My neighbor just listed their home for $170K (Chandler, Casa Grande: apartment, renters)

[crunchtime]

Originally Posted by littleredbird

We're feeling the pain too. 2 days after we moved into our home, the same model behind us went up for sale for $125,000 less than what we paid. 2 weeks later the same model as our down the street was listed for $150,000 less that what we paid. I feel like we just lost $150,000 2 weeks after escrow closed. Never in my life had I seen real estate drop so fast. We had just sold our home at the same time (dual escrows) in CA above asking price and within 3 days of listing it. The market's crazy!

Why in the world did you buy then? All indications were that home values in Phoenix were dropping faster than I can type with no sign of letup. Today it's the same situation. Rent until this mess clears up is what I tell everyone coming here.

[ArizonaBear]

Originally Posted by crunchtime

Why in the world did you buy then? All indications were that home values in Phoenix were dropping faster than I can type with no sign of letup. Today it's the same situation. Rent until this mess clears up is what I tell everyone coming here.

Thank God for my naivete------it saved my financial bacon.

Back when I could have easily qualified for a no-doc AKA 'liar's loan'------I never knew those things existed. This was in 2003.

I thought that only people with stellar credit would qualify (my FICO was only about 665 then) for any home loan-----and, that would be with at least 5-10% down to boot.

[aiwei]

I am curious about these low listing prices. Are they for sale by owner/agent, through REO, or short sale? I understand the nature of each makes its listing price realistic or not.

[abmiku]

I suspect we'll see interest rates skyrocket shortly after this latest housing bill passes, because of the $800 Billion increase in the debt ceiling. Once rates start increasing home values will fall even further.....of course this is just my opinion....I could be totally wrong.

[MotleyCrew]

Originally Posted by littleredbird

We're feeling the pain too. 2 days after we moved into our home, the same model behind us went up for sale for $125,000 less than what we paid. 2 weeks later the same model as our down the street was listed for $150,000 less that what we paid. I feel like we just lost $150,000 2 weeks after escrow closed. Never in my life had I seen real estate drop so fast. We had just sold our home at the same time (dual escrows) in CA above asking price and within 3 days of listing it. The market's crazy!

You havent lost a dime unless you sell now. Hang on, in time, maybe a lot of time, things will swing back up. Our house is right back where we started.

[ArizonaBear]

Originally Posted by abmiku

I suspect we'll see interest rates skyrocket shortly after this latest housing bill passes, because of the $800 Billion increase in the debt ceiling. Once rates start increasing home values will fall even further.....of course this is just my opinion....I could be totally wrong.

I too have that feeling.

If it means my living in, say, Kingman in a 60 YO 1,000 SF house with $700 monthly payments due to 10% APR-------so be it. There is no law against paying an additional $50 a month additional

[surferguy]

I hope it keeps going.

I bought low, sold high and just waiting for my time.. I am moving into a rental next week where its brand new and the prices are 50% less then the high.. haha

Sorry you couldnt afford you payment.. But my retirement plan is looking great. I've been stack everything away.

I feel like a vulture.

[MotleyCrew]

Originally Posted by surferguy

I hope it keeps going.

I bought low, sold high and just waiting for my time.. I am moving into a rental next week where its brand new and the prices are 50% less then the high.. haha

Sorry you couldnt afford you payment.. But my retirement plan is looking great. I've been stack everything away.

I feel like a vulture.

You will have plenty of good bones to pick here in Vistancia. The two story home across from us was listed at $469K and now the bank has it on the market for $255K. Ouch.

[sablebaby]

Originally Posted by twiggy

I have been a silent reader on this thread because I didn't want the ARM I had to take over the discussion as it has before but this I couldn't help posting on. My ARM is going to reset again here pretty soon and I have been wondering if this will be the one that pushes us over the edge.
I am now wondering if your right and it will go down. That would help us out a lot. Give us some more time to save and hang on a little longer.
How did you hear this info? Is there somewhere I can go to find out if ours will be lower? Thanks

We can't refi because our home just went under what we owe this month. We have a foreclosure on our street that took it down about 50,000 in one month because the bank keeps lowering the price and it's getting destroyed and the pool is a green sluggy mess. It use to be one of the nicest places on the block. So sad.
I don't know why but our prices in Chandler seem to be back to what people bought for back in 2000. That's really low for the area. Seems there is more than meets the eye to me.

I don't know, my friend is refinancing right now (she bought in 93) only because her ARM is coming due in a few months. When she checked hers to see where it could go it was going to double her rate. She's one of the lucky few who bought so long ago and still has a nice cushion of equity, plus it doesn't hurt to live in a good desirable location, location, location. How many times can I say it?

Def check your loan and see where it can go with your rate. The rates should go up.

[twiggy]

Originally Posted by sablebaby

I don't know, my friend is refinancing right now (she bought in 93) only because her ARM is coming due in a few months. When she checked hers to see where it could go it was going to double her rate. She's one of the lucky few who bought so long ago and still has a nice cushion of equity, plus it doesn't hurt to live in a good desirable location, location, location. How many times can I say it?

Def check your loan and see where it can go with your rate. The rates should go up.

Thanks sable, I'm so bummed! I am in what is considered a "good local". Kyrene schools, house built in 95', by the Chandler Mall and Intel. It should be a good place but we have had so many foreclosures on my street that the comps are way down right now. One more to go and hopefully that's it, unless it ends up being mine. lol If mine doubled it would hit almost 6000. I could not afford it, I am just making the 2700 that it is right now.
I so curse the day I was stupid enough to get into this ARM. What a costly lesson. I sure hope I don't loose it to the vultures.