NH real estate, how much lower will it go? (Manchester: real estate market, credit)

[movingover]

I'm specifically talking about within the triangle of Manchester, Nashua and Portsmouth. I've been watching it carefully for the past 3 years and it has dropped quite a bit. When will it bottom, or has it already?

[motoracer51]

I also would like to add something to this thread regarding the OP.

I've noticed that houses that are on the market, are on there for a LONG time. Some being 1+ years.

Is NH generally and historically a tough place to sell a house?

[hollyrose]

I'd like to know too, we will be selling our house in april. We live in barrington,nh. Hopefully we'll break even but won't make anything.

[GraniteStater]

Some of the rural areas really need to drop further in price. Some people just can't accept the fact that the real estate market is not going to come back at all in the near term.

[Brave Stranger]

Another 20% give or take. Another year and a half or two before it stops dropping......then years of no price gains, and I'm being positive here The fact is we are in the middle of the biggest credit bubble in world history. Home prices are still too expensive for what most people earn. Markets alway correct, and that's what we are seeing now unless the government screws it up.

[motoracer51]

Originally Posted by Brave Stranger

Another 20% give or take. Another year and a half or two before it stops dropping......then years of no price gains, and I'm being positive here The fact is we are in the middle of the biggest credit bubble in world history. Home prices are still too expensive for what most people earn. Markets alway correct, and that's what we are seeing now unless the government screws it up.

As long as they keep passing "bail" outs and "stimulus's", they'll continue and prolong the recession.

[Brave Stranger]

Originally Posted by motoracer51

As long as they keep passing "bail" outs and "stimulus's", they'll continue and prolong the recession.

I agree......they never learn. Jimmy Carter part 2

[GraniteStater]

Originally Posted by motoracer51

As long as they keep passing "bail" outs and "stimulus's", they'll continue and prolong the recession.

I think that last stimulus should have been smaller and much more targeted at creating jobs in a timely manner. I don't think we need to be arguing about spending when both parties can't get the job done in a fiscally responsible manner.

[motoracer51]

Originally Posted by GraniteStater

I think that last stimulus should have been smaller and much more targeted at creating jobs in a timely manner. I don't think we need to be arguing about spending when both parties can't get the job done in a fiscally responsible manner.

True.

Back to topic. How much more do we have to go as far as falling home prices, in NH specifically?

I think that even if values continue to fall, interest rates will begin to rise.

[GraniteStater]

Originally Posted by motoracer51

True.

Back to topic. How much more do we have to go as far as falling home prices, in NH specifically?

I think that even if values continue to fall, interest rates will begin to rise.

1) NH has a more resilient economy compared to the other rural New England states. I predict home values will continue to fall this year, but begin to stabalize by early next year.
2) Interest rates remain near historically low values at around 5% for 30 year fixed mortgage. I expect to see these rates remain low in the near term, but may rise some by next year.
3) I expect to see rural house values continue to decline faster than urban areas due to the fact that more individuals may be selling a 2nd home or a lake home in order to meet financial obligations. I would say prices are still the most inflated in the Lakes Region.