Montana Foreclosures

[JoeJoeMan]

thanks for the tips/advice.....

I was searching around in the Realestate section to see what I could find....and I might post a new thread there.

I'm still wondering to what extent the foreclosure situation is directly affecting MT....indirectly I would imagine trouble in other places making it difficult to sell homes there affects those people selling to move here, less people moving here means less and less demand on our local markets....this is good for those wanting to buy here, so I'm starting to light up and will probably start getting hip to the local market again.....and want to know when things are right, ie prices have come back to earth.
I've seen homes that have had their selling prices reduced by as much as about 25 percent, unfortunatley that still leaves them way over-priced, that's how far out of whack the whole market got.
I've said it before, in some sections of Missoula and surrounding areas what at one time were built and sold as starter homes (and not very big ones) have been selling for 250-500k, which a doctor would have trouble buying as a first time buyer. So we'll see. I'm not desperate or in a rush, so I'm probably not someone a realestate agent would be very intersted in (I'm not a fast sale) quite yes......but hopefully if/when the market really goes in the dumper, they'll come off their high horse and be asking me to work with them, or let'em all go broke, I really don't care........their fortune and luck over the last so many years was the misfortune of alot of others, myself included and younger folks trying to get in a home and get a life together are the ones that are paying for this whole mess........a big market crash would only do them good....and if that comes at the price of some yuppie not being able to resell his place and make 300k for an early retirement......I could care less..........so it all evens out, I guess.

PS: Decembergirl -----------yea you explained it good, I got it thanks

[jimj]

Thankfully, (at least for me) the MT housing market is somewhat stable at the moment though sales are stagnant (bad for me since I'm trying to sell). Like everywhere else the foreclosure rate has risen but not near the rate as other states. We're kind of insulated in that most people who have moved here either had plenty of money to buy and endure the low wages or are retired and don't need to worry. Then there's the locals who are used to low/no pay and since pay has risen here as of late are probably doing better than they were and no mass layoffs have happened, on the contrary there seems to be a job boom at the moment.
Since this is a "destination" state at this point I wouldn't expect a flurry of foreclosures and the ones you might see might be at the way high end.

House prices are dropping some but if you're waiting for the days of the $140k 2000 sqft on an acre to return I think you'll be disappointed. You never know though, since you have time just keep your eyes open, watch the papers under "public notice" for auctions since they have to be posted.
You can also check the HUD website their forclosures....

[JoeJoeMan]

jimj wrote:

House prices are dropping some but if you're waiting for the days of the $140k 2000 sqft on an acre to return I think you'll be disappointed.

Yes I think the good good ol' days are gone. But if prices moderated back to somewhat normal levels that would be great....and probably would even help sales when the average joe could once again have a chance a decent place instead of settling for a condo or being locked out of the market.

You can also check the HUD website their forclosures

I tried that but I could find any actual listings by HUD, does HUD itself show the actual listings and or stats ? All I was able to find was some links they had to those commercial sites that supply you with a list. Did I miss something ?

[jimj]

Yes, Hud has a list along with I believe FHA.

[tigergal]

Originally Posted by JoeJoeMan

jimj wrote:


Yes I think the good good ol' days are gone. But if prices moderated back to somewhat normal levels that would be great....and probably would even help sales when the average joe could once again have a chance a decent place instead of settling for a condo or being locked out of the market.



I tried that but I could find any actual listings by HUD, does HUD itself show the actual listings and or stats ? All I was able to find was some links they had to those commercial sites that supply you with a list. Did I miss something ?

Hi.

Here you go from the HUD website. Real Estate Portal To Homes For Sale