roads, schools & fire/police services alone are still not covered!
When everybody immediately flocks into ANY AREA which is "desirable"..., it quickly goes downhill! If you are moving in, you may not see the impact, if you stay long enough..., you will and, if you are moving out..., you will wonder why in the hell you ever lived there when visiting in future years!
If your employment causes you to relocate often..., you become acutely aware of this pattern!
saaleck! i’ll take it,
if it is ever for sale again
..... and we can afford it :)
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