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Old 12-28-2010, 09:48 AM
 
8,265 posts, read 11,443,708 times
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Nation on edge of double-dip in home prices - Dec. 28, 2010
Quote:
NEW YORK (CNNMoney.com) -- Home prices took a shockingly steep plunge on a monthly basis, an indication that the housing market could be on the verge of -- if it's not already in -- a double-dip slump. Prices in 20 key cities fell 1.3% in October from a month earlier, an annualized decline of 15%, according to the S&P/Case-Shiller index released Tuesday. Prices were down 0.8% from 12 months earlier.

Month-over-month prices dropped in all 20 metro areas covered by the index. Six markets reached their lowest levels since the housing bust first began in 2006 and 2007. They were Atlanta, Charlotte, N.C., Miami, Portland, Ore., Seattle and Tampa, Fla. "The double-dip is almost here," said David Blitzer, chairman of the Index Committee at Standard & Poor's. "There is no good news in October's report. Home prices across the country continue to fall."
Yuck. I just went on to mint and knocked another 10k off my home value just to stay ahead of the curve.
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Old 12-28-2010, 11:23 AM
 
Location: Ohio
23,155 posts, read 16,598,871 times
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That should come as no surprise. The people who got foreclosed on are out of the game until 2015, they've tightened up lending requirements, so that bars quite a few, there's still 16% or so unemployment and the rest of them are either living paycheck-to-paycheck or mired in uncertainty.

Housing will remain flat (or worse) for quite a long time, 10 years or so. Cities and counties are collecting less revenues, so lay-offs are still coming from the city/county/state level.
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Old 12-28-2010, 06:41 PM
 
Location: Troy, Il
764 posts, read 1,480,142 times
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Dont home prices fall in the winter due to less activity in sales? Thats what i thought, people do most of their buying in the spring and summer. Anyways, according to your graph it looks like this is the third dip, and it is not as bad as the second. I think housing is on its way up......slowly. It will take years for most places to return to normal and in some of the worst places it will take a decade.
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Old 12-29-2010, 02:22 PM
 
8,265 posts, read 11,443,708 times
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Quote:
Originally Posted by Mircea View Post
Housing will remain flat (or worse) for quite a long time, 10 years or so.
Woah I don't want to hear that. We're planning on selling around 2014-2015 and had hoped things would start to rise a little.

Argghhh.
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Old 12-29-2010, 05:03 PM
 
Location: Near a river
16,042 posts, read 20,546,752 times
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I'm bailing out now. Putting my home with full equity on the market in several months, just ahead of the spring season when so many properties will come on the market. Will I take a hit? 10% - 15% for this area, hopefully. Not as bad as some areas of the country. And at my age, it's now or never. I too believe it will be an 8 - 10 year sickly, flat period for housing. Unemployment, rising interest rates, boomers downsizing (flooding the housing market), etc. can only mean that with each passing year I will get less and less for my current home. Many who want to sell are sitting on their homes, claiming they won't sell in a down market. Well, it's only going to be more down, meantime their lives are on hold.
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Old 12-29-2010, 05:14 PM
 
Location: Troy, Il
764 posts, read 1,480,142 times
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Housing is making a slow recovery, the overall trend is up from the april 09 low. I am planning on selling in 5-10 years. In 5 years the market will have recovered fairly well in most places.
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Old 12-30-2010, 07:07 AM
 
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I live in Phoenix and would love to have newenglandgirl's situation of having only taken a 10% to 15% hit. I'm not sure on exact numbers but I believe the most "in town" places around here like Tempe are down 20%, out in the edges of the suburbs are 50% or more, the rest somewhere in-between.

We live in a townhome, I'd love to hear one of the posters who (for some weird reason) knows a lot about real estate trends on whether townhomes tend to recover faster or slower than houses.

We have had good news in that the inverse is happening with jobs, Phoenix got crushed during the recession on the way down but has been doing much better during the recovery rated near the top for job creation and projected to continue that trend. Hopefully that'll help get some of the inventory off the market with more employed buyers and interstate migration ramping back up.
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Old 12-31-2010, 06:30 PM
 
Location: Texas
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Phoenix area single family foreclosures currently 39,496

condo townhome foreclosures currently 2949


at least you have less competition when selling



total foreclosures for all dwellings in the Phoenix area is 43,994
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Old 01-01-2011, 11:26 PM
 
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Housing will pick up when lenders and money flow to the market again. Right now its all Fannie/Freddie loans and cash deals, so a double dip is not really a surprise and it will continue until the mortgage back loans market perks up. With the hunt for yield and some occasional good signs coming out of the commercial mortgage backed markets there could be some positive news in 12-18 months on this front.

I highly doubt housing is a flat to down market for 10 years unless the economy gets a lot worse and stays there. The real end-users of housing have been out of the game for a long time now, so many investors and second home buyers are driving the market. The pent up demand for housing is building and will drive some appreciation once the "real" buyers can get back into the marketplace with banks lending money to them.
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Old 01-02-2011, 07:09 AM
 
Location: Fairfield, CT
6,486 posts, read 9,642,744 times
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Quote:
Originally Posted by slackjaw View Post
Woah I don't want to hear that. We're planning on selling around 2014-2015 and had hoped things would start to rise a little.

Argghhh.

Are you going to rent after you sell, or buy another house?
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