Residential RE getting worse..... (Charlotte, Lincolnton: credit, new home, neighborhood)

[amploud]

Originally Posted by chicagocubs

Analysts say it will be 2010 before it gets better.

Things will start to get better 3rd quarter, 2011. Write it down!

[ctribucher]

Good to know from someone in the industry. Thanks for your post!

Originally Posted by chicagocubs

A "good" (prime) credit score is anything over 670.

And, for all of those real estate agents giving out false information...(I am a mortgage underwriter by trade)...most, if not all major banks are currently closing out prime equity lines that customers currently have if the equity in their homes decreases by 50% or more and their credit scores fall below 670. Do you honestly believe that a less pristine borrower would qualify for a purchase money loan that does not even have a history of repayment? Hardly. Please don't try to do that to our C/D friends. They deserve the truth.

[XcapefromNJ]

Originally Posted by CouponJack

be thankful you have a job.....

I don't ... but I do have much to be thankful for!

[Sasquatches]

Maybe older, established neighborhoods are holding up quite well?

[Waiting2go]

Originally Posted by wilk23

I live in Monteith Park too. The main reason the resales are sitting is because the new contstructions houses are flying. They are almost all listed as sold. I would guess that once those opportunities are gone, the resales will start going. At least, I hope that is what will happen.

I think you hit the nail on the head. It always is the problem anytime you buy in a community that is still selling new constuction. Unless someone needs a house quickly they buy the new constuction and put their own selections in them. A few of the resales we recently looked at there the owners were pricing there houses either equal to the new construction or higher. So what whould make me buy their resale? Also now that Mrs. Monteith's house has now been knocked down, the open area across from the new church, they may be building another section in Monteith Park. I remember the sales team telling me that the builders of Monteith had first right on the property. I guess she either died or went to a nursing home.

[DawnW]

I was shocked to talk to some friends of ours. They are trying to buy in Weddington and the house they are looking at is listed at $599,000. Right now the bidding is at $465,000 as a counter offer from the SELLER!

If home prices really are going down that far, we are in trouble.

Dawn

[chicagocubs]

Originally Posted by DawnW

I was shocked to talk to some friends of ours. They are trying to buy in Weddington and the house they are looking at is listed at $599,000. Right now the bidding is at $465,000 as a counter offer from the SELLER!

If home prices really are going down that far, we are in trouble.

Dawn

Dawn, I am currently involved in a project that is re-evaluating current customer's home values. (I work for a mortgage lender) I have seen property values across the country (including Charlotte, & Pineville) decline by almost 50% in the last 6 months. These are terrible times. People just have to hold onto their homes until the market rebounds. Hopefully, they can do just that and not have to sell anytime soon.

[Barkingowl]

Originally Posted by chicagocubs

I have seen property values across the country (including Charlotte, & Pineville) decline by almost 50% in the last 6 months.

I wish someone would tell that to the tax collector. The value of my property keeps going up, at least on the tax rolls.

[mullman]

Originally Posted by Barkingowl

I wish someone would tell that to the tax collector. The value of my property keeps going up, at least on the tax rolls.

LOL, exactly!!

[slvrcts04]

Originally Posted by DawnW

I was shocked to talk to some friends of ours. They are trying to buy in Weddington and the house they are looking at is listed at $599,000. Right now the bidding is at $465,000 as a counter offer from the SELLER!

If home prices really are going down that far, we are in trouble.

Dawn

Wow, they must have been way overpriced to begin with. Listing prices don't mean a thing. Are other comparible homes selling in that price range?I'm assuming Most people won't take a $150K hit on their house, unless they are desperate.