U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
 [Register]
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 01-12-2012, 06:32 AM
 
4,698 posts, read 3,434,041 times
Reputation: 1641
Most of the time, when comparing prices people use a repeat-sales index. Whenever a house sells, they compare it to the past sale to figure out how much the value changed. Do this for a large enough group of houses in the market and it's a good estimate of the change in value of the average house. It's better than just looking at the change in average or median price, since those are influenced not only by changes in house values but also in the mix of houses that are sold (i.e. a trend towards more lower-priced houses selling will bring the average down regardless of the direction of prices of those houses). The repeat-sales index isn't perfect - you have to account for changes in the property between sales - but in general it gives a pretty decent picture of the market.

With access to all of the mortgages underwritten by our nationalized mortgage industry, you can get a pretty solid understanding of what's going on. Groups like the FHFA monitor this data and report it for each metro area in the country. That may be where this company is getting their data, but there are other groups who do the same sort of reporting (and luckily the independent groups give similar results).

You can see the numbers for Raleigh here : Federal Housing Finance Agency - City HPI Data. What each line shows is the percentage change in value versus a year ago. You can see prices turn negative 2nd quarter of 2009 and have been dropping ever since. If you go further back, you can see the small bubble in prices here during the height of the craze, and working backwards, the effects of the dot-com bust and boom, the S&L disaster, and stagflation. All interesting stuff to put the current record-bad real estate market here in perspective.
Reply With Quote Quick reply to this message

 
Old 01-12-2012, 12:34 PM
 
Location: RTP area, NC
1,254 posts, read 1,704,513 times
Reputation: 892
Two different houses in our neighborhood in past year had to lower their accepted offer price between 5-10k to match the bank appraisal..which used recent non-neighborhood sales as comps....so the 'new owners could get a mortgage'.

So, if this continues to happen, how will home prices ever rise?

Two houses would have sold at a slightly higher price, but instead they chose to lower their price so the new owners could get their mortgage. Two houses - two different mortgage banks -- four different realtors.

Now our neighborhood has a lower comp than it would have had otherwise.

hmmmm......now if the appraisals had just been a bit higher...
Reply With Quote Quick reply to this message
 
Old 01-13-2012, 11:21 AM
 
454 posts, read 505,931 times
Reputation: 454
LOL, Kramer was on last night saying housing is at the bottom. If you ever look you will see that they always inflate housing number then the "Revise them" later.

I call them simply, LIARS!

Yes, housing it going to crash once we stop propping up the banks so they don't have to liquidate.

This crap of foreclosures selling a full retail is going to end quickly, They just want to get everyone to refinance first under these low low rates then BAM!! Houses will drop at least 30% from here.

Good Night Irene!
Reply With Quote Quick reply to this message
 
Old 01-13-2012, 12:33 PM
 
532 posts, read 431,998 times
Reputation: 387
Quote:
Originally Posted by Sky1 View Post

Yes, housing it going to crash once we stop propping up the banks so they don't have to liquidate.

This crap of foreclosures selling a full retail is going to end quickly, They just want to get everyone to refinance first under these low low rates then BAM!! Houses will drop at least 30% from here.

Good Night Irene!

True? False? I wish I knew!!
Reply With Quote Quick reply to this message
 
Old 01-15-2012, 02:49 PM
 
8,396 posts, read 15,186,972 times
Reputation: 3001
Housing was dramatically overpriced in many areas and corrupt banks fed the mdness by finding new devious mortgage schemes to let buyers purchase beyond their means.

With much of that ended, buyers really need to be able to afford buying. This may cut future foreclosures.

One Centex ad really made me boil. A mother was showing plans to her 2 kids (nofather seen) and the kids said why did you tell us we can't afford a home. She then explained how Centex made it happen. So, are we falling back into stupdity?
Reply With Quote Quick reply to this message
 
Old 01-15-2012, 04:10 PM
 
Location: Raleigh NC
1,534 posts, read 1,162,744 times
Reputation: 972
Quote:
Originally Posted by saturnfan View Post
Housing was dramatically overpriced in many areas and corrupt banks fed the mdness by finding new devious mortgage schemes to let buyers purchase beyond their means.

With much of that ended, buyers really need to be able to afford buying. This may cut future foreclosures.

One Centex ad really made me boil. A mother was showing plans to her 2 kids (nofather seen) and the kids said why did you tell us we can't afford a home. She then explained how Centex made it happen. So, are we falling back into stupdity?
As someone who has never had a high opinion of Centex, I didn't take it that way at all.

I took it to represent the person who's been led to believe over the last 4+ years "nobody can get a mortgage these days" finding out otherwise. If "Centex" wants to be the company that sells folks on the message - so be it.

It is a fact of life that with 3.5% of the home value down, anyone with stable employment and sufficient income can afford a home. And it's been that way many years.

Was there a LOT - way too much - living beyond means going on? Absolutely. But for example locally, we saw appreciation over a decade be less than the appreciation of 2-3 years in many marekts which clearly were much more speculative.
Reply With Quote Quick reply to this message
 
Old 01-16-2012, 05:52 AM
 
4,698 posts, read 3,434,041 times
Reputation: 1641
Quote:
Originally Posted by Sky1 View Post
LOL, Kramer was on last night saying housing is at the bottom.
Sure it wasn't a rerun from his 2009 bottom call - http://www.cnbc.com/id/31388528/Cram...ially_Bottomed.
Reply With Quote Quick reply to this message
 
Old 01-16-2012, 12:31 PM
 
558 posts, read 806,022 times
Reputation: 316
Haha, I hear pundits claiming we hit the bottom all the time for the past several years. Now I just tune out.
Reply With Quote Quick reply to this message
 
Old 01-16-2012, 12:52 PM
 
Location: NC
773 posts, read 1,045,627 times
Reputation: 317
Quote:
Originally Posted by meanieme View Post
Haha, I hear pundits claiming we hit the bottom all the time for the past several years. Now I just tune out.
The key word is always, "unexpectedly". "Foreclosures unexpectedly spiked last month." "Jobless claims unexpectedly rose last week." "GDP was unexpectedly worse than previous estimates." I just tune them out. Numbers will always fluctuate.

Quote:
Originally Posted by wheelsup
I live up near Rolesville, they doubled the size of 401 and that is helping a lot with traffic (almost none now). Noticed more commercial activity @ Forestville Crossing as well. Fingers are crossed for the area to start to develop more.
I'm up in your area as well and activity certainly has been picking up, as you pointed out.

Still not a great time to sell. Tough for me since I'm sandwiched between a couple subdivisions with discounted new homes and a few foreclosures. It's crazy.
Reply With Quote Quick reply to this message
 
Old 01-16-2012, 01:43 PM
 
Location: Chapel Hill, NC
8,274 posts, read 11,728,730 times
Reputation: 7266
Quote:
Originally Posted by Sky1 View Post
Kramer was on last night saying housing is at the bottom.
Kramer?



or Cramer:



Which one might (emapsize, might) skew my view of his financial advice.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top