Hampton Roads Home Sales Up 28% over last October. (bank owned, real estate market)

[cityboi757]

Despite the increased sales activity, home prices have continued to fall. The multiple listing service reported that the median price for existing homes in October was $208,000, down 3.3 percent from a year ago. The median is the point at which half the prices are higher and half are lower.

Hampton Roads home sales up 28 percent over last October | HamptonRoads.com | PilotOnline.com

[Randomdude]

Originally Posted by cityboi757

Hampton Roads home sales up 28 percent over last October | HamptonRoads.com | PilotOnline.com

That probably wraps up any hope for the housing to ever reach affordable levels.

[rtandc]

Randomdude I don't think so......I am sure a good number of those sales were either distress sales, bank owned or investment type transactions.........just like you have people walking away from their homes and taking the credit hit you also have allot of people trying to sell their home right now at prices where they hope just to break even and be able to walk away without messing up their credit because they are afraid of job loss or home prices dropping even lower and they would never be able to get what they owe on their loan

The real hurt for the real estate market is about to begin....sales will be super slow now that the holidays are coming and will be flat at least until next years spring push even with the tax credit, once the rates start to rise (or the threat of higher rates) we will see a temporary increase of sales again from the people that were sitting on the fence........then once the rates do rise that will push home prices even lower causing more people to fall into that distressed type sale.......The housing market is going to take years to fix itself and silly tax credits by the government is just delaying the inevitable

[Randomdude]

Originally Posted by rtandc

Randomdude I don't thing so......I am sure a good number of those sales were either distress sales, bank owned or investment type transactions.........just like you have people walking away from their homes and taking the credit hit you also have allot of people trying to sell their home right now at prices where they hope just to break even and be able to walk away without messing up their credit because they are afraid of job loss or home prices dropping even lower and they would never be able to get what they owe on their loan

The real hurt for the real estate market is about to begin....sales will be super slow now that the holidays are coming and will be flat at least until next years spring push even with the tax credit, once the rates start to rise (or the threat of higher rates) we will see a temporary increase of sales again from the people that were sitting on the fence........then once the rates do rise that will push home prices even lower causing more people to fall into that distressed type sale.......The housing market is going to take years to fix itself and silly tax credits by the government is just delaying the inevitable

I sure hope you are right.

[stacylee926]

I work in the new construction field and we have seen a steady increase in new home sales over the last 6 months. It is slowing down because of the holidays - which is normal. The builders that are doing OK are the ones that do not build mcmansions.

Now I am not saying it is great, but it has kept us going and things are moving around here. I think we will continue to see the foreclosures for a while, those that have tried to hold on for as long as possible.

[rtandc]

Originally Posted by Randomdude

I sure hope you are right.

sure that is what the government does best, they cant fix the problems so they just keep putting band aids on the problems and hope the temporary fix will last until the next president or party takes control and then blame the problems on him.....this federal tax credit program is just another band aid hoping to keep the housing market somewhat afloat while they hope for a miracle that will never come......If I have said it once I have said it a dozen times.... The only way the housing market will ever be fixed is by the people not by the government

[chesapeakesim]

You're right, the tax credit is just a band aid. Buyers don't realize that without it, prices would probably drop even more and they would be better off that way. For example, if you buy a $400K house and the tax credit makes it $392K it sounds like a good deal. But without the credit that house may have dropped $20K-$30K, so are they really any better off. Plus, once the credit goes away, prices may drop again so they are at risk of being under water. That is just a what-if scenario, but you get the picture.

[Randomdude]

Originally Posted by chesapeakesim

You're right, the tax credit is just a band aid. Buyers don't realize that without it, prices would probably drop even more and they would be better off that way. For example, if you buy a $400K house and the tax credit makes it $392K it sounds like a good deal. But without the credit that house may have dropped $20K-$30K, so are they really any better off. Plus, once the credit goes away, prices may drop again so they are at risk of being under water. That is just a what-if scenario, but you get the picture.

The only possible way I could remotely be convinced to stay here is if I can find a single family detached house in a safe neighborhood in Va Beach for under 150k.

So, lets see if it will drop like a rock.

[cityboi757]

Originally Posted by Randomdude

The only possible way I could remotely be convinced to stay here is if I can find a single family detached house in a safe neighborhood in Va Beach for under 150k.

So, lets see if it will drop like a rock.

It'll never happen, dude.

Go to maybe... Isle of Wight and try.

[Randomdude]

Originally Posted by cityboi757

It'll never happen, dude.

Go to maybe... Isle of Wight and try.

Hour and a half commutes arent anything I will ever be doing.