housing prices crashing in Delaware? (Wilmington: comparable sales, sales, lease)

[movn2del]

I think a lot of people aren't buying because either they can't afford or they are waiting for the prices to come down even more. It's been reported that prices are continuing to drop and will for the next year or two. If they aren't in a rush, they why not wait. As for me, I want to get out of where I am yesterday.

[Laural]

Originally Posted by rossc

From what the agents in TN are telling me, 100% FHA or HUD is not a problem with mid 500 score. Maybe the local economies have something to do with it. Nashvilles local economy, comparatively speaking, is fairly healthy. Of course what you would pay $400,000 for here can be had for $100k - $150k there. Prices outside of Nashville have always been reasonable, but prices in Nashville have really come down over the past year.

I would rather hear what the banks are saying than the agents. These 100% loans I bet the interest rates higher, and I bet there is mortgage insurance tacked on to it. I guarantee you it's not like it use to be, the banking industry has learned it's lesson.

[movn2del]

Originally Posted by Laural

I would rather hear what the banks are saying than the agents. These 100% loans I bet the interest rates higher, and I bet there is mortgage insurance tacked on to it. I guarantee you it's not like it use to be, the banking industry has learned it's lesson.

When we bought our first home, we put less than 20% down and had to pay mortgage insurance until we could prove that we owed less than 80% of the value of the home. Fortunately for us, we fixed up a lot in a short time and wrote the mortgage company about it. After less than one year, we didn't have to pay the mortgage insurance.

[rdlr]

Originally Posted by movn2del

When we bought our first home, we put less than 20% down and had to pay mortgage insurance until we could prove that we owed less than 80% of the value of the home. Fortunately for us, we fixed up a lot in a short time and wrote the mortgage company about it. After less than one year, we didn't have to pay the mortgage insurance.

You were one of the smart ones, movn2del! Many don't know they can get rid of PMI, and pay it for years. PMI release makes up a small percentage of my work assignments.

[rossc]

Originally Posted by movn2del

I think a lot of people aren't buying because either they can't afford or they are waiting for the prices to come down even more. It's been reported that prices are continuing to drop and will for the next year or two. If they aren't in a rush, they why not wait. As for me, I want to get out of where I am yesterday.

I'm looking for a reasonable quick sale as well. I think the reason nothing is moving is because the seller owes more than the house is worth in our current market. They can't really take less or they won't be able to pay the bank, so the house sits on the market. At that point there are two alternatives. Foreclosure or hope the market comes back. I wouldn't hold my breath on the latter. I'm sure the market will come back at some point, but it won't happen overnight.

[Laural]

Originally Posted by movn2del

When we bought our first home, we put less than 20% down and had to pay mortgage insurance until we could prove that we owed less than 80% of the value of the home. Fortunately for us, we fixed up a lot in a short time and wrote the mortgage company about it. After less than one year, we didn't have to pay the mortgage insurance.

That's great, it's amazing how many people don't know they don't have to continue you to pay it for ever.

[Gdelemschl]

if Wilmington DE real-estate prices are predicted to go down 10% in just one year, then how much down may the Bear DE or Hockessin DE prices go, in your opinion?

[Gdelemschl]

Some foreclosure scenario in CA ... is Delaware next with such foreclosure markdowns?

[Laural]

Originally Posted by Gdelemschl

Some foreclosure scenario in CA ... is Delaware next with such foreclosure markdowns?

I just moved from California, and their market is very different from Delaware's market. I don't believe it will be the same.

[rdlr]

Originally Posted by Gdelemschl

Some foreclosure scenario in CA ... is Delaware next with such foreclosure markdowns?

What do you mean by "markdowns" ?
At sheriff sales, there's an opening bid. If the property doesn't bring X amount, it doesn't sell. I work with foreclosures......I do not sell.