Housing market in Co (for sale, real estate, foreclosures)

[cl723]

How`s the housing market were you are at in Co? Is it dead or speratic?

[ColoWeb]

From whose perspective? Buyer or seller? Bad for sellers, okfor buyers.

It is based on the areas, some are doing better than others now. Overall, it is still not great for sellers as there are many foreclosures still taking place (and many more to come) which does not help.

Some neighbors of mine who were trying to sell the house for 6+ months just took it of the market until spring since the number of people who even look at their house was very low.

But if you ask a realtor, check the news, or get news from the economists, everything is going well and the recession is over! Economy is great!

[2bindenver]

Great for buyers. Lower housing prices, lower interest rates. Ok for Sellers, there are buyers out there wanting to buy.

That is what is great about the housing market. It all depends on where you are, what price range you are in, and if you are a buyer or a seller; you could be both.

[cl723]

I don`t think it matters from whos persective because if nobody is buying, then it` dead. And if it`s speratic, then that means that there are some buyers but not a lot.

[ColoWeb]

there are ~some~ buyers in ~some~ locations. A lot of it is foreclosures - good for the buyer. If you are a homeowner who is trying to sell, you can't sell because your home is down in value (unless you sell short sale, meaning you make $0 on it and take a credit hit) and the buyers can get a similar home much cheaper if there are foreclosure houses in your area instead.

If you are a buyer who is looking to buy long term (not looking to make a quick profit) then there are many attractive foreclosures for you. Just do not expect to make a quick $$ on it.

The housing market did not hit the bottom yet, in my opinion, if you look at all of the foretasted foreclosures that will come up.

[Bideshi]

I have made a couple of offers, but people still have unrealisticly high expectations as to what property will bring today, including many realtors. The big issue, in my opinion, is now "who has the title?". Since this has never happened before, it's hard to predict what effect it will have, but it won't be good for house prices. I expect a retreat to 2000 levels before any stabilization.

[jazzlover]

Well, one might want to read James Kunstler's latest blog (Now What? - Cluster**** Nation )--his blog about the debt/foreclosure/CDO mess is national in scope, but anyone who thinks that Colorado will escape the mess is living in dreamland--though Colorado, alone among all of the states, still has a Public Trustee system for handling mortgages and foreclosures which may curtail at least a little of the nonsense here.

Here is the rough part:

Let me tell you something: this problem is not going away. At the very least it is going to paralyze the real estate industry for as far ahead as anyone can see. For another thing, it could force the disclosure of what the banks are holding in their vaults in the way of worthless paper and expose their insolvency. For still another thing, it could lead to rafts of lawsuits that would additionally shove the banks toward collapse, demolish the claims that underlie our currency, call into question the meaning of property ownership per se that is the basis of Anglo-American law, and tie up the court system until kingdom come. In any case, every pension fund, state government, and insurance operation would be crippled. I could go on but you get the picture.... This might all sound extreme, but I repeat: nobody with any authority in this land has proposed a plausible way out.

[cl723]

I don`t think that anyone is thinking that Colorado has escaped anything.Why would you even assume that... If you live in Co then you know what`s been going on here.

[jim9251]

Every other house is either for sale or in foreclosure. But that doesn't stop the greedy real estate agents from asking four times what houses are really worth or trying to sell overpriced lots.

[2bindenver]

I am not greedy. You know nothing about me. I work more now than 15 year ago for far less pay.

In fact, I don't price houses or lots, seller's do. If no one buys, I don't get paid.

Either contribute something productive, or don't contribute at all.