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Old 01-14-2010, 09:00 AM
 
Location: Home is where the heart is
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Quote:
Originally Posted by arielmina View Post
LOL I agree, I think the western areas of Loudoun fell HARD and FAST. We house hunted here from summer 2008 until we bought in fall 2009 and honestly prices have started coming up and houses were flying off the market. Plus there was not alot of inventory - other than short sales, which we avoided.
The way I see it, the prices of 2006 were never realistic anyway and everyone knew it. They just went along with it because--what they hell-- you can't blame a builder for trying to get a million dollars for a townhouse, even if they know it's just a temporary frenzy and when the fever passes the prices will have to be get marked down again. Sorta like the beanie baby frenzy, but on a bigger scale. So now we're back around the 2004 level, which is still ridiculously high, IMO, but back to normal.
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Old 01-14-2010, 12:40 PM
 
Location: Everywhere and Nowhere
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The older, closer in neighborhoods have weathered this pretty well. Prices haven't dropped to any great degree but for a while homes were on the market for a lot longer than they are now. The market here in Mount Vernon seems to be pretty good and I anticipate we'll have a strong Spring selling season. There doesn't seem to be that much inventory available here too.
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Old 01-17-2010, 08:03 AM
 
Location: Reston, VA
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I was doing my usual check of what is going on in Reston (20191) today when I noticed another good sign that the market is improving. Those homes that are under contract had very few days on the market. There were 13 homes undercontract with 10 of them in less than 60 days and 7 of those in less than 30 days. It is a good sign when the inventory is down (only 15 active listings) and the houses are moving quickly!
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Old 01-18-2010, 07:02 PM
 
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I have heard there are more foreclosures coming to the market. I am wondering if those are places like Las Vegas and Florida. Maybe Northern Virginia area will have significant less houses that are available in foreclosure in 2010?
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Old 01-18-2010, 07:07 PM
 
Location: Home is where the heart is
15,400 posts, read 25,817,519 times
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Originally Posted by snorkey View Post
I have heard there are more foreclosures coming to the market. I am wondering if those are places like Las Vegas and Florida. Maybe Northern Virginia area will have significant less houses that are available in foreclosure in 2010?
Depends on what you're comparing it to. We'll have less foreclosed houses than Las Vegas or Florida. But more foreclosed houses than Nova had in 2006.

Supposedly the banks are holding onto foreclosed properties and will start releasing them now that prices are going up. Now, to be honest, I'm kind of excited by this thought because I'm a buyer, not a seller. But, I'm not that excited, because I doubt we'll see much of a flood of foreclosures on the market. Why? Because that would defeat the purpose of the banks holding onto them in the first place. It'll be more like a steady stream, IMO.
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Old 01-18-2010, 08:29 PM
 
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Originally Posted by normie View Post
Depends on what you're comparing it to. We'll have less foreclosed houses than Las Vegas or Florida. But more foreclosed houses than Nova had in 2006.
Quote:
Originally Posted by normie View Post

Supposedly the banks are holding onto foreclosed properties and will start releasing them now that prices are going up. Now, to be honest, I'm kind of excited by this thought because I'm a buyer, not a seller. But, I'm not that excited, because I doubt we'll see much of a flood of foreclosures on the market. Why? Because that would defeat the purpose of the banks holding onto them in the first place. It'll be more like a steady stream, IMO.


This is similar to what I've been hearing. My brother is in Las Vegas, and he has told me the shady stuff that banks are doing regarding foreclosures. The banks claimed to be victimized by the market, and they have thousands of foreclosures to prove it... it's fuzzy math! The banks get the bailout $$$ to hold them over while they ride out the bad market. Why don't they just sell the homes at (the current) market value? Because they are GREEDY! They want their cake and eat it too! I've heard of foreclosures that are "listed" at $90,000, but end up selling for $125,000. It's like the ebay concept where people think they are "winning" a bid. Don't they realize that they are PAYING for it? Just because it's a foreclosure doesn't mean that it's a good deal.
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Old 01-19-2010, 05:25 AM
 
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Quote:
Originally Posted by Guamanians View Post

This is similar to what I've been hearing. My brother is in Las Vegas, and he has told me the shady stuff that banks are doing regarding foreclosures. The banks claimed to be victimized by the market, and they have thousands of foreclosures to prove it... it's fuzzy math! The banks get the bailout $$$ to hold them over while they ride out the bad market. Why don't they just sell the homes at (the current) market value? Because they are GREEDY! They want their cake and eat it too! I've heard of foreclosures that are "listed" at $90,000, but end up selling for $125,000. It's like the ebay concept where people think they are "winning" a bid. Don't they realize that they are PAYING for it? Just because it's a foreclosure doesn't mean that it's a good deal.
Not to defend banks, but when a bank loans somebody $200k for a house, then it's only worth $100k, so they wait until they can try to get $150k isn't ripping people off, it's business. The bank owns the house and can do what they want with it. They really don't WANT it, they want to get rid of it, but as long as they have it they will try to get the most for it. Wouldn't you?

Also, if you live in an area with many foreclosures, do you really want them all dumped on the market at the same time? That would really crash your home values.

I do think the market is improving currently but there are too many variables for me to try to predict future trends. I think that unless the banks unleash a lot of foreclosed properties, our area will continue to (slooowly) improve due to the low inventory right now (at least where I am).
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Old 01-19-2010, 09:28 AM
 
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Originally Posted by bornindc View Post
Not to defend banks, but when a bank loans somebody $200k for a house, then it's only worth $100k, so they wait until they can try to get $150k isn't ripping people off, it's business. The bank owns the house and can do what they want with it. They really don't WANT it, they want to get rid of it, but as long as they have it they will try to get the most for it. Wouldn't you?
Quote:
Originally Posted by bornindc View Post

Also, if you live in an area with many foreclosures, do you really want them all dumped on the market at the same time? That would really crash your home values.

I do think the market is improving currently but there are too many variables for me to try to predict future trends. I think that unless the banks unleash a lot of foreclosed properties, our area will continue to (slooowly) improve due to the low inventory right now (at least where I am).


I agree that unloading all the foreclosures at once would drop prices, but is that so bad? Wasn't it the super-inflated real estate market that got us into this mess in the 1st place? The 2 main problems that I have are
1. The banks did not want to negoitiate with the homeowners to keep them in their homes. This forced people to choose between putting food on the table, or going into foreclosure.
2. Banks were taking bailout money while holding onto foreclosures.

When banks refused to share the pain of the crisis they passed the burden on to us. *Homeowners who bought at the peak were suddenly out 25-50%. many of them decided to jump ship rather than pay for a house that wasn't worth it* * I am not condoning this, but it is a reality.*

The market needs a real correction, or the problem will return W/I a few years. Affordablility needs to be a major concern for everyone invloved in real estate. An artificially inflated market is bad for potential homeowners, and businesses... people who can barely afford their homes will have to cut back elsewhere. Not to mention, it also opens itself up to "investors" who bleed the consumer dry while they cash in big-time.
We can not affford to squeeze the middle class in a high unemployment environment. I have no sympathy for the banks!!!
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Old 01-19-2010, 09:35 AM
 
Location: Virginia
18,717 posts, read 26,898,941 times
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Quote:
Originally Posted by bornindc View Post
Also, if you live in an area with many foreclosures, do you really want them all dumped on the market at the same time? That would really crash your home values.
Ummm, no I wouldn't like that at all. Home values would be the least of my worries. Dumping a bunch of foreclosures all at once would attract crime and makes a neighborhood look (and feel) decrepit.

But why get our panties in a twist over this? I don't think this is a realistic problem. I doubt there are really that many foreclosures. The banks have been selling them off all along. IMO the people who were going to foreclose have mostly done so. So what's left? A bunch still being held by the banks, maybe, but not a big bunch.
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Old 01-19-2010, 09:44 AM
 
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I don't think the banks have been selling them quickly... There may not be thousands of foreclosures around here, but the banks are shady nonetheless. And, I don't think foreclosures on the market will attract crime, and it certainly shouldn't affect how a neighborhood looks. It's not like a foreclosed home has to keep a big FORECLOSED sign up in their front yard for life.
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