Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I know things have been bad but for some reason I thought this part of town did not take such a large hit. Is my house value really down 14%?
Ouch. What a wake up call for me.
If you like your house enjoy it and forget about what it is worth presently.
According to Zillow our house is worth $49k less than we paid in June 2008, and Zillow doesn't know (or care) about all the money we have put into the house - new roof, granite in kitchen, etc. But the house we sold in NJ - according to Zillow - is worth $150k less than what we sold it for, so I am not complaining. Not to mention the $50k difference in property taxes over the past 2 years!
According to Zillow our house is worth $49k less than we paid in June 2008, and Zillow doesn't know (or care) about all the money we have put into the house - new roof, granite in kitchen, etc. But the house we sold in NJ - according to Zillow - is worth $150k less than what we sold it for, so I am not complaining. Not to mention the $50k difference in property taxes over the past 2 years!
It's all relative, as you have figured out already
People who bought homes from 2007 to early 2009 all paid more than they would pay today for the same home. It just is what it is - but it is certainly not the end of the world.
In Lumbollo's link is the Kool-Aid!! FHA is a major money pit for taxpayers. 90 % folks!!!
The FHA, which backs loans with down payments as low as 3.5 percent, insured $52.5 billion of home-purchase mortgages in the first quarter, compared with $46 billion of purchases of the debt by Fannie Mae and Freddie Mac, according to data compiled by Washington-based Potomac Partners.
The FHA and Fannie Mae and Freddie Mac, which regulators seized in 2008, have been financing more than 90 percent of U.S. home lending after a retreat by banks and the collapse of the market for mortgage bonds without government-backed guarantees.
Keith Roe, you got that right! Here is a recent article that was reprinted in the Charlotte Observer that clearly explains abuse caused by FHA rules allowing 6% seller concessions. This will be reduced to 3% which will help stem the abuse, but will reduce the number of transactions also.
Ever wonder why all those houses listed at $100,000 have a sales price GREATER than the asking price? Hot market with multiple bidders paying over the ask? No, if you can just swing an appraisal slightly higher than the asking price, the FHA 96.5% loan provides enough money for everyone. It's scary that this stuff is still going on after all we have been through.
Things are bad now but the Government has been proping up the real estate market with cheap money.
You can get a 30 year loan for 4.5%.
If you have a job.....
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.