Eau Claire, is there some sort of housing bust going on? (Chippewa Falls: for sale, real estate)

[Cain]

My brother in law and his family live there, and I remember them saying how they got a really great deal on a house, the couple had to drop its price like 20K or more i think.

Anyway, it kind of struck me that when I went to visit, there were A LOT of houses for sale out there. I mean like on a street with 10 houses, could find 4 or more alot of times for sale on the street, and this wasn't ghetto housing, nice homes from starter range to upper level.

Is there something going on with the housing market out there? I know my wife wouldn't mind moving there, but considering what I saw, I am not so sure.

[dreamhunter65]

Housing market is dropped and some people cannot afford to keep em or like me want out in country instead of in town living.

[Cain]

Thanks for the info.

[Eau Claire Resident]

As with many areas of the country, people took advantage of the housing market and some bought beyond their financial limits. Zero financing, balloon mortgages, and the local economy contributes to challenges in the housing arena.

Lots of homes available--a good buyers' market right now, especially before winter. Great town with good schools.

[jimshady]

Why the housing bust? Because our great leaders were paid campaign/political money to deregulate the banking and real estate empires. regulations are there for a reason--to protect johnny lunchbox from monoplies and big corporations. its like that all over wis.--everywhere i go i see this happening

[Drover]

Exactly which regulatory changes were made that forced "Johnny Lunchbox" to buy more house than he could afford?

[Trabbz]

Originally Posted by Drover

Exactly which regulatory changes were made that forced "Johnny Lunchbox" to buy more house than he could afford?

Its not that everyone bought houses they cannot afford....you also have to take into consideration that the appreciation value of homes went up over the past several years at a VERY HIGH rate and it wasn't keeping up with the growth of our economy. Too many people saw their homes as a gold mine and when everyone sells along with all the subprime lenders going into foreclosure, it is the perfect recipe for disaster. Now we have a bust and everyone got screwed.

[Cain]

So, is this still a problem in Eau Claire?

I haven't been there since last year, probably won't be heading there again any time soon either, but still curious about the area from a housing perspective.

Very nice area however, I can see why people like it there.

[mpls_ec77]

It's a problem everywhere, Eau Claire-Chippewa Falls are a growing community and It is a nice area with great schools, and decent shopping and plenty of bars