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Old 05-29-2010, 11:50 PM
 
3,071 posts, read 9,094,085 times
Reputation: 1659

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You bought while the prices were still hyped up and the economy tanked...A friend bought around the same time and took even a bigger hit....
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Old 05-30-2010, 07:52 AM
 
Location: Cornelius
407 posts, read 846,534 times
Reputation: 254
Quote:
Originally Posted by FrankTheTank2 View Post
I know things have been bad but for some reason I thought this part of town did not take such a large hit. Is my house value really down 14%?
Ouch. What a wake up call for me.
If you like your house enjoy it and forget about what it is worth presently.
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Old 05-30-2010, 09:00 AM
 
1,343 posts, read 3,319,525 times
Reputation: 981
According to Zillow our house is worth $49k less than we paid in June 2008, and Zillow doesn't know (or care) about all the money we have put into the house - new roof, granite in kitchen, etc. But the house we sold in NJ - according to Zillow - is worth $150k less than what we sold it for, so I am not complaining. Not to mention the $50k difference in property taxes over the past 2 years!
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Old 05-30-2010, 09:09 AM
 
Location: Up above the world so high!
45,218 posts, read 100,308,463 times
Reputation: 40194
Quote:
Originally Posted by nacmd70 View Post
If you like your house enjoy it and forget about what it is worth presently.

I completely agree! If you aren't planning on selling soon just forget about the market and enjoy having a beautiful home
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Old 05-30-2010, 09:11 AM
 
Location: Up above the world so high!
45,218 posts, read 100,308,463 times
Reputation: 40194
Quote:
Originally Posted by XcapefromNJ View Post
According to Zillow our house is worth $49k less than we paid in June 2008, and Zillow doesn't know (or care) about all the money we have put into the house - new roof, granite in kitchen, etc. But the house we sold in NJ - according to Zillow - is worth $150k less than what we sold it for, so I am not complaining. Not to mention the $50k difference in property taxes over the past 2 years!

It's all relative, as you have figured out already

People who bought homes from 2007 to early 2009 all paid more than they would pay today for the same home. It just is what it is - but it is certainly not the end of the world.
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Old 05-30-2010, 09:15 AM
 
Location: Charlotte, NC
2,193 posts, read 5,035,324 times
Reputation: 1075
Our home is estimated as 175K OVER what we paid for it. So zillow is wayyyy off!
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Old 05-30-2010, 09:26 AM
 
604 posts, read 1,300,735 times
Reputation: 215
In Lumbollo's link is the Kool-Aid!! FHA is a major money pit for taxpayers. 90 % folks!!!

The FHA, which backs loans with down payments as low as 3.5 percent, insured $52.5 billion of home-purchase mortgages in the first quarter, compared with $46 billion of purchases of the debt by Fannie Mae and Freddie Mac, according to data compiled by Washington-based Potomac Partners.
The FHA and Fannie Mae and Freddie Mac, which regulators seized in 2008, have been financing more than 90 percent of U.S. home lending after a retreat by banks and the collapse of the market for mortgage bonds without government-backed guarantees.
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Old 05-30-2010, 10:47 AM
 
1,343 posts, read 3,319,525 times
Reputation: 981
Keith Roe, you got that right! Here is a recent article that was reprinted in the Charlotte Observer that clearly explains abuse caused by FHA rules allowing 6% seller concessions. This will be reduced to 3% which will help stem the abuse, but will reduce the number of transactions also.

Ever wonder why all those houses listed at $100,000 have a sales price GREATER than the asking price? Hot market with multiple bidders paying over the ask? No, if you can just swing an appraisal slightly higher than the asking price, the FHA 96.5% loan provides enough money for everyone. It's scary that this stuff is still going on after all we have been through.

washingtonpost.com
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Old 05-30-2010, 11:00 AM
 
604 posts, read 1,300,735 times
Reputation: 215
I know all about it. We do a lot of $100.00 down programs.

The Government will be the only one providing student loans soon.

Pay attention everyone... the article says 90% of US home lending is FHA or the Government.
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Old 05-30-2010, 11:02 AM
 
604 posts, read 1,300,735 times
Reputation: 215
Things are bad now but the Government has been proping up the real estate market with cheap money.

You can get a 30 year loan for 4.5%.

If you have a job.....
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