Doomsday is upon us... (Mesa: lenders, buying a home, transfer)

[zonababe]

Originally Posted by amatrine

Well we are priced out of market. I am chroniclly ill, so stay at home mom. Husband works. We can not afford to even buy a condo here. So we are now buying a home in Arizona city. My husband will have a 67 mile drive to work, then another 67 mile drive back. It sucks, but its the only way we can buy a decent home. He can transfer to Tuscon though next year and he will have the same 40 mile each way drive he has now from Mesa ( he works on 75th ave) We could have bought one of those nasty interest only etc when they were there, but we know what we can afford, and did not do that.
If more people bought what they could afford, we would not be in this mess.
You want to see some cheap home prices, look at Michigan. We almost relocated there because of it, but his transfer did not go through. Michigan is not accepting out of state employess because there are so many out of work in thier own state. So AZ city here we come. Even casa grande, only 10 miles away from there has become overpriced and they are not close to anything either! I really wonder how so many poeple here can afford the sticker prices of these 400k homes. I know people got them when they were cheaper, but who affords them now?

Ama

You're husband is going to commute 67 miles each way so you can afford to own a house and not rent?

[Huckleberry3911948]

if folks do the chicken licken thing and dump the house, the rich are guna snapem up and when it goes up again, make a killing.

[sierraAZ]

Originally Posted by Bunky39

if folks do the chicken licken thing and dump the house, the rich are guna snapem up and when it goes up again, make a killing.

Whatcha doin' in our fair state, Bunk?! Yep, that's it - buy on fear; sell on greed. I think the snapping has started or will start soon. The headlines are for us, sheeple. Don't recall anybody shouting "Don't buy!" in mainstream media when the bubble was being built up... Btw, there was an article in our local paper today about investor classes. The guy who teaches them had to cancel quite a few for a while because of lack of interest, but started having students again.

[Havasu]

I am not the media but I am shouting DONT BUY!!!! Levels that were seen in 1998 will be the bottom.

[Gretchen B]

Originally Posted by Havasu

I am not the media but I am shouting DONT BUY!!!! Levels that were seen in 1998 will be the bottom.

If Arizona home prices dropped all the way back to 1998 prices (which would be about a 65% decrease off current prices) that would mean the national economy would be in a major recession/depression. If home prices dipped that much and U.S. citizens weren't snatching them up, it would be because wages had dropped, too. You could be sure, though, that a lot of foreign investors would be buying them. In fact, already we're seeing that starting to happen.

[Havasu]

Originally Posted by Gretchen B

If Arizona home prices dropped all the way back to 1998 prices (which would be about a 65% decrease off current prices) that would mean the national economy would be in a major recession/depression. If home prices dipped that much and U.S. citizens weren't snatching them up, it would be because wages had dropped, too. You could be sure, though, that a lot of foreign investors would be buying them. In fact, already we're seeing that starting to happen.

I do think that a major recession/depression is coming with gas prices around $4 maybe $5 this summer and inflation going thru the roof people just cant afford the current price. Call me crazy but there sure were alot of people that thought that prices would never ever come down. I think the biggest reason is the down payment needed now back in 1998 you had to have a down payment.
Just do the math on any price and subtract 20%. That is what is needed now and a JOB too with good credit.If you have saved up 20% you should be smart enough not to buy in a dropping market.
Some places will drop less then others but most of the bubble areas will be at 1998 levels before it climbs once again. Just my 2 cents though. I may be completly wrong
Home (http://www.newtohavasu.net - broken link)

[ArizonaBear]

Originally Posted by Havasu

I will take the heat any day over the snow and cold.

But; of course

[ArizonaBear]

Originally Posted by Havasu

I am not the media but I am shouting DONT BUY!!!! Levels that were seen in 1998 will be the bottom.

I still keep sensing a 40% drop in average housing values (50% will depreciate less; 50% will depreciate more) from the peak in 2005. Too part of the actual depreciation will be due to core inflation--------housing prices maybe staying stable but dropping in actual value when adjusted for inflation.

[43north87west]

Originally Posted by Pettrix

» A Preview of Housing Armageddon? - Housing Doom

Some of the responses are better than the original subject!

[Havasu]

Have you seen this one? I Can't Sell My House
Dig deep into it. Its very funny.