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Old 05-19-2010, 11:01 PM
 
Location: Worthington, OH
693 posts, read 2,258,013 times
Reputation: 298

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Found this story on the housing market, I thought it was rather shocking, it reports on 13 national housing markets they (Business Insider) think will have no chance of recovery due to the drop in home prices, combined with the unemployment in these areas.

Is this over exaggerating or does anybody agree this is really possible?

The 13 Housing Markets That Will Never Recover

Last edited by MittenDweller82; 05-19-2010 at 11:01 PM.. Reason: addition
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Old 05-19-2010, 11:07 PM
 
47,525 posts, read 69,692,979 times
Reputation: 22474
Only the manufacturing industry could bring them back and that's not going to happen any time soon.
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Old 05-20-2010, 07:05 AM
 
Location: Grand Rapids Metro
8,882 posts, read 19,852,535 times
Reputation: 3920
Quote:
Originally Posted by MittenDweller82 View Post
Found this story on the housing market, I thought it was rather shocking, it reports on 13 national housing markets they (Business Insider) think will have no chance of recovery due to the drop in home prices, combined with the unemployment in these areas.

Is this over exaggerating or does anybody agree this is really possible?

The 13 Housing Markets That Will Never Recover
Well they do have the unemployment rate wrong for the Grand Rapids area...
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Old 05-20-2010, 07:23 AM
 
Location: Detroit
13 posts, read 33,227 times
Reputation: 17
well, what comes down must come up... Right..
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Old 05-20-2010, 01:06 PM
 
Location: Grand Rapids Metro
8,882 posts, read 19,852,535 times
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Quote:
Originally Posted by motherwaddles View Post
well, what comes down must come up... Right..
Actually the average home prices in GR have rebounded about 20% from their lows. "Never" is a hilarious word to use in journalism.
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Old 05-20-2010, 01:26 PM
 
Location: Loving life in Gaylord!
4,120 posts, read 8,900,055 times
Reputation: 3916
Quote:
Originally Posted by magellan View Post
Actually the average home prices in GR have rebounded about 20% from their lows. "Never" is a hilarious word to use in journalism.
lol! Since when are these so called "experts" ever right. They have no clue what will happen anywhere in the U.S. Thats hilarious if you ask me, and no possible way they can know.
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Old 05-20-2010, 02:03 PM
 
8,228 posts, read 14,217,702 times
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I thought some of their pretty fuzzy logic and data sort of might make sense. But the results without taking in other factors ended up with Orlando making the list? I can see housing markets in Michigan not recovering if they are not going to recover anywhere, but I didn't need that list to tell me that and that list just seemed out of whack.
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Old 05-20-2010, 09:10 PM
 
Location: Somewhere below Mason/Dixon
9,469 posts, read 10,803,534 times
Reputation: 15972
Our housing market in Michigan never inflated to the levels that they did in the more popular areas of the country. We never had 400k starter houses like the east coast, never saw home values double every few years like Arizona. We have lost money in our homes no doubt, but not nearly as much as someone in say Arizona or Maryland. In Michigan a house that cost 100k at the housing peak may cost 80k now. In the boom states that 400k house is now worth 250k. When you look at it like that, we dont have it that bad.
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Old 05-20-2010, 09:35 PM
 
93,292 posts, read 123,941,088 times
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Quote:
Originally Posted by danielj72 View Post
Our housing market in Michigan never inflated to the levels that they did in the more popular areas of the country. We never had 400k starter houses like the east coast, never saw home values double every few years like Arizona. We have lost money in our homes no doubt, but not nearly as much as someone in say Arizona or Maryland. In Michigan a house that cost 100k at the housing peak may cost 80k now. In the boom states that 400k house is now worth 250k. When you look at it like that, we dont have it that bad.
Where on the east coast? Are you talking about the Northeast corridor? I know here in Syracuse you can get a starter home for around 75-95k, easily. So, it depends on where you are on the East Coast.

BTW-Out of the top 100 biggest metros, Syracuse has the lowest foreclosure rate: America's Best Bang-For-The-Buck Cities - Forbes.com
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Old 05-20-2010, 09:37 PM
 
93,292 posts, read 123,941,088 times
Reputation: 18258
I'm actually surprised to see Grand Rapids on that list and even Lansing somewhat surprises me just due to the MSU presence.
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