Michele 1 #26 August 25, 2006 Ron, you're in Florida, yes? I don't know the market as well out there, but I'd say unless you've done some real bonehead stuff like a negative amortization loan, or an interest only loan, you'll be all right. People don't realize that the housing market is cyclic. It goes up, comes down, flattens out in between. People start panic selling because they think that they will get upside down on things. Well, you might, in the first few years...but eventually, it will cycle up again, and you will be back on top of the cycle. If you are planning on staying in the house for, say, 5 years, I wouldn't even spare a thought about that. The longer the better, and since you're in a high demand area (lots of people like/want to live in Florida), your prices, even when they soften, probably won't soften tooooo too much. Just live in the house for the next 5 years, and failing that, rent it out, and you should be all right. It's places that are less desireable that will feel it the worst...So Ca, NYC, Florida, major metropolitan areas might see a softening (probably will...), but it won't be nearly so bad as some not quite as desireable areas. Additionally, as I said above, if you didn't do any creative financing and get far more house than you can afford, you should be all right in the long run. Ciels- Michele ~Do Angels keep the dreams we seek While our hearts lie bleeding?~ Quote Share this post Link to post Share on other sites
littleskycrab 0 #27 August 25, 2006 I am a Real Estate Closing Paralegal in Atlanta. The value of homes (depending on the area) are becoming lower. To many people are getting 80/20 Adj. Rate mortgages, paying interest only for the 1st several yrs. Problem is this, the rates adjust - up - the monthly payment increases by a few hundred $$. The person can't afford to make the payment, attempts to refi and can't because the value of the home dropped a few thousand. Therefore they owe more than the "market" says the house is worth, in the mean time, the rate goes up yet again, thereby forcing them into foreclosure. Sadly the Atlanta foreclosure market has/is blowing up. Can you say 5000 foreclosures for this August!!!!! Please people, don't do an "Interest Only" loan, unless you don't plan on owning the home for very long. I see this everyday and I just want to shake the person & scream "WTF are you doing - STOP, STOP!!" Home sales in Atlanta have slowed down, considerably. It is certainly a buyers market right now and alot of Sellers are PAYING to sell their home, or coming away with really SMALL profits. I hope that this will change in the near future, but I won't hold my breath.Next time a sunrise steals your breath or a meadow of flowers leaves you speechless, remain that way. Say nothing and listen as heaven whispers, "Do you like it? I did it just for you." Quote Share this post Link to post Share on other sites
Newbie 0 #28 August 25, 2006 Thanks for the insiders opinion, i appreciate it. The UK has seen as massive uptake of Interest Only mortgages, particularly amongst the newer first time buyers in the last 5 years, most without any specificed repayment vehicle. Capital appreciation on the property has helped with those who refinanced and shifted to a repayment mortgage, but no one knows what will happen to those with IO mortgages and no repayment vehicle - only time will tell i guess. "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
pincheck 0 #29 August 25, 2006 QuoteSan Diego is dropping fast. Houses aren't selling, and people who were counting on being able to sell them to afford their mortgages are set to get screwed. They will default, the bank will reposess, THOSE houses will go on the market - and the slide will accelerate. Glad I got a fixed rate mortgage four years ago! Funny you should say that Bill thats exactly what happened in the Uk in the 90's people over extended on their mortgages and where screwed big time. These where mostly people looking at them as an investment.The ones who look at it as a home like myself where hardly effected except the ones looking tro buy after the crash got bargains. Billy-Sonic Haggis Flickr-Fun Quote Share this post Link to post Share on other sites
freeflir29 0 #30 August 25, 2006 QuoteHouses are selling MUCH slower in the DC area. A few months back, a neighboring house went for around 900K (still ridiculously overpriced). The ones for sale now have been for sale for quite some time now. Hmmm..........and here I have two differen't people trying to get me to move to DC. I guess the housing market is in my favor. Quote Share this post Link to post Share on other sites
Ron 7 #31 August 25, 2006 Thanks... Actually Dallas now. Took some eariler advice from you, and bought a house (new) that I can easily afford (Easy to do in TX). Got a fixed rate, and do not plan on leaving for a few years. So thanks for the advice."No free man shall ever be debarred the use of arms." -- Thomas Jefferson, Thomas Jefferson Papers, 334 Quote Share this post Link to post Share on other sites
PhreeZone 15 #32 August 25, 2006 TX has stupid insane cheap new houses. You are barely paying more for the house then the trailer on ZHill's probally Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
Michele 1 #33 August 25, 2006 QuoteThanks... Actually Dallas now. Took some eariler advice from you, and bought a house (new) that I can easily afford (Easy to do in TX). Got a fixed rate, and do not plan on leaving for a few years. So thanks for the advice. You're totally welcome, Ron. Glad for you! Ciels- Michele ~Do Angels keep the dreams we seek While our hearts lie bleeding?~ Quote Share this post Link to post Share on other sites
Newbie 0 #34 August 25, 2006 QuoteTX has stupid insane cheap new houses. You are barely paying more for the house then the trailer on ZHill's probally Any idea what the market is like in Austin? I'm curious to know if the massive student population and the likes of Dell et al are helping prop the market up there. "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
gmittar 0 #35 August 25, 2006 QuoteTX has stupid insane cheap new houses. You are barely paying more for the house then the trailer on ZHill's probally Yeah, but you have to live in Texas... |>.<| Seriously, W.T.F. mate? Quote Share this post Link to post Share on other sites
Remster 24 #36 August 25, 2006 QuoteI'm curious to know if the massive student population Students arent renouned for proping up anything, except kegs... Remster Quote Share this post Link to post Share on other sites
DougH 270 #37 August 25, 2006 I hope the bottom falls out on all you bastids. I need to buy a house in a year or two. "The restraining order says you're only allowed to touch me in freefall" =P Quote Share this post Link to post Share on other sites
Newbie 0 #38 August 25, 2006 QuoteI hope the bottom falls out on all you bastids. I need to buy a house in a year or two. I don't own a house - priced out here in London... "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
Thunderbow 1 #39 August 25, 2006 Ha, come to the Detroit area. Anyone need an excellent Unigraphics designer?>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Lord, let me be the person my dog thinks I am. Quote Share this post Link to post Share on other sites
Remster 24 #40 August 25, 2006 QuoteHa, come to the Detroit area. Anyone need an excellent Unigraphics designer? Dude: you have no idea what the housing is like in London do you? Remster Quote Share this post Link to post Share on other sites
Shotgun 1 #41 August 25, 2006 QuoteTX has stupid insane cheap new houses. Where??? I was just looking at houses for sale in Austin, and I couldn't believe how much the prices had gone up since the last time I looked. Quote Share this post Link to post Share on other sites
Newbie 0 #42 August 25, 2006 QuoteQuoteTX has stupid insane cheap new houses. Where??? I was just looking at houses for sale in Austin, and I couldn't believe how much the prices had gone up since the last time I looked. When did you last look? "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
Shotgun 1 #43 August 25, 2006 I don't know... maybe 6 months to a year ago. Quote Share this post Link to post Share on other sites
Douva 0 #44 August 25, 2006 QuoteQuoteTX has stupid insane cheap new houses. You are barely paying more for the house then the trailer on ZHill's probally Any idea what the market is like in Austin? I'm curious to know if the massive student population and the likes of Dell et al are helping prop the market up there. The thing propping up the Austin market is that everybody wants to move here. Supposedly, the homes here are still undervalued by an average of, I believe, about 8%.I don't have an M.D. or a law degree. I have bachelor's in kicking ass and taking names. Quote Share this post Link to post Share on other sites
firstime 0 #45 August 25, 2006 history tends to repeat itself, same scenario from 1988 to 1992 Quote Share this post Link to post Share on other sites
Thunderbow 1 #46 August 25, 2006 I don't mean expensive. Nothing is selling and there are tons on the market.>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Lord, let me be the person my dog thinks I am. Quote Share this post Link to post Share on other sites
Remster 24 #47 August 25, 2006 QuoteI don't mean expensive. Nothing is selling and there are tons on the market. Ah! Sorry!Remster Quote Share this post Link to post Share on other sites
Newbie 0 #48 September 29, 2007 Alot has happened in just over a year. Just thought i would resurrect this one to see what sorts of price drops people have seen in their areas. I know Manhattan and SF area are still holding out well, but aside from that it seems like a full blown crash for a lot of the US, outside the still much-in-demand metropolitan areas. It has all the feelings of a recession to me, and as the old saying goes, when the US sneezes, Euroland tends to catch a cold... "Skydiving is a door" Happythoughts Quote Share this post Link to post Share on other sites
CSpenceFLY 1 #49 September 29, 2007 The housing market was due for a correction and is already warming back up here. The Fed helped a little with that little drop last week or so and I think they were talking about another. One think that is hurtting now is the shake up in the mortgage industry. They have loaned too much money on over appraised properties and they are feeling it bad. Quote Share this post Link to post Share on other sites
SpeedRacer 1 #50 September 29, 2007 I live in Frederick, Maryland. The housing prices dipped a bit, but not too much. I paid 122K for my house in spring of 2002. I think it shot up to nearly 200K in value ( a guess) but has now dipped to probably about 180K. Still a good profit on my investment. Housing prices dropped a bit & leveled off. I wouldn't call it a "crash." Of course, the economy in my area is pretty strong (lots of jobs, businesses, especially computer/biotech) Speed Racer -------------------------------------------------- Quote Share this post Link to post Share on other sites
