[hiknapster]

Last week, the prices reflected it. Read the story. Watch the video.

Townhomes a steal in Fort Myers | WINK-TV - Fort Myers, FL | Local & Florida

[cariad]

Originally Posted by nychiefsfan

nationwide home prices are up 29.2 percent over the past three years and 64.3 percent over the past five years. That should be enough to comfort consumers who might be worried about the value of their homes, say Business Week Magazine analysts,.

REALTOR® Magazine-Daily News-Housing Bounces Back: Here are the Signs

And salaries went up what percentage over the past three and five years, so that singles or families could afford these rising prices?????????

[macguy]

Originally Posted by kort677

ah yes, the glass is half full

No, If you know interest rates are going up and you are on the fence. If you find something you like at a price you like you will be inclined to buy.

[firemed]

Originally Posted by macguy

No, If you know interest rates are going up and you are on the fence. If you find something you like at a price you like you will be inclined to buy.

But why do that ? If you sold and have cash and the rates are up, Why in the world would you want to buy now. Its not the stock market you won't miss the boat, Let all the ARM's clear the way for a deal, IO loans are crashing. We are now seeing the first of the 3 year ARM's and we still have the 5 year ARM's out there. Will the market turn before the 5 year ARM's start to pinch ? I just don't see the rush. The less you pay the less the taxes and HOI will cost. In the history of loans we have never seen anything like this. And I will bet we won't see it again in our lifetime.

[kort677]

Originally Posted by firemed

But why do that ? If you sold and have cash and the rates are up, Why in the world would you want to buy now. Its not the stock market you won't miss the boat, Let all the ARM's clear the way for a deal, IO loans are crashing. We are now seeing the first of the 3 year ARM's and we still have the 5 year ARM's out there. Will the market turn before the 5 year ARM's start to pinch ? I just don't see the rush. The less you pay the less the taxes and HOI will cost. In the history of loans we have never seen anything like this. And I will bet we won't see it again in our lifetime.

all I could say is that homes at the level I'm interested in more than likely are not owned by people who borrowed with sub prime loans and are not in danger of foreclosure.

as an aside, The local paper ran a story yesterday about sales ande values and in MY zip code values increased by 52% with sales down over 50%, only one of 3 zip codes in a 4 county area to see appreciation close to those levels.
Remember all real estate is local, YMMV

[firemed]

Originally Posted by kort677

all I could say is that homes at the level I'm interested in more than likely are not owned by people who borrowed with sub prime loans and are not in danger of foreclosure.

as an aside, The local paper ran a story yesterday about sales ande values and in MY zip code values increased by 52% with sales down over 50%, only one of 3 zip codes in a 4 county area to see appreciation close to those levels.
Remember all real estate is local, YMMV

Very true it is local, But the last few years have been history. I have never seen gains like this in Florida. If your in downtown Naples your fine, but most of this was new found money. Subprime or not most people went over the edge. We will just have to see how long they can last.

[kort677]

Originally Posted by firemed

Subprime or not most people went over the edge. We will just have to see how long they can last.

this is the fallacy of all the gloom and doomers, not everyone who bought at the top is bailing out, not everyone at bought at the top is losing their job, not everyone who bought at the top is going belly up, if you have to sell, you're screwed, but if you don't have to sell and you're living in the home what's the difference what the value is, you not selling, it just isn't an issue

[nychiefsfan]

Originally Posted by kort677

ah yes, the glass is half full

LOL!!!!

Lemme get this straight.

1. There's a kajillion houses on the market.
2. While there are many houses, they're still overpirced.
3. The interest rates go up, making housing even more unaffordable.

Sarcastic Question of the Week:
Does anyone want to make a prediction of what will happen if interest rates increase?

Here's your choices:

1. The housing market turns around, filled with people fearing higher interest rates. The average price of a house in FL becomes $483,912
2. Stagflation
3. The country goes into a full flegged recession
4. Both 2 & 3
5. None of the above.

[nychiefsfan]

Originally Posted by cariad

And salaries went up what percentage over the past three and five years, so that singles or families could afford these rising prices?????????

Hey, I'm on your side!!! I get a kick out of those kind of articles posted by the NAR.

[nychiefsfan]

Originally Posted by firemed

But why do that ? If you sold and have cash and the rates are up, Why in the world would you want to buy now. Its not the stock market you won't miss the boat, Let all the ARM's clear the way for a deal, IO loans are crashing. We are now seeing the first of the 3 year ARM's and we still have the 5 year ARM's out there. Will the market turn before the 5 year ARM's start to pinch ? I just don't see the rush. The less you pay the less the taxes and HOI will cost. In the history of loans we have never seen anything like this. And I will bet we won't see it again in our lifetime.

((((Standing ovation at end of speech))))