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Old 02-25-2019, 02:04 PM
 
Location: Wasilla, AK
6,612 posts, read 3,647,195 times
Reputation: 13736

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I bought a home in Arizona in 2014. Last summer a house with the same floor plan, just down the street from me, sold for a little over $100,000 more than I paid for mine. And it had never been updated, so I would expect my updated house to sell for even more.
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Old 02-25-2019, 02:23 PM
 
68,141 posts, read 69,017,679 times
Reputation: 46001
Quote:
Originally Posted by jghorton View Post
Everyone who sold in the 2006/7 time frame and/or bought between 2009-2011+ has likely profited in most parts of the U.S. -- Housing has long been a reliably appreciable 'investment'; while the 2007/8 bubble (burst) is an anomaly.

We got out of two condos in the 2007-8 time frame (after things started down, yet, still came-out ahead. We then bought a place for about $380K in 2010 (which sold for $800K several years earlier) - The current market for our place is $650K+, so I guess you could say we are in a profitable position, even though we haven't sold yet.

our bad real estate down turn was in the late 1980's to 1990's in new york ..the stock market crash in 1987 had far more of an effect here than 2008-2009.

real estate did terrible in the oil patch back in the 1990's when oil hit 8 bucks a barrel..new england had their real estate issues as did the rust belt and other areas ..

prices in the poconos are still below where they sat a decade ago , with most up state new york areas not doing much better .

we used to get rolling recessions that hit different areas at different times so down turns in real estate are nothing new nor an anomaly and have always been with us .
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Old 02-25-2019, 03:45 PM
 
935 posts, read 693,725 times
Reputation: 1837
The crash was great for me, I was able to buy my house in 2011. Its so funny to hear all the same people that were bemoaning the "housing crisis" now bemoaning the "affordability crisis". Once the market turns, it will be housing crisis again. I don't understand why human nature leads us to conclude we are in perpetual crisis (rather than objectively seeing buying and selling opportunities).
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Old 02-25-2019, 08:58 PM
 
Location: Somewhere between chaos and confusion
289 posts, read 160,276 times
Reputation: 583
Yep...our house was brand new in 2012, cost us $186,000. Just received offer of $238,000. Canít complain!
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Old 02-26-2019, 06:38 AM
 
10,735 posts, read 7,114,529 times
Reputation: 11402
Quote:
Originally Posted by Pfalz View Post
The crash was great for me, I was able to buy my house in 2011. Its so funny to hear all the same people that were bemoaning the "housing crisis" now bemoaning the "affordability crisis". Once the market turns, it will be housing crisis again. I don't understand why human nature leads us to conclude we are in perpetual crisis (rather than objectively seeing buying and selling opportunities).
A market turn does not equal a housing crisis. if you find out why the last one happened you will know. Houses were worth half of what they were sold for a year before or less. Bad loans were given out to unqualified people and the banks and Wall street sold them as solid investments. All the foreclosures and homes being worthless in comparison to what they were sold for was the reason for the housing collapse.
That's not gonna happen unless they figure some new scam and we don't find out about it afterwards when it's too late.
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Old 02-26-2019, 08:40 AM
 
596 posts, read 419,273 times
Reputation: 1380
I have made a killing in the stock market since 2008. It was a good time to get in and kick off some mutual funds and Roth's...
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Old 02-26-2019, 08:47 AM
 
68,141 posts, read 69,017,679 times
Reputation: 46001
Quote:
Originally Posted by 2Loud View Post
I have made a killing in the stock market since 2008. It was a good time to get in and kick off some mutual funds and Roth's...
for sure .... we made enough to buy multiple homes it was so good .
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Old 02-26-2019, 10:51 AM
 
Location: Southwestern, USA
14,013 posts, read 11,417,918 times
Reputation: 15689
I could have bought a 2 bedroom in my area of choice in LV,NV for $25K!
I told my agent lets go for a garage and 3 bed for $39k. hahahahaha...
I didn't buy it cuz a I had my mortgage paid off by a friend, $100k. So I stayed put.
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Old 02-26-2019, 11:02 AM
 
3,770 posts, read 3,522,352 times
Reputation: 9921
Of course. Anyone who bought low and sold high. Just as in a pyramid scheme, those who get in early and get out before the collapse make money.

Also, everyone who was involved in making mortgage loans to unqualified borrowers, who then packaged and sold those loans to investors, made a bundle. That's how the whole thing happened. Huge influx of Chinese money to lend, and the loosening of credit regulations, led to people who had bad credit and no income getting "Liar Loans". Lenders made money in fees and points, made money when they bundled and sold these worthless mortgages. Appraisers made money when they over-appraised the properties. Real estate lawyers made money when they did the closings. Even the idiots who took out huge home equity loans on their inflated home values, spent the money, and then sat in their homes not paying rent or mortgages for years while all the foreclosures wound through the courts, crying that they were going to lose their homes, that they'd already sucked all the equity out of, even THEY made money. Oh, and the criminals who stripped foreclosed properties of their appliances and copper metal pipes, while the banks let the foreclosed properties sit for months or years before finally deciding to put the stripped shells on the market, those criminals, and the scrap yards who so readily bought the stripped out metal, because after all, doesn't everyone come by copper pipes legally? They all made money.

The people who lost? Those who wound up holding the bag with the worthless mortgages. Those who bought at the top of the market and then had to sell for some reason for a much lower price, who didn't want their credit ruined by simply walking away from their mortgage, or who had bought at the top of the market for cash and then had to sell. The communities that were gutted by the stripped, abandoned properties that caused the home values of those who stuck it out to plummet even further. They (meaning us all) were the losers.
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Old 02-26-2019, 11:08 AM
 
Location: Massachusetts
9,149 posts, read 9,609,787 times
Reputation: 12802
Yes,

Hate to say it, but the 2008 downturn was good to me. I bought a foreclosed property at the bottom, as well as invested in the stock market. 10 years later both ended up being good moves.
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