Lehigh Valley Housing Market (Allentown, Emmaus: foreclosure, rent, condo)

[jeffvivian]

Originally Posted by BearSwamped

The fair market price of a house is not what it is listed for on the MLS. The fair market price is what someone is willing to pay for it. Clearly there has been a massive slowdown in sales. We can reason that buyers do not think that the prices have hit bottom.

The worst thing that a real estate agent can do, by far, is list the house too high to start.

I agree with some of what your saying my main issue is a real estate agent does not list the price....that has to be agreed upon between the homeowner and the agent...so soetimes its the homeowner that has an idea of inflated value....But Yes it is the ABSOLUTE worst thing you can do in this market.

And my below reference only shows available references because that is all the "public" MLS site shows. I could show you comps that illustrate my position as well.

[LifetimeLocal]

Originally Posted by jeffvivian

lorib49,

You are correct. Homes in that price range are moving with regularity. I hate saying this because everyone looks as me as an agent, but putting that hat to the side - This market has so much opportunity for buyers and sellers, it is truly unbelievable.

Good Luck House Hunting,
Jeff

Are you sticking to your guns on this statement? It's not long ago.

[JohnZ963]

LifetimeLocal, I agree with many of your points, but I gotta say, you're like the reincarnation of "EmmausRocks." from a year or so ago.

[jeffvivian]

Originally Posted by LifetimeLocal

Are you sticking to your guns on this statement? It's not long ago.

So you are saying there is no opportunities? I am not sure I follow?

[LifetimeLocal]

Originally Posted by jeffvivian

So you are saying there is no opportunities? I am not sure I follow?

I would have to say no. The reason for my decision is simple. People got punch drunk like no other time before and when you look at history which always repeats itself this one makes all others look like a cake walk. It's sad to say but this economy is going to struggle for a long time and its all related to the housing market.

[jeffvivian]

Originally Posted by LifetimeLocal

I would have to say no. The reason for my decision is simple. People got punch drunk like no other time before and when you look at history which always repeats itself this one makes all others look like a cake walk. It's sad to say but this economy is going to struggle for a long time and its all related to the housing market.

I still not sure I follow this....so there are no opportunities for anybody in this market because over the past 5 years people are punch drunk. thats like saying well there are no good .coms left because of .com bust 10 years ago.

It seems to be an empty statement...to say there is not 1 person in the entire Lehigh Valley that has an ounce of opportunity to upgrade their lifestyle because of 5 years ago... don't you think? I mean some people that bought 8 -15 years ago....there is nothing in this market for them?

[LifetimeLocal]

Originally Posted by jeffvivian

I still not sure I follow this....so there are no opportunities for anybody in this market because over the past 5 years people are punch drunk. thats like saying well there are no good .coms left because of .com bust 10 years ago.

It seems to be an empty statement...to say there is not 1 person in the entire Lehigh Valley that has an ounce of opportunity to upgrade their lifestyle because of 5 years ago... don't you think? I mean some people that bought 8 -15 years ago....there is nothing in this market for them?

Mortgage delinquencies rise in the Lehigh Valley -- themorningcall.com

[toobusytoday]

Here's an interesting quote from the above mentioned article.
Mortgage delinquencies rise in the Lehigh Valley -- themorningcall.com

"The Valley's mortgage delinquency rate in the third quarter was higher than Pennsylvania's rate of 4.1 percent, but lower than the national rate of 6.3 percent. The Lehigh Valley housing market has been searching for bottom under the pressure of rising joblessness and foreclosures. A tax credit of up to $8,000 for first-time homebuyers has helped boost sales activity, but median prices continue to slide. In Lehigh and Northampton counties in October, the median home sold for $172,700, down 6.4 percent from a year earlier, according Prudential Patt, White Real Estate."

[jeffvivian]

Originally Posted by LifetimeLocal

Mortgage delinquencies rise in the Lehigh Valley -- themorningcall.com

ok....this posting now reveals your face and its familiar....and its the same merry go round from last year....good luck.

[LifetimeLocal]

Originally Posted by toobusytoday

Here's an interesting quote from the above mentioned article.
Mortgage delinquencies rise in the Lehigh Valley -- themorningcall.com

"The Valley's mortgage delinquency rate in the third quarter was higher than Pennsylvania's rate of 4.1 percent, but lower than the national rate of 6.3 percent. The Lehigh Valley housing market has been searching for bottom under the pressure of rising joblessness and foreclosures. A tax credit of up to $8,000 for first-time homebuyers has helped boost sales activity, but median prices continue to slide. In Lehigh and Northampton counties in October, the median home sold for $172,700, down 6.4 percent from a year earlier, according Prudential Patt, White Real Estate."

For the three months ended Sept. 30, 4.5 percent of mortgages in the Lehigh Valley area – defined as Lehigh, Northampton and Carbon counties and Warren County, N.J. – were 60 or more days past due, according to the credit reporting agency TransUnion in Chicago. That's up from 3.1 percent in the same quarter a year ago and up from 4.2 percent in the second quarter of this year.

Being two months behind is considered a first step toward foreclosure, because it's so hard to catch up with payments at that point.

The local mortgage delinquency rate has been climbing since the first quarter of 2007, when only 1.8 percent of mortgages were 60 or more days delinquent, according to TransUnion.


Did you forget to put this on there?