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RE: HOUSING PRICES? - 8/16/2008 12:40:09 PM
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car2ner
Posts: 2944
Joined: 4/11/2005
From: just north of Florida
Status: offline
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Our house is under contract on a huge lot with fenced backyard, south of Atlanta for 160K and we pay closing.. and we just repainted the entire interior and recarpeted. The new owners are getting a sweet deal. We on the other hand are just glad to be out from under a mortage and paying rent on our current house. And it is too nice of a home to sit vacant.
_____________________________
http://www.car2ner.2ya.com
"May your days be long and your hardships few".
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RE: HOUSING PRICES? - 8/22/2008 9:36:58 AM
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Angie_K
Posts: 50
Joined: 2/6/2007
From: ~MISSOURI ~
Status: offline
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quote:
Angie and GroupW, how do you think all these foreclosures will affect housing prices nationwide? It seems to be getting worse instead of better.
The media has a lot to do with it. They love to report doom and gloom and scare people.
But honestly, real estate is a local business. What affects one area may not affect another.
A foreclosed home is generally priced much lower than market value and it can reflect on the
whole neighborhood, which drives down the prices of homes in that area.
But what I am seeing, speaking generally of course, is that there are too many houses on the
market and that is what is driving the market here. Too much supply not enough demand.
One of the factors of that is an influx of foreclosures. But honestly, in this area, sellers are still
trying to get what they could have two or three years ago.
So... houses are simply sitting. Buyers aren't willing to pay that price and seller aren't budging.
It's a standoff.
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MERCY TRIUMPHS OVER JUDGMENT
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RE: HOUSING PRICES? - 9/18/2008 10:08:09 AM
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crazedmom
Posts: 15477
Joined: 1/31/2008
From: Sunny Florida
Status: offline
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I live in Florida, where most everyone I know has been affected by the housing market disaster. We have a house that we could have sold for over $400K just three years ago; now we would have a hard time selling it for $225K, if at all.
We were building a house with a builder, who after over two years of delays with the house, filed for bankruptcy. Fortunately, we were able to get our deposit back and bought somewhere else. But, this was a long ordeal that we wouldn't wish on anyone.
In our general area, builders were putting up houses everywhere and I'm not sure where they thought the buyers were coming from; but they didn't come. So, many new subdivisions sit with vacant houses, some in foreclosure because people couldn't rent them out, etc. I think at least here locally that the County Commissioners did the people a real disservice by approving so many subdivisions in close proximity and in such a short amount of time. I have heard that they were working off of "old numbers", as far as how many people move to FL. It seems greed really set in.
We have many friends who have filed bankruptcy because of the housing situation. One of the couples own a business, but our local economy is suffering so badly that their once thriving business is no longer. So much of our economy here was tied to the housing market, and now many have had to find a new line of work ; and some have moved away. Another burden for homeowners in our area is the outrageous property taxes. This is another factor why some may not be able or willing to purchase a home. I think this is an issue that needs fixing if FL wants to attract homeowners.
Our county alone had over 3,000 foreclosures last month. These are not just investors; they are people possibly with bad loan rates; people lost jobs, etc. It seems to be an epidemic; one that we should be praying about nationwide. They said that California and Florida were the hardest hit with the housing crisis, and I am a witness.
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