Housing Market hitting bottom still!!!?????????

[ladysrodgers]

Originally Posted by JasonDFW

DFW was just rated today the least likely of any in the nation to see a drop in home values. I believe the odds were less than 1% of home prices dropping in the next 2 years. Also rated 2nd quickest in sale time in the nation... lost to Denver by 3 days.

Jason

Where did you get this statistic? Who rated it?

[momof2dfw]

Originally Posted by ladysrodgers

Where did you get this statistic? Who rated it?

I read the article this morning in The Dallas Morning News and you can also find it online:
Report: Dallas has 2nd shortest home sales time | Dallas Morning News | News for Dallas, Texas | HomeCenter | Dallas Real Estate, Homes & Apartments | News: Residential Real Estate (http://www.dallasnews.com/sharedcontent/dws/classifieds/news/homecenter/realestate/stories/011108dnbushomesalestimes.b0533e4.html - broken link)

As to who did the study it says:
"according to a multicity comparison released this week by Altos Research Co. and Real IQ."

I read something along the same lines that was done by NAR.

[BstYet2Be]

Originally Posted by oceanmomwith3dolphins

Can someone please explain to me how to start a new thread? I can not figure it out!

Go to the 1st page of the forum where you want to start the thread.

See the "New Thread" tile on the top left below "My Settings"?
Click on that...

It'll bring up a screen for the title and the message you want to use to start the thread.

Once finished, click on "Submit New Thread" at the bottom of the screen.

Go ahead, try it... bet you can!

[nsumner]

Home ownership is not for everyone. There is responsibility, upkeep do be done to get a return on a home: Here is some stats I just ran:

There are currently:

over 3000 foreclosed homes in Dallas county that are listed in the MLS... Many many more are not on the market yet. I am also a Loss Mitigation Consultant so I know that there are lots more coming...

About 700 in Colin county and again, many many more not listed yet
About 500 in Denton county ditto
About 1700 in Tarrant county ditto
About 150 in Rockwall county not as many on the books yet

These include single family homes, condos and townhomes. Not land, not commercial property, not multi-family buildings and there are quiet a few of those too.

Let me tell you what a lot of these foreclosures consist of:

1. People that have been granted loans when they didn't qualify for it in the first place, they have bad credit to begin with so they are granted a sub prime loan at >8.5% and they are told that they have 18 months to 2 years to clear up their credit, instead they buy new furniture, new cars, and the time goes by and nothing gets repaired on their credit, when the time is up they are caught stranded.
2. People that did an ARM loan and then suddenly 2 years later the payments went up 400-600 and since they didn't pay on time each month or that one last month, their credit is hit and nobody wants to refinance them.
3. People that did an interest only loan. This is not for everyone. This is supposed to be a temporary thing for persons expecting an inheritance, a payoff of some sort.
4. People that purchased new homes and the builders didn't disclose to them that the taxes they were quoted at closing was for the land only and a year later when the taxes include the improvement, they cannot afford the payments anymore.
5. People that used Hard Money Lenders.
6. People that were taken advantage of by investor groups (too long story to explain)

The market is soft but the rental market is very strong. All the people that lost their homes are having difficulty going back to an apartment lifestyle so they are renting houses.

Buyers are more picky than ever and they have a right to be, but the homes that are in good condition, updated and priced right are selling quickly. I feel terrible for the sellers that don't get to walk away with much after many years of home ownership.

Basically it takes about 3 years for a buyer to recover all his investment from purchasing a house (closing costs) so if anyone is expecting to move, you better buy something that you will be 100% sure that you will recoupe your investment.

As far as buying from homebuilders, do not expect to have ANY equity in your house, no matter how much discount you get from the builder, until the builder is finished in the community and no more competition in the immediate area. Once the builder approaches closing out a community, they will drop the prices again to may be even lower than the price you paid.

Pretty much areas that are built out are still appreciating. Plano, Richardson, Garland, Rowlett, Murphy is still in high demand on the side where it share the school district with Plano, the other side where it's Wylie ISD, is much slower. This is because Wylie is experiencing growth towards the north to Nevada, Farmersville (gosh I didn't hear of these places 10 years ago). McKinney/Melissa/Frisco/Allen are going to struggle longer.

Areas with excellent schools are still experiencing a decent appreciation rate such as Southlake, Rockwall, Coppell, Colleyville, Grapevine, Park Cities, Trophy Club, Lakewood, Lake Highlands and other Dallas proper areas.

That's my 2 pennies for someone in this local business 24 hours a day!!! I just wish I had a crystal ball like all those people on TV and newspapers that predict the future of Real Estate... IMO it's all speculation.

Naima

[Lakewooder]

Thank you for taking the time to write that Naima - it was very informative and instructive.

[socketz]

Great info nsumner!

I have a friend that's a Loss Mitigation Consultant in San Diego and that field seems to be the only field in the mortgage industry that's still growing.

[Lakewooder]

Greater East Dallas up another 11% according to today's Steve Brown Real Estate Report.

[calmdude]

Originally Posted by momof2dfw

Some of us have nothing to move to California for. We like that we can make a nice living and afford a very nice home, have nice things, pay for the kids college, help retired parents out, afford several nice vacations a year, afford to retire early and not have to worry about highly inflated real estate prices. I'd say that is something to be happy about. We are not really "bragging" that the "slow down" is not like it is in these other areas that saw the artificial exagerated inflation. Instead we are just pointing out to those coming into the area that it is not always "cheap" as what they think and that going in something like 20-30% BELOW asking price is unheard of around here. BTW, most of us Texans stay in our homes MUCH longer than 6-8 years.

My post was more to do with the economics - pure and simple. It is not a CA vs TX thing. CA was used as an example mainly because it represents the other extreme in terms of housing market behavior (vis-a-vis TX).

[calmdude]

Originally Posted by new2sa

And... we Texans aren't the ones leaving their home state in droves... and relocating TO TEXAS as well as ANYWHERE else they can find... to get out of their economic pitfall of a home state... California! Read any of these state sites... gotta be a reason... and I highly suspect it not being a positive one!

In my post, i was only stating the economics - not how it impacts some people in CA or TX who would not move regardless. It is pointing out a megatrend. People move in / out of states - even countries - all the time and there are reasons for that. US is not like China where movement is controlled. So, whenever people from say CA move in to neighboring states, there are always people happy or not happy about it. Regardless, the mogration continues and can be reversed if the conditions change.