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Old 07-26-2006, 08:46 PM
 
Location: Raleigh, NC
12,025 posts, read 28,331,817 times
Reputation: 8527

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Believe me...they'd still be buying but they'd be getting less house for their money! Vicki
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Old 07-26-2006, 08:48 PM
 
40 posts, read 28,420 times
Reputation: -1
Quote:
Originally Posted by VickiR
I think when you say the housing market crashing...I think they mean that a $125,000 will no longer be worth $125,000 but almost worthless.
Oh come on now Vicki ...

We're talking about prices that have increased purely from speculation. For a $125,000 "house" to be affected, it would have had to be a complete dump to begin with. And, if it was a complete dump, then sure it deserves to be worthless.

We're talking about houses like this one:

3305 Tree Swallow Cir, Elk Grove, CA. MLS #60050491 $420,000

The seller originally bought it for $525,000 according to Zillow. There's another example of a speculator trying to unload a house at a loss of $356,657 but I couldn't substantiate the previous sale price. If true, that is one heck of a crash.
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Old 07-26-2006, 08:51 PM
 
Location: Raleigh, NC
12,025 posts, read 28,331,817 times
Reputation: 8527
You are talking about Calif. housing. I'm talking about NC houses. I just sold a brand new 3 bedroom, 2 bath house, with a 2 car garage on an acre lot for $129,900. Its in Johnston county, where the prices are lower and you get more land.

And as far as zillow...its wrong more often than right.

Vicki
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Old 07-26-2006, 09:00 PM
 
1,735 posts, read 4,230,346 times
Reputation: 1437
Quote:
Originally Posted by shannon94
Don't you think Carter inherited a mess? Country went off the gold standard during the Nixon administration....high interest rates that followed were due to stagflation and were designed to keep demand for the dollar up.
I think every new president inherits a mess. Some more than others. Some are better at controlling problems than others and during the Carter administration inflation was out of control?
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Old 07-26-2006, 09:08 PM
 
Location: Blue Ridge Mtns of NC
5,661 posts, read 24,675,176 times
Reputation: 3808
Quote:
Originally Posted by RedNC
I think every new president inherits a mess. Some more than others. Some are better at controlling problems than others and during the Carter administration inflation was out of control?
Inflation Rate

1977 6.62%
1978 7.59%
1979 11.28%
1980 13.48%
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Old 07-26-2006, 09:22 PM
 
2,301 posts, read 1,901,459 times
Reputation: 317
Quote:
Originally Posted by shannon94
Don't you think Carter inherited a mess? Country went off the gold standard during the Nixon administration....high interest rates that followed were due to stagflation and were designed to keep demand for the dollar up.

Silverwing would you mind putting the little laughing guy on this post?

Thank you
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Old 07-27-2006, 10:20 AM
 
483 posts, read 1,449,244 times
Reputation: 178
Quote:
Originally Posted by dirtykj
I now believe that prices won't fall quickly in the next few month, but for a different reason.

I feel that the sellers who are holding out at unrealistic prices (disregarding comps) are doing so because they (or a significant number of them) have taken out equity in their homes to afford the kind of lifestyles they enjoyed in the recent years. As such they cannot afford to lower the asking price much before they have to bring serious amount of money to the table when they sell. An alternative to that is a short sale, but then they will get a rude awakening in the form of IRS 1099. So, for people who have HELOC'd a significant chunk of their equity, there's no choice for them but wait.

Except that waiting will bring the inevitable foreclosures.

But, foreclosures take time. That's why I now think that prices will not be dropping like lead balloon any time soon.

Go ahead, give me another red dot You know you want to.

Yes, I STILL want to build in NC. But, I'm still waiting
What's the 1099 again for? Is that the capital gains tax? If so, you don't pay capital gains on the sale of your home unless your NET equity exceeds 500k. But if it's a second home, then you would pay taxes unless you reinvest that money into another property within 30 days. I believe this is the case, although I'm not an expert when it comes to the IRS laws, but it's amazing how much you learn when getting heavily involved with sales/laws/taxes, etc.
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Old 07-27-2006, 11:18 AM
 
Location: Florida but not for long :) :)
1,130 posts, read 1,162,286 times
Reputation: 50
by the way guys, Zillow is not really a good place to find out home prices. It is usually way off by alot
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Old 07-27-2006, 11:28 AM
 
40 posts, read 28,420 times
Reputation: -1
Quote:
Originally Posted by mmdj43
What's the 1099 again for? Is that the capital gains tax? If so, you don't pay capital gains on the sale of your home unless your NET equity exceeds 500k.
This is why I used the phrase "rude awakening".

If your bank agreed to let you sell your house (you as a general term) at a price that is below the amount you owe (a short sale), then the bank takes a loss on the money you owe them. The loss by the bank is treated as a gain to you, and they will send you the 1099 accordingly.
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Old 07-27-2006, 11:29 AM
 
40 posts, read 28,420 times
Reputation: -1
Quote:
Originally Posted by bamboosmom
by the way guys, Zillow is not really a good place to find out home prices. It is usually way off by alot
We're not talking about "zestimates" ... I was using zillow for the recent sales figures. Either that, or hit the county websites individually, but that really takes a bit of efforts.
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