Springfield....635 foreclosures last 12 mo. (wood floors, credit score, loans)

[8 SNAKE]

Originally Posted by Lake Junkie

It is my clear understanding that in the state of Missouri, sale prices are supposed to remain confidential. That doesn't mean they do...but there is an intent in the laws that a person has a right to privacy.

Understandable, and I'm not trying to suggest that you are wrong, but the government office in St. Louis shows the sale prices of the homes in the area on its web site. I believe Springfield does the same, but I will have to check before I can say so with any certainty. Perhaps this is another instance of the government contradicting itself.

[2beamissourian]

I have a ???

What about the Assessors office .. would the value of the home be public knowledge? and the appraisers how do they figure an appraisal in a basic comparison area?

[8 SNAKE]

Originally Posted by 2beamissourian

I have a ???

What about the Assessors office .. would the value of the home be public knowledge? and the appraisers how do they figure an appraisal in a basic comparison area?

Referencing my prior post, the Assessor's office was the web site that my sister used to get sale prices of homes in St. Louis. She just bought a house a month ago. I had her log on this morning to check and sure enough, the web site showed her as the new owner and showed the price that she paid for the house.

[redneck central]

Housing & Worse case scenario .....

[SIZE=4]TOO BIG TO BE BAILED OUT[/SIZE][SIZE=2][/SIZE][SIZE=2]by Peter Schiff
Euro Pacific Capital
September 7, 2007[/SIZE]

[SIZE=2]Now that home mortgage defaults are spreading like wildfire from coast to coast, there is a growing sense of certainty that the government will attempt to bail out homeowners and lenders. The ideas put forward last week by President Bush may be the camel’s nose pushing under the bottom of the tent. However, just as some things are too big to fail, this problem is far too big to fix. [/SIZE]
[SIZE=2]First of all, one has to consider the moral hazards inherent in any bailout. Immediate relief in the form of debt reductions and more favorable loan terms will create a powerful incentive to default. Why would anyone stretch to make a burdensome mortgage payment while others are being rewarded for failing to make theirs? [/SIZE]
[SIZE=2]Even without the incentives of a government bailout luring more people into default, policy makers simply have no idea as to the scope of the problem. Before this home mortgage correction runs its course, nearly every homeowner in the country who had availed themselves of an adjustable rate mortgage or a home equity loan will be in need of a bailout. Even a sizable percentage of those with traditional fixed rate mortgages will find themselves in danger. With millions, or perhaps tens of millions, of home owners on the rocks, there is simply no way the government can structure a bailout without bankrupting the country or destroying the currency. [/SIZE]
[SIZE=2]Bailout or not, the economy will still be in a prolonged and severe recession. Even if Federal aid prevents millions of foreclosures from happening, all of the home equity accumulated during the bubble years will be gone. Debt reduction and restructuring will not stop home prices from falling, and will not make homes easier to sell. After all, those looking to buy homes will no longer have access to the easy credit that made bubble prices possible in the first place. Home prices are a function of what future buyers can afford - not what past buyers paid. If new buyers are required to make 20% down payments, fully document their income, and fully amortize a fixed rate mortgage, they will not be able to pay nearly as much as what current owners paid during the bubble.[/SIZE]
[SIZE=2]On the lo end, any comprehensive government bailout would easily surpass the $1 trillion mark. Where will the Federal government get the money, particularly during a severe recession? My guess is raising taxes will be out of the question. If people are having trouble making their mortgage payments now, significant tax increases will only make it that much more difficult. Borrowing the money also seems like a difficult task, as our minimal domestic savings means we will have to do so from abroad. Given that the budget deficit will likely be exploding as a result of the recession, foreigners are not likely to foot the bill. If they do, it will require significantly higher interest rates, which will only compound the mortgage rate problems for current and potential homebuyers.[/SIZE]
[SIZE=2]Unfortunately, the only realistic way to “pay” for such a massive bailout would be for the Fed to monetize it. If that were to happen, the value of the dollar would plunge, and consumer prices would go through the roof. Now that the dollar Index has finally broken below the key 80 support level, an event that I have been forecasting would eventually occur for years, a run on the greenback may already be in motion. Ultimately, long-term interest rates will soar as a result, and we will experience unprecedented stagflation and a substantial decline in our collective standard of living. This week’s serge in the price of gold, which traded above $700 per ounce for the first time since May of 2006, reveals that some investors are finally beginning to figure this out.[/SIZE]
[SIZE=2]Ironically, in a recession induced by the burst housing bubble, housing itself will not be among our most pressing problems. One of the few “benefits” of the housing bubble is that we now have a lot of houses, many of them vacant. Therefore, few former American mortgage holders will go homeless. However, the real problems for Americans, whether they own or rent their homes, will be maintenance costs (heating oil, electricity, etc.) and keeping their kitchens stocked with food. One thing is for sure: homeowners will certainly not be buying new furniture for their living rooms, big screen TV’s for their media rooms, granite counter tops for their kitchens, or new cars for their garages. [/SIZE]
[SIZE=2]The costs associated with the housing bubble will be huge. However, the price tag for a government bailout designed to prevent it from deflating will be much higher. Even those who get “bailed out” will ultimately be in worse shape as a result. Let’s hope that cooler heads prevail and that the rest of the camel never makes it into the tent. However, just in case they don’t, make sure to get rid of any remaining dollar denominated assets before it’s too late. [/SIZE]

[SIZE=2]
© 2007 Peter Schiff
[/SIZE].

[Currently a cheesehead]

[quote=Lake Junkie;1437444]In the SW MO area, this is still the case. The "really good ones" sell quickly at 95% of asking price, assuming the asking price is fair market value. There are some deals out there, but they aren't the "dream" houses or "hot" areas.



We are NOT seeing this kind of drop in the market as a whole. An occasional property that was overpriced to start with may see a significant reduction in order to sell...and some types of properties may not gain much in value over a 12 month period, but here in SW MO, I have yet to see a loss like people are experiencing in other parts of the country.

I wasn't trying to "pick" a fight, just represent an unbiased view of the market to those who are looking like myself. I would say 8 of 10 I have watched in the past several months have had substantial price drops if they were on the market over 4 months. While not near as bad as some over inflated markets elsewhere , I don't agree that 95% in this area are selling for their asking price from what I have seen, since most are already 25% or more below their ORIGINAL asking price before they even see an offer. If anything I can say that realtors are advising their clients to price their homes closer to fair market value than ever before to promote a sale. That only makes sense to take some of the pressure and frustration off of the realtor attempting to sell the home. But even as the past inflation over fair market dwindles with reality, it still isn't avoiding the need to adjust your home price to counter the market downfall. The only thing making me feel better about having to drop my own home price to sell, is that the ones I am watching in MO are having to do the same... What goes up must come down. So if not agreeing with your assessment of the area market is "picking" a fight well then I guess I had better change my name to Rocky. And of course these things don't apply to every home. We all know that.

[Randy Henderson]

Like much of the country, a lot of loans were made in the last 24 months to people with questionable credit and insufficient income.

All of those chickens are coming home to roost.

[Randy Henderson]

Like much of the country, a lot of loans were made in the last 24 months to people with questionable credit and insufficient income.

All of those chickens are coming home to roost.

[2beamissourian]

I am sure there are plently of ppl with the income and the credit that just wake up one day and say **********! why who knows.......

I know someone now who tells us she sells her home .........we found out differently (yes its a family member)

her first house was huge .. I never been in anything so nice ......3 years later she walked away (she got laid off)

about 5 years after this ....... as far as I know no bankrupcys .. but a new state she buys a big Victorian home ... she lives alone and have a house with 4 bedrooms ........ ... 5 years later her and a friend have a falling out ..her mother dies she moves to Missouri ......... the house was NOT sold when she left .... well suddenly it sold but before it sold she purchased yet another house .. nothing big just brand new for about 150 ....... she is now in Oklahoma and purchased another house ..the one in Missouri did not sell as far as I know .......... and she is now retired ......... not sure how it works or why but to buy 2 houses 150 - 200 price range and make payments has to be rough ............ and I would bet shes not paying for the one.

Now this same person brags about her credit cards....at least 8 going at all times......

I would bet there are lots of her out there!!

I dont get it!

[Lake Junkie]

Originally Posted by Currently a cheesehead

I wasn't trying to "pick" a fight, just represent an unbiased view of the market to those who are looking like myself. I would say 8 of 10 I have watched in the past several months have had substantial price drops if they were on the market over 4 months. While not near as bad as some over inflated markets elsewhere , I don't agree that 95% in this area are selling for their asking price from what I have seen, since most are already 25% or more below their ORIGINAL asking price before they even see an offer. If anything I can say that realtors are advising their clients to price their homes closer to fair market value than ever before to promote a sale. That only makes sense to take some of the pressure and frustration off of the realtor attempting to sell the home. But even as the past inflation over fair market dwindles with reality, it still isn't avoiding the need to adjust your home price to counter the market downfall. The only thing making me feel better about having to drop my own home price to sell, is that the ones I am watching in MO are having to do the same... What goes up must come down. So if not agreeing with your assessment of the area market is "picking" a fight well then I guess I had better change my name to Rocky. And of course these things don't apply to every home. We all know that.

Well, I was trying not to respond to this bait, and if I'm taking you wrong I sincerely apologize. I applaud anyone who is trying to represent an unbiased view...it's very difficult in this situation.

But it appears...again...correct me if I'm wrong, that you are calling me a liar. Or at the very least mis-informed. I take these charges seriously, as I do the REALTOR Code of Ethics and prohibitions against things like misrepresentation or puffing.

Anyone who wants to know where I am getting my information can PM or email me (I have my real world contact information under my bio...I would encourage anyone who professes to represent reality to do the same...) and I will forward you a recent report by a licensed appraiser in my area that is one source of my perception of this market.

And again, as I've said in other posts that you chose not to show here, my main area is Stone, Taney & Christian counties with parts of Barry, Greene & down into Arkansas as far as the lakes go. I lived in Springfield off and on for 10 years and have friends, REALTOR and otherwise, that live and work there. I've also posted that there are market adjustments being made on certain kinds of properties, etc. I don't see why I should have to regurgitate everything I've said elsewhere on this forum.

This forum is a terrific place for people to present differing views, and I'm comfortable with "agreeing to disagree" BUT not if I'm being made to look like I'm being misleading.

And AGAIN...If I'm mis-reading your intent, I'm sorry.

Can we please get back to having fun now?

[MrsMo]

I live in the eastern suburbs of KC and last week in the paper there were 10 houses on one street alone that had been foreclosed on. It was a new development 2 years ago and everyone with kids wanting to get out of the KC school distrist but still be close to downtown move here. I think it is those darned ARM loans that hit the people so hard.Sad isn't it? The house 2 doors down from us sold today after sitting on the market for 2 1/2 years.