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Old 08-05-2011, 05:31 PM
 
8,228 posts, read 14,160,017 times
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I was surprised to see Dayton included if only because most of the data for these types of things concentrate on bigger cities. Was also surprised to see Tucson not Phoenix. That and the fact that#7! (wow, what crappy editing!) I'm not sure whether I put much stock in this in terms of a top 10 list. However I do think that the housing market here has suffered, is probably down to what? 2006 pricing?

America's 10 sickest housing markets - Business - Real estate - msnbc.com
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Old 08-05-2011, 06:51 PM
 
Location: NKY's Campbell Co.
2,107 posts, read 5,057,847 times
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Personally, it is nothing compared to those who bought in major markets along the east coast. I have family and friends around DC who are in deep with homes they bought at the height of the market between '04 and '06. They'll never recoup the equity in their home. Ever. Or it would be at least 50 years before then.

I'll put some stock in the list if it talked about Dayton alone and not the metro. The subprime mortgage hit the city itself extremely hard, causing numerous foreclosures. Though the metro has suffered too, the suburbs, especially the more wealthy ones, haven't been as hard hit or really hit at all. While some of our neighbors have lost some money in their homes, especially those built at the height of the market, we could still most likely sell our home (12 years old) for at least 40K more than we paid in 2000. Going back to the newer neighbors, even with their lost, it is only 20-40K from their purchase price, as compared to my DC family who probably can't sell their home for more than 410K. They paid 600K+.

I go down to SW Florida to visit family and see homes that are no more than 5 years old in a depressed state, in need of major repair, or borded up all together. That is not the case in 90% of the suburbs for Dayton. Even Warren County, which blew up like all of Florida in the last decade doesn't have this problem.
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Old 08-06-2011, 05:37 AM
 
219 posts, read 889,901 times
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My new appraisal in Oakwood is down 10% from the prior county appraisal, which was down 10% from the purchase price a few years ago. And, we needed to spend about 15% of the home's purchase price on major improvements, since it is an old house in Oakwood.

40% of the homes sold (shown at the bottom of the appraisal) have been distressed sales. In Oakwood (doesn't include any surrounding Dayton or Kettering streets).

All in, we are probably down 30+% in a few years. Luckily, we didn't buy a $600,000 house, or we'd also probably be $150,000-200,000 in the hole.
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Old 08-06-2011, 07:51 AM
 
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IDK maybe some of the newer outer built up areas of DC won't recover as fast but many places in DC are recovering all ready. At the height of craziness some people seriously overpaid regardless of any real sense, don't know if they will recover either. But if I had bought carefully in DC (like i could ever afford to!) I would be a lot less worried than in a lot of places. FL is going to take a long time to straighten out but...if people are patient it will. I don't see any big decrease in retirees wanting to move to FL. A guy at work's Mother just bought a place then decided to buy the place next door for family and friend visitors.

In this link DC is number 1
10 Real Estate Markets to Watch in 2011 | Inman News

Washington, D.C., was one of only two markets to see year-over-year gains in the most recent Standard & Poor's/Case-Shiller home-price index report, which tracks 20 U.S. metro areas nationally. While 11 of the 20 markets tracked posted new index lows in December, home prices in Washington, D.C., rose 4.1 percent year-over-year.

Dayton_Ohio - that's tough. Don't know that Dayton had a big steep bubble like DC etc. but I guess there was too much building for pop growth, movement from the center and now loss of jobs. I guess those are the causes anyway.
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Old 08-06-2011, 08:20 AM
 
219 posts, read 889,901 times
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I think the combined loss of GM-Moraine and NCR hurt Dayton a lot. Those two losses alone must have drained $400-500 million per year in payroll and local spending from the Dayton economy. WPAFB isn't growing fast enough to offset those sorts of losses.

Dayton, like Detroit and Cleveland, never had a bubble, but demand that was once weak is now much weaker....
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Old 08-06-2011, 01:36 PM
 
Location: Miami Twp.
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Our appraisal actually went UP this year - I think close to $10K.
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Old 08-16-2011, 10:34 AM
 
Location: Arizona!
675 posts, read 1,406,549 times
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Quote:
Originally Posted by Giesela View Post
I was surprised to see Dayton included if only because most of the data for these types of things concentrate on bigger cities. Was also surprised to see Tucson not Phoenix. That and the fact that#7! (wow, what crappy editing!) I'm not sure whether I put much stock in this in terms of a top 10 list. However I do think that the housing market here has suffered, is probably down to what? 2006 pricing?

America's 10 sickest housing markets - Business - Real estate - msnbc.com
I didn't see the crappy editing you're referring to... but I can tell you that I believe the article from my personal experience.
We purchased in a Dayton suburb in 2005 and listed for sale in 2010 when we moved to AZ.
It is still on the market, and now down to less than we paid. So in our case the pricing is currently below 2005 and heading lower. And that doesn't even consider us putting in remodeling totaling nearly 100k.

So yes, I believe it when they say Dayton is the 6th worst housing market. If you're one of the few people moving into this town you have to be licking your chops at the deals out there.
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Old 08-16-2011, 10:36 AM
 
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We have no plans to sell our house. Maybe we'll die here. So we're not worried in the least.
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Old 08-20-2011, 09:18 AM
 
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That's the problem though isn't it Crew Chief? The only people who feel like its financially sane to buy here are the ones that are going to stay here forever?
You gotta think twice about buying if your younger and don't want to lock yourself into being stuck with a house you can't sell if you decided you want to leave.
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Old 08-20-2011, 09:52 PM
 
6,351 posts, read 21,476,597 times
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Quote:
Originally Posted by Giesela View Post
That's the problem though isn't it Crew Chief? The only people who feel like its financially sane to buy here are the ones that are going to stay here forever?
You gotta think twice about buying if your younger and don't want to lock yourself into being stuck with a house you can't sell if you decided you want to leave.
Very true, Giesela! If I were still on active duty and at WPAFB, we'd DEFINITELY be renters. (Although if it were my last assignment and we had the situation we have now, it'd be a GREAT time to buy...)

We still have plenty of water. Less extreme weather than some of those "more desirable" locations. We LOVED ID. But cost-of-living is super-high in ID. And teacher pay is abysmal (Right to Work state...) ID is a great place to live if you can afford it. here, we can afford to vacation in ID!
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