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In this article Are the Fed and Treasury Secretly Trying to Save the U.S. Taxpayer? -- Seeking Alpha the author lays out the clear situation in real estate and why prices will continue to drop regardless of government and banking attempts to lure in un-knowledgeable buyers. I believe this scam is going to come to a end by early next year as in the case he lays out, that the government is fast approaching the point where they will not be able to convince new lenders that the American tax payer can pay back the debt that is being run up.
In this article Are the Fed and Treasury Secretly Trying to Save the U.S. Taxpayer? -- Seeking Alpha the author lays out the clear situation in real estate and why prices will continue to drop regardless of government and banking attempts to lure in un-knowledgeable buyers. I believe this scam is going to come to a end by early next year as in the case he lays out, that the government is fast approaching the point where they will not be able to convince new lenders that the American tax payer can pay back the debt that is being run up.
Very interesting article.
I understand why Banks would want to be in front of the foreclosure curve....the price they sell these foreclosures set the ceiling for the next one....existing sellers fall deeper underwater which leads to distressed sales.....which continue to set the ceiling lower and lower for each subsequent sale....and it continues in this death spiral.
A very vicious cycle....playing out this cycle and it's impact on home prices will be brutal especially on the higher end homes in most markets....
I hadnt thought of the idea that banks will move faster towards foreclosure in a strategic move to get ahead in the lineup of sellers over the spring and summer, rippling out to a greater slump in Aug-Oct sometime.
I would like the market to still be dropping so that the bank approves the short-sale house I am trying to buy. If the market sucks, my offer will look darn good! But I just find it hard to believe that the market IS dropping still...
Of course, I am the eternal pessimist so because I want a house, I believe the bank will not sell it to me.
I would like the market to still be dropping so that the bank approves the short-sale house I am trying to buy. If the market sucks, my offer will look darn good! But I just find it hard to believe that the market IS dropping still...
Of course, I am the eternal pessimist so because I want a house, I believe the bank will not sell it to me.
Jenn based on all the information the longer the bank takes to approve you the better chance you have of being accepted. The market is definitely still declining and time is on your side.
Jenn based on all the information the longer the bank takes to approve you the better chance you have of being accepted. The market is definitely still declining and time is on your side.
LIC hope that is the same in our situation. Looking at the local MLS site I use today, a lot of the houses that we have been looking at through the house hunting have dropped dramatically in price. Some were even to the tune of 40k, but even houses that actually have people living in them not short saling prices have gone down another 10-15K so the market is not coming back up yet.
I guess it depends upon what you mean by "not being a RE recovery". Do you mean that RE prices will continue to fall into infinity? That only the 40% of homeowners who own their homes free and clear will be able to live in a house and the rest will live in tent cities? Of course there is a bottom. Now if your question is whether prices will go back to the inflated levels, that is a different question from your title. Or did you mean to put a time constraint on your RE recovery? Without further info, your thread title makes no sense.
I guess it depends upon what you mean by "not being a RE recovery". Do you mean that RE prices will continue to fall into infinity? That only the 40% of homeowners who own their homes free and clear will be able to live in a house and the rest will live in tent cities? Of course there is a bottom. Now if your question is whether prices will go back to the inflated levels, that is a different question from your title. Or did you mean to put a time constraint on your RE recovery? Without further info, your thread title makes no sense.
As some one in another thread said, you don't hear folks distorting Walmart's "Beware of Falling Prices" slogan into an argument to NEVER buy anything at Walmart because it will eventually be free, yet the same kind of absurdist illogical thinking is keeping folks from buying homes...
Prices in most every market have not just seen the froth from the bubblicous years evaporate, but real reductions from years of NORMAL APPRECIATION have been lost too. If you are a normal sane buyer that wants a newer larger home in a nicer area there are tremendous values available, and attractive financing too. To continue to mill about worried that some "ultimate floor" has not been reached is foolish. Certainly if you personal job security is in jeopardy or other factors keep you from purchasing that is understandable, but to think that prices will "swirl around the drain" infinitely is to be detached from reality.
The real estate market always recovers. As I was told by a realtor, it's cyclic. I believe this b/c when I go back and look at previous years, I've seen this pattern. I think it will recover, the question is when? I think when all the foreclsures and short sales are bought up, it will then turn around.
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Common problem with the "sky is falling" types...
