[Weirdo2see]

It seems like people haven`t really left this state.I do not think that rental units will fare any good.At some point,reality will set in and they will have to go down.NO JOBS NO MONEY.
I think a lot of people get section 8 and get free housing.Thats how they are getting by.I think house prices have a long way to go before they reach the bottom and this is going to happen possibly in every country.I have like six houses on sale right in my neighbourhood and they are not selling.The problem is that it is mainly investors and the sellers are out of this planet.Hell they sell you a garbage home for a lot of money down in roseville.I am sure when next year home prices go down by 20% or more, we will have another different outlook at this mess.

[scolls]

I paid $28,500 for my house in Harper Woods. It'll really go lower than that?

[Weirdo2see]

Originally Posted by scolls

I paid $28,500 for my house in Harper Woods. It'll really go lower than that?

How big is it and what road and mile?
I can get mine for $55,000,but it needs repairs.It is a big one 1900 sq ft in sterling heights,but i do not think people will pay or finance 120- 130k for a house like that anymore.I mean why would anyone on his right mind chain himself up here in Michigan or Florida or California???An investor is an investor and they will make a lot of money,but they will pay for it in the form of taxes and waiting.Michigan will not come back in 10 years.Money is very hard to come by and so the debacle will keep going.

[malamute]

Originally Posted by Weirdo2see

It seems like people haven`t really left this state.I do not think that rental units will fare any good.At some point,reality will set in and they will have to go down.NO JOBS NO MONEY.
I think a lot of people get section 8 and get free housing.Thats how they are getting by.I think house prices have a long way to go before they reach the bottom and this is going to happen possibly in every country.I have like six houses on sale right in my neighbourhood and they are not selling.The problem is that it is mainly investors and the sellers are out of this planet.Hell they sell you a garbage home for a lot of money down in roseville.I am sure when next year home prices go down by 20% or more, we will have another different outlook at this mess.

True - rents tend to go whereever the government housing subsidy puts them. When the average subsidy is $700 a month, that's what apartments and any "cheap" rental will be. If the government decides to up what it gives, then the rent prices go up, they are not based on free market forces.

[scolls]

Originally Posted by Weirdo2see

How big is it and what road and mile?
I can get mine for $55,000,but it needs repairs.It is a big one 1900 sq ft in sterling heights,but i do not think people will pay or finance 120- 130k for a house like that anymore.I mean why would anyone on his right mind chain himself up here in Michigan or Florida or California???An investor is an investor and they will make a lot of money,but they will pay for it in the form of taxes and waiting.Michigan will not come back in 10 years.Money is very hard to come by and so the debacle will keep going.

1700 sq ft, 8 Mile *Gasp* and all it need was paint

[canudigit]

NICE bargain! That's a great house, especially for that price!

Don't worry. All indications are that houses are starting to move again, and the Big Three are slowly, achingly, getting things back on track too. In a few years, you will be incredulous at what you paid for that house, and you will be able to sell it for a profit. Good for you!

BTW, was up in the Detroit area today, and drove up Jefferson from downtown through the Grosse Pointes and into St. Clair Shores. Gorgeous, gorgeous, gorgeous! I hadn't been through there in several years, and I was both impressed and encouraged by the area of Jefferson between the Ren Cen and the Belle Isle Bridge. Nice job, Detroit! And those waterfront mansions in Grosse Pointe Woods...spectacular. I really can say that I love metro Detroit.

ETA: Hubby and I own rental properties south of the Detroit metro area. Rents are remaining stable, and tenants still seem to be plentiful, and we don't take Section 8 because we don't want our places trashed and because we don't want to be involved with the Federal Government any more than is absolutely necessary. If people are leaving Michigan in droves, which seems to be the going theory, I have seen no evidence of it.

[mary54mi]

My kids are renting in Dearborn where the property taxes went up thus no decrease in rents yet.

[snoopygirlmi]

In our area, people still want premium prices to rent homes because of their location.

When you can rent a 1200 sq ft apartment for $1000, why would you rent the same size house for $1500? Especially when both are in Rochester Hills?

[RomanGeneral]

Get Real!
Houses are gonna go for a nickle.This state has become junk.The tenants will not be there forever with their checks in their hands.Cmon now...lets not fool ourselves...

[Weirdo2see]

That is why i am walking out of my house.I am going into a much cheaper housing.You can not sacrifice your life and others for a longshot recovery with measly return.