More good news?
If you look up your neighborhood pricing that zillow uses you will see how useless this site is. Making wild projectiions to make news is hardly a new thing.
If this keeps up, it will cost more to buy a vehicle than a house. That doesn’t make sense.
>> every major indicator is crashing... The decline in home values accelerated in September, dropping 0.4% month-over-month
ROFL!
Housing prices are still at least 20% too high. An 0.4% m-o-m decline is NOT crashing. That compounds out to about 4.7% decrease over one year.
We need an asset devaluation of considerably more than that to put this country back on a sound fiscal footing.
What double dip?
We are seeing the same dip as before.
Stupid dems threw money at housing to subsidize first time
home buyers. Now that is over.
Stupid Ben is devaluing the dollar. Higher gas prices kill the housing market three ways:
1) Outlying houses drop in value as it cost more to commute.
2) Less money for homeowner each month, must spend on gas to get to work, at end of month may not have money for mortgage.
3) As gas goes up, other energy cost go up, so big houses have utility bills larger than the mortgage payment.
It has always been about 10-15K+ less appraisal value than ours until about 2 months ago and now all of a sudden it's worth (according to Zillow) 1K more than ours. The only thing we can think is that some how their Realtor was able to go into Zillow and fiddle with the numbers.
For almost five years I had to listen to my neighbor going on and on about how much the value of our homes had increased. My reply was always, “that’s nice, but we bought our home to live in, not as an investment.”
For the past two years I’ve had to listen to my neighbor going on and on about how much the value of our homes had decreased. My reply is always, “that’s nice, but we bought our home to live in, not as an investment.”
I’m certain that sometime in the future I’ll be listening to my neighbor going on and on about how much the value of our homes has increased. And my answer will be.......
My neighbor’s home was for sale this last summer. City assessment which was inflated was $295,600.00. He was asking $290,000.00. Sold for 285,000.00. Hardly a unprecedented free-fall.
“What we need is legislation that stops all foreclosures and taxes responsible homeowners to pay for other people’s mortgages. In addition, all IRAs and other retirement savings must be transferred into a government pool and redistributed fairly so government employee union pension funds remain solvent. Finally, responsible working taxpayers need to accept health care rationing and be willing to pay much higher premiums so that illegals and deadbeats may participate in America’s health care system, and retired government employees will continue to get their lifetime health care benefits paid for. Oh wait... that third thing has already been passed. Well, then those first two items must be priorities.” - Typical Democrat
I have money saved to buy a home and cannot bring myself to do it. I SO want to move out of apartment living but I am also terrified of making a mistake and buying too high. Ughhh....
Econ 101. There is no free lunch. All costs are carried, somewhere. In free markets costs and prices are close to the product or service. In less, non free market, cost and prices are transferred, temporarily, to other places in the larger economy, causing distortion, unclearness in prices. In short, know one knows true prices, but acts on what distorted price information anyways because you have to.
Anyways, eventually, costs, prices revile themselves. Right now, Fedgov,others are trying to finger the delusion dyke and prevent the sweeping flood of price collapse to what willing buyers and unsupported sellers will trade at.
The Eureka Ca homes of 2 of our church members sold in the past 3 months. One was left to a local foundation and was appraised at $270K for the estate and $330K at the peak. It sold last month for #130K CASH. The other was a small home listed at $160K and sold for #105K CASH in Sept. The only thing keeping many banks “solvent” is the current inflated prices.
What You Don’t Know about “Mortgagegate” Could Crush the U.S. Banking System
http://moneymorning.com/2010/10/15/mortgagegate/
An unprecedented bubble must of necessity be followed by an unprecedented POP.