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Old 02-15-2011, 07:20 AM
 
5,546 posts, read 9,999,979 times
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Just curious. I don't claim to be an expert in this area, but I have both read and been told that in 2012 they are coming and will further drive prices down in the Valley. Anyone hear differently?

So supposing this is true, what are your plans? Do you plan to just ride it out for years and wait for things to turn around? Or have you actually considered selling this year?

Or, if you think you might be one of the foreclosures, are you planning on at least trying a short sale? A strategic default? Just wondering.
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Old 02-15-2011, 07:54 AM
 
Location: Sonoran Desert
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I am overcome by a feeling of deja vu here:

http://www.city-data.com/forum/phoen...fore-wave.html
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Old 02-15-2011, 08:04 AM
 
5,546 posts, read 9,999,979 times
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Quote:
Originally Posted by Ponderosa View Post
I am overcome by a feeling of deja vu here:

http://www.city-data.com/forum/phoen...fore-wave.html
No, that was about me. This is about people in general. I am really curious as to what people plan to do, if anything at all, or if people think it's all a bunch of hooey what is being said.

I can't be the only person out there thinking this way. Plus we are in 2011 now, and the clock is ticking. Besides, I figure there are people new to the forum or those reading from other states who might be just waiting to come here and buy in 2012.
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Old 02-15-2011, 08:11 AM
 
Location: Metro Phoenix, AZ USA
17,914 posts, read 43,417,255 times
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Quote:
Originally Posted by mistygrl092 View Post
No, that was about me. This is about people in general. I am really curious as to what people plan to do, if anything at all, or if people think it's all a bunch of hooey what is being said.

I can't be the only person out there thinking this way. Plus we are in 2011 now, and the clock is ticking. Besides, I figure there are people new to the forum or those reading from other states who might be just waiting to come here and buy in 2012.
There have been threads ALL OVER this forum about this subject (real estate market/forecasting), and recently, too. Your topic is hardly anything new. Even the thread that was "about you" became very general in nature through the discussion. I'll let it go for awhile, but if it just starts retilling ground already plowed, it will be merged with another appropriate thread or closed.

Last edited by observer53; 02-15-2011 at 08:59 AM..
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Old 02-15-2011, 08:18 AM
 
Location: Sonoran Desert
39,078 posts, read 51,231,444 times
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Quote:
Originally Posted by mistygrl092 View Post
No, that was about me. This is about people in general. I am really curious as to what people plan to do, if anything at all, or if people think it's all a bunch of hooey what is being said.

I can't be the only person out there thinking this way. Plus we are in 2011 now, and the clock is ticking. Besides, I figure there are people new to the forum or those reading from other states who might be just waiting to come here and buy in 2012.
OK, then. I think it is a bunch of hooey. Goldman, Cramer and I all agree that we are on the threshold of a housing shortage in the US. I find it absurd to be considering a wave of foreclosures in an economy that is growing by nearly 4%. Barring some economic collapse which I will admit is not out of the realm of possibility, it ain't gonna happen.

If it does, how does it affect me? I just keep keeping on. That's all. My window of opportunity for leaving is closed for a few years so sales don't matter. My hood is older and stable and all my neighbors love it here, so I don't envision blocks of empty homes and low life renters about. My house is my home not my bank. I have investments in the markets. My investments have been doing fine.
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Old 02-15-2011, 08:42 AM
 
5,546 posts, read 9,999,979 times
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Quote:
Originally Posted by observer53 View Post
There have been threads ALL OVER this forum about this subject, and recently, too. Your topic is hardly anything new. Even the thread that was "about you" became very general in nature through the discussion. I'll let it go for awhile, but if it just starts retilling ground already plowed, it will be merged with another appropriate thread or closed.
Sorry for not doing a search. You can just close it if you like.
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Old 02-15-2011, 11:44 AM
 
Location: Camphost in Durand, IL
245 posts, read 697,870 times
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Quote:
Originally Posted by Ponderosa View Post
OK, then. I think it is a bunch of hooey. Goldman, Cramer and I all agree that we are on the threshold of a housing shortage in the US. I find it absurd to be considering a wave of foreclosures in an economy that is growing by nearly 4%. Barring some economic collapse which I will admit is not out of the realm of possibility, it ain't gonna happen.

If it does, how does it affect me? I just keep keeping on. That's all. My window of opportunity for leaving is closed for a few years so sales don't matter. My hood is older and stable and all my neighbors love it here, so I don't envision blocks of empty homes and low life renters about. My house is my home not my bank. I have investments in the markets. My investments have been doing fine.
Why oh why don't more people understand this?
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Old 02-15-2011, 04:19 PM
 
5,546 posts, read 9,999,979 times
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Quote:
Originally Posted by Ponderosa View Post
OK, then. I think it is a bunch of hooey. Goldman, Cramer and I all agree that we are on the threshold of a housing shortage in the US. I find it absurd to be considering a wave of foreclosures in an economy that is growing by nearly 4%. Barring some economic collapse which I will admit is not out of the realm of possibility, it ain't gonna happen.

If it does, how does it affect me? I just keep keeping on. That's all. My window of opportunity for leaving is closed for a few years so sales don't matter. My hood is older and stable and all my neighbors love it here, so I don't envision blocks of empty homes and low life renters about. My house is my home not my bank. I have investments in the markets. My investments have been doing fine.
You know, my window is closed off except for other parts of AZ. But it seems like a lot of places I am thinking of are retirement places.

At any rate, I just don't know. One can get all sides of the same story. My house is my largest investment. If it really goes down in value, I am not in a good position, hence my interest in what others are thinking and planning. I think maybe that is the difference. Some people never dreamed that prices would actually go down, so they sunk a LOT of what they had in real estate. Especially in certain areas.

Now, I still feel fortunate, although with bad luck, if that makes any sense. It means I bought in a good area and then had someone come in to change the landscape significantly.

Ok, I may have been a bit late to the "party" and MarketWatch is pretty mainstream:

Nearly half of mortgages seen underwater by 2011 - MarketWatch

Now, I realize this article is from 2009, but I still think MarketWatch is a pretty good source.

I take it you are planning on riding this one out, based on your previous posts.
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Old 02-15-2011, 04:25 PM
 
Location: Sonoran Desert
39,078 posts, read 51,231,444 times
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Quote:
Originally Posted by mistygrl092 View Post
You know, my window is closed off except for other parts of AZ. But it seems like a lot of places I am thinking of are retirement places.

At any rate, I just don't know. One can get all sides of the same story. My house is my largest investment. If it really goes down in value, I am not in a good position, hence my interest in what others are thinking and planning. I think maybe that is the difference. Some people never dreamed that prices would actually go down, so they sunk a LOT of what they had in real estate. Especially in certain areas.

Now, I still feel fortunate, although with bad luck, if that makes any sense. It means I bought in a good area and then had someone come in to change the landscape significantly.

Ok, I may have been a bit late to the "party" and MarketWatch is pretty mainstream:

Nearly half of mortgages seen underwater by 2011 - MarketWatch
Well, what are you going to do if home prices do collapse? Jump out a window? The choices are limited. If prices rapidly fall, that means the recession is returning or deepening and there will be more layoffs and more pain. In many cases one can just walk away in Arizona and leave the collateral to the lender. That's a comfort. Otherwise you just shelter in place and wait for the recovery or the revolution - one or the other is inevitable.
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Old 02-15-2011, 04:26 PM
 
5,546 posts, read 9,999,979 times
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Originally Posted by billybones View Post
Why oh why don't more people understand this?
I think some people do, but I think the stock market is being propped up. So just where is one to invest one's money? Real estate always used to be a safe bet. I remember hearing buy gold, buy gold, buy gold when it was around $400 an ounce, yet I did not. I must recommend Thom Hartmann for sound financial advice, although he rarely gets into this topic.
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