Post Housing & Economic Meltdown Raleigh Real Estate Market? (Welcome: foreclosure, mortgage)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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The economy is going nuts no doubt, but I still have yet to see homes selling for pennies on the dollar here in Raleigh. Not even close at this point. If not now when? Will it be before or after John McCain buys up all those bad mortgages and renegotiates the principal?
This is one of the last places in the US people should be hoping for a big discount on housing. Maybe in some of the places that are a bit of a drive. If prices drop a lot here there won't be many who have money to buy that discounted house.
Now if you are going to sell here and move to another state things are probably looking very good.
The economy is going nuts no doubt, but I still have yet to see homes selling for pennies on the dollar here in Raleigh. Not even close at this point. If not now when? Will it be before or after John McCain buys up all those bad mortgages and renegotiates the principal?
Not only young people, but they will emerge as the victors of the severe recession/depression we're getting ready to face. The party's just started. They will have accumulated the discipline of living in a bad economic time and will have saved their pennies for an asset that is falling or will likely drastically fall in value.
McCain has nothing to do with this, other than this type of government interference will only cause the prices to fall even further, in real terms (adjusted for inflation)
This is one of the last places in the US people should be hoping for a big discount on housing. Maybe in some of the places that are a bit of a drive. If prices drop a lot here there won't be many who have money to buy that discounted house.
Now if you are going to sell here and move to another state things are probably looking very good.
Not so sure about that. Wealth is created everyday. Gold miners were up 10% today. Some of these Canadian oil trusts pay 30-40% yearly dividends. Some young savy people will either save their pennies or invest smartly in real assets. Tough economic times bring out the savers and producers, and they will scoop up the bargains after the storm passes.
Also, I don't wish to have what I believe to be objective outlook twisted to what I "hope" will happen.
Not only young people, but they will emerge as the victors of the severe recession/depression we're getting ready to face. The party's just started. They will have accumulated the discipline of living in a bad economic time and will have saved their pennies for an asset that is falling or will likely drastically fall in value.
McCain has nothing to do with this, other than this type of government interference will only cause the prices to fall even further, in real terms (adjusted for inflation)
You are quite optimistic about "young people". You are aware the crowd you are taking about save next to nothing and don't do much for retirement right?
Sounds like you view yourself as young and responsible with money which is great, that however is not what the stats show for young adults these days.
After the economic meltdown is done, after we hopefully stop having the government force banks to lend to minority & low income neighborhoods by a certain percentage and after the recovery is underway, what do you think the housing market will look like in Raleigh & surrounding towns? I figure we will go back to our normal 3 to 4% appreciation rates, nothing new there. The big difference will be the types of homes being built. With hopefully much tighter lending practices and ratios and fewer people able to cash in to move here, I predict we will see small to medium size homes being the rage. Homes 2000 sq ft and under will be the hot thing. They will be more affordable to buy and much more economical to run. This may open up the market more to first time home buyers.
You seem to know more about the economic meltdown and your thinking that this has happened due to loans given to minorities and low income housing prospects. Perhaps you should do your research and realize that this is not the case. Most of the people in dire straights are middle class Americans like you and I who were taken advantage of and or were not savy enough with these predatory lenders. I do resent that you quickly draw to conclusions to blame this on minorities, I am a minority who grew up in this country, went and paid my way to school , have always worked , owned two homes and am responsible with my bills. Please be careful what you say . We are all collectively responsible for this because we should urge one another to be responsible with money since most of us are so uptight about talking about money . Only when we become responsible will we fix this mess and it will be fixed because as Americans we are tough and resilient.
You are quite optimistic about "young people". You are aware the crowd you are taking about save next to nothing and don't do much for retirement right?
Sounds like you view yourself as young and responsible with money which is great, that however is not what the stats show for young adults these days.
When I speak of young people, I'm talking about those in their teens who will live under the economic recession that is to come. After 5-10 years when we emerge from it, they'll have a good sense of economic understanding. Much better than their debtor predecessors.
I'm well past those years, although shorting the heck out of builders and financials, I did ok for the most part.
When I speak of young people, I'm talking about those in their teens who will live under the economic recession that is to come. After 5-10 years when we emerge from it, they'll have a good sense of economic understanding. Much better than their debtor predecessors.
I'm well past those years, although shorting the heck out of builders and financials, I did ok for the most part.
Well those kids are going to be learning from their parents who have a negative savings rate and are living beyond their means in many cases. Maybe they will but I don't see many facts to be optimistic they will.
Well those kids are going to be learning from their parents who have a negative savings rate and are living beyond their means in many cases. Maybe they will but I don't see many facts to be optimistic they will.
I hear what you're saying, but I feel these kids' parents will be force to rein in their borrowing and spending for years to come. They will observe penny pinching like you ain't ever seen before. Unfortunately, for the parents it will either be too late if they're over their head in consumer debt, a declining equity portfolio, and being quite leveraged on overpriced real estate. The children will only learn to save save save, without having the burden of credit cards or a mortgage.
I do feel very optimistic for teens who will not know the joys of consumer borrowing and will be working with a clean slate, financially and mentally. They will eat our lunch.
You seem to know more about the economic meltdown and your thinking that this has happened due to loans given to minorities and low income housing prospects. Perhaps you should do your research and realize that this is not the case. Most of the people in dire straights are middle class Americans like you and I who were taken advantage of and or were not savy enough with these predatory lenders. I do resent that you quickly draw to conclusions to blame this on minorities, I am a minority who grew up in this country, went and paid my way to school , have always worked , owned two homes and am responsible with my bills. Please be careful what you say . We are all collectively responsible for this because we should urge one another to be responsible with money since most of us are so uptight about talking about money . Only when we become responsible will we fix this mess and it will be fixed because as Americans we are tough and resilient.
Good thought.
Much of this meltdown relates to greed and wanting too much too soon in life.
The predatory lenders fed the greed telling people "you can afford that home" when they can only afford it with ridiculous things like option loans.
What people need to know is simple:
1. You can't afford everything you want
2. You can't have everything immediately
3. You need a down payment and good credit to buy a home successfully
You seem to know more about the economic meltdown and your thinking that this has happened due to loans given to minorities and low income housing prospects. Perhaps you should do your research and realize that this is not the case. Most of the people in dire straights are middle class Americans like you and I who were taken advantage of and or were not savy enough with these predatory lenders. I do resent that you quickly draw to conclusions to blame this on minorities, I am a minority who grew up in this country, went and paid my way to school , have always worked , owned two homes and am responsible with my bills. Please be careful what you say . We are all collectively responsible for this because we should urge one another to be responsible with money since most of us are so uptight about talking about money . Only when we become responsible will we fix this mess and it will be fixed because as Americans we are tough and resilient.
I am not blaming the minorities. I am sorry if you took it that way. I have done a lot of research on this and have a great article from an economist. It was the politician's initial intent to provide the opportunity to minorities and low income people that got this ball rolling. Once it started downhill and lending rules were relaxed in order to allow low income people to qualify, everything started to fall apart. Remember, the government "FORCED" banks to loan to unqualified people. Lendining institutions are scored on a system that penalize them if they do not lend a certain percentage to minority and low income neighborhoods. The lending requirements had to be relaxed in order to meet the government mandate.
Now that we are cleansing ourselves of this mistake, I am hoping that low income people and the rest of us will benefit around here. Most of the new homes I see being built here are very big and out of my budget. Now that we may be going back to "normal" lending practices, I am hoping for smaller homes to be more popular, so we can all purchase them. This will help everyone.....except may the ones stuck with the more expensive homes.
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