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Old 08-26-2009, 02:51 PM
 
22,769 posts, read 26,092,713 times
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Quote:
Originally Posted by lovesMountains View Post
Sorry, should have been more clear...I was referring to interest rates rising
Oh. Right. I'm sure they will rise eventually, who knows when. When it happens it will really hurt housing values. If new buyers can just *barely* afford houses with an $8k credit and 5% rates, imagine what they'll be able to afford with 11% rates.
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Old 08-26-2009, 02:56 PM
 
7,103 posts, read 9,687,351 times
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Quote:
Originally Posted by rubber_factory View Post
Oh. Right. I'm sure they will rise eventually, who knows when. When it happens it will really hurt housing values. If new buyers can just *barely* afford houses with an $8k credit and 5% rates, imagine what they'll be able to afford with 11% rates.
No houses. Get used to tent cities being built around airports and outlying areas.
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Old 08-26-2009, 02:57 PM
 
160 posts, read 357,529 times
Reputation: 103
How do you buy a house when you don't even have a job?

Now you see why values are going to continue to drop? Until someone starts talking about bringing jobs back to this country, things will continue to get worse.
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Old 08-26-2009, 03:57 PM
 
7,103 posts, read 9,687,351 times
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Quote:
Originally Posted by cagman View Post
How do you buy a house when you don't even have a job?

Now you see why values are going to continue to drop? Until someone starts talking about bringing jobs back to this country, things will continue to get worse.
Simple answer: You will not buy a house. Get used to "no entitlement". No money, no house, perhaps no food. This Charlotte Charlotte person thinks he has the system beat? After 1 year, 2 years of benes, he'll eat rice and beans 3x a day like 3/4 of the world does right now. (if he's not a troll, which I think he is)

Look, I have an intimate knowledge of living in 3rd world country. No money. Poor people. Very little food. What is difficult to understand about the fact that 100's of thousands of ppl. will be living like this in the USA (now) and the near future, without employment? House?? Forgetaboutit!

The recent housing bubble that crashed was an opportunity for many to own a house....and they shouldn't have owned one. There are many qualified people that will buy houses now and in the future, and enjoy the lifestyle of home ownership, but I think the days of owning a house with no pesos in your pocket are over.

Unless of course Mr. O has a plan in mind that he has not shared with us.
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Old 08-26-2009, 03:59 PM
 
Location: Union County
5,779 posts, read 8,401,295 times
Reputation: 4813
Quote:
Originally Posted by johne482 View Post
MK: FYI $400k houses are for ppl. like you from Long Island to buy. Not me. I can think of better things to do with my money than puttting it into houses reserved for transplants such as you. There are plently here for you to buy and by doing so YOU can "make a difference in the percentage".

So, the answer to your query is: None.
CJ hit the point... I think you need to qualify statements about the market by price point. I would actually agree that the <150k price point is starting to bottom out. I wouldn't agree at the higher price points. You're smart to be investing that way right now and I would have had a completely different response based on missing the original sarcasm and trying to piece it all together.

I would like to clarify that 400k is NOT for me. I can totally relate to why you'd see that being a magic number for LIers because it is up here - they're still trying to get 400k for absolute garbage in the NE. If I do make it back down there (hope I do), I would be extremely conservative in buying and would be looking well below that price point.
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Old 08-26-2009, 04:04 PM
 
7,103 posts, read 9,687,351 times
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Quote:
Originally Posted by MikeyKid View Post
CJ hit the point... I think you need to qualify statements about the market by price point. I would actually agree that the <150k price point is starting to bottom out. I wouldn't agree at the higher price points. You're smart to be investing that way right now and I would have had a completely different response based on missing the original sarcasm and trying to piece it all together.

I would like to clarify that 400k is NOT for me. I can totally relate to why you'd see that being a magic number for LIers because it is up here - they're still trying to get 400k for absolute garbage in the NE. If I do make it back down there (hope I do), I would be extremely conservative in buying and would be looking well below that price point.
Sorry I jumped on your back. Now that we're engaged let's be friends.
LOL
John
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Old 08-27-2009, 08:56 AM
 
4,010 posts, read 8,916,953 times
Reputation: 1585
Good points. Unfortunately I think things are going even lower. The housing bubble, all of the excessive over the top building, represents a a generation's worth of resources that have been squandered on pretty baubles that won't do anything for the nation's future. This money should have been spent on building infrastructure and investing in things that might make for a way to earn a living in the future. Instead we have an endless supply of very large homes and garbage homes that people are finding that not only can they not afford them, they can't even afford to sustain them with utilities, taxes and ongoing maintenance.
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Old 08-27-2009, 02:23 PM
 
Location: Huntersville
1,852 posts, read 4,663,247 times
Reputation: 525
I think we are in the bottom part of the valley for house prices. Whether we've hit bottom, I don't know, but I bet we are close. So there are still deals, but I bet we will start seeing home prices increases. So if I was buying a home for investment purposes, I would think my best deals would be this next 30 days.

Also a note about Sarcasm. I read something the other day, where we needed a Sarcasm Font!
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Old 08-27-2009, 02:30 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,628,959 times
Reputation: 3689
Quote:
Originally Posted by Whytewulf View Post
I think we are in the bottom part of the valley for house prices. Whether we've hit bottom, I don't know, but I bet we are close. So there are still deals, but I bet we will start seeing home prices increases. So if I was buying a home for investment purposes, I would think my best deals would be this next 30 days.

Also a note about Sarcasm. I read something the other day, where we needed a Sarcasm Font!
As I stated in an earlier post, "Finding the bottom" IMO is way overblown.

The main point is will we have a "V" shaped recovery (as whytewulf seems to think w/his "home price increases" comment), OR will we bounce around the bottom for a very long time (which I tend to think will happen.)

So it might not matter that much if we bounce around 300-500K people losing their jobs every month....the point is we are still in very dire straits and when will things actually begin to get BETTER.
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Old 08-27-2009, 03:14 PM
 
9,564 posts, read 8,837,470 times
Reputation: 5768
Quote:
Originally Posted by johne482 View Post
For those that have been sitting on the sidelines for the past 3 months waiting to "buy at the bottom" and for "another 10-20% drop" I would suggest you don't buy now. You might have missed the absolute bottom according to data that was released yesterday so I would recommend you hang out another year or two and wait for prices to go even lower.And they might just do that along with a steep rise in interest rates due to inflation.

Disclaimer: Only one man's opinion.
oy...I will never get back the last 5 minutes of my life going through this thread..such a shame.
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