Millions of homeowners are already seriously delinquent. “The average length of time that houses remain delinquent nationwide is 995 days,” Jurow says. “The worst culprit is New York State. The average delinquency period there is four years.”
What housing market? There are homeowners on my block that have had their houses on the market for over two years! Even trying to short sell they can't get a nibble.
Otherwise that home is going to look really ugly and turn on the unfortunate buyers...
The housing market will hit a new record. These morons are dead wrong
Many people bought houses at the bottom, paying cash. They are not typical housing investors. They will sell. Price will be affected. There never has been a recovery based on traditional home buyers.
The cable tv shows are a lie!! They are bloating these crappy houses. Very dumb people watch and assume the incredibly made up values are true so realators can get more money. The market on houses is collapsing but I MEAN COLLAPSING!!. Sell Quick!!
Housing market?! Housing market?!
THE WORLD IS FALLING APART.
Thanks Obama, the Great Pretender III
We’ve owned our current home since 1992, in the past 22 years, I haven’t had a clue about what its market value was at any given point, nor did I care, it’s our home, not an investment. We’ve decided to let our heirs worry about its market value
Go to http://www.zillow.com and type in your zip code and see all the listings. I am from the 55422 area in western Minneapolis, Minnesota.
I live in southern California and cannot buy a house without a lot of worry as I know the prices are up too high. For me I barely would scrap by each month so won’t risk it.
BTTT!
People “flipping properties” (running up the prices) and foreign investment in residential housing.
People are overpaying.
Depends where you live. Bought a 120 year-old single family house in Charlestown (Boston, MA) 11 years ago. Did a complete gut renovation over the next few years. Sold it for over twice what we paid a year ago. Put it on the market on a Thursday, had one open house, and it was sold by Monday morning.
“If sales are weakening and listings are going up substantially, prices will fall,” he says.
You would think; but people paid more for these houses than they can now sell them for and they are holding out for their price as long as they can.
I saw a home for sale here on LI for 565.000.00that “should” have gone in a matter of a month or two at most, that has been on the market for 580 days. The seller bought it in 2000 for 500.00.00. This shocked me as the location is a VERY strong ‘micro market’. I looked around at other homes in the area and the seller situation was the same; paid high want to sell high. I’ve been waiting 4 or 5 years for general prices to come down but people want what they paid or at least something reasonably close.
“Why? Largely because home listings are going up but sale prices are not. “
Here is Denver, that isn’t true. Prices are at all time highs again. We have only a 1.3 month supply, down from several years supply. Properties sell within 44 days. I’ve seen many sell before they even get listed. Prices have climbed about 10% per year for the past several years. Many new home properties are in the $400k-$800k range again.
Interesting side note: Liberals said that Gen X/Y/Y-Me were not interested in larger homes, but are liberal minded and want communist style housing, tiny apartments. Not true. It seems every single new property being sold is at least 2,000 square feet in size and $300k or more. Sounds like the younger generation wants “it all” just as much as any previous generation.
The town in question has always been a strong micro market. there has always been a steady supply of people who want to move into THAT town on THAT side of the tracks. The home was designed 100 yrs ago by a well known architect and definitely qualifies as “gracious” to a degree that half a mill doesn’t seem to be too much of an imposition. It quite surprised me to be on the market so long. (I did in fact see it on Zillow).