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Old 05-19-2008, 07:21 PM
 
Location: Katy,TX.
4,244 posts, read 8,762,489 times
Reputation: 4014

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Las Vegas or Phoenix.....Five Cities With Biggest Decline in Home Values - Yahoo! Real Estate (http://promo.realestate.yahoo.com/five-cities-with-biggest-decline-in-home-values.html - broken link) Man it's good to be a Texan these days
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Old 05-19-2008, 07:50 PM
 
669 posts, read 1,612,785 times
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Quote:
Originally Posted by usc619 View Post
Las Vegas or Phoenix.....Five Cities With Biggest Decline in Home Values - Yahoo! Real Estate (http://promo.realestate.yahoo.com/five-cities-with-biggest-decline-in-home-values.html - broken link) Man it's good to be a Texan these days

OH YA DO NOT BUY HERE! NOT YET, GIVE IT A YEAR OR 2... THEN IT WILL ALL GET CRAZY AND PRICE TOO MANY PEOPLE OUT... SURE PRICE WENT DOWN 30%, BUT THAT'S BEFORE THE 200% CHANGE TOO. IN SHORT, IT'S ALL THE INVESTORS THAT DRIVE IT UP, WAGES STAY THE SAME AND RICH COME HERE AND BUY PROPERTY AFTER PROPERTY. INVESTORS HERE MAKE A KILLING - OF COURSE THEY PAY CASH OR MOSTLY CASH AND RENT THEN SELL. IT'S NOT A FAIR PLACE FOR THE WORKING CLASS FAMILY TO BUY A PLACE TO LIVE.
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Old 05-19-2008, 08:29 PM
 
Location: Beautiful New England
2,412 posts, read 7,178,364 times
Reputation: 3073
Quote:
Originally Posted by usc619 View Post
Las Vegas or Phoenix.....Five Cities With Biggest Decline in Home Values - Yahoo! Real Estate (http://promo.realestate.yahoo.com/five-cities-with-biggest-decline-in-home-values.html - broken link) Man it's good to be a Texan these days
Read the article closely. San Diego values have dropped 24% from their peak, but they're still much higher than they were in 2000. Thus, a person who bought in San Diego in 2000 would still be much better off than a person who bought in Houston in the same year.

Houstonians love to crow about their stable real estate prices during declining national markets, but while the nation was booming in the early '00's the Houston market was just plodding along. Houstonians were surprisingly silent while people on the coasts were outpacing them dramatically. My brother in Houston bought a house in 2000; I bought in 2001 in the Boston area. Though the Boston market is down sharply from their highs, my investment has still been much, much better than my brother's Houston buy. Sure, he snickers about how much our market has fallen since 2005, but I'm still way ahead of the game.
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Old 05-19-2008, 08:46 PM
 
669 posts, read 1,612,785 times
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Quote:
Originally Posted by professorsenator View Post
Read the article closely. San Diego values have dropped 24% from their peak, but they're still much higher than they were in 2000. Thus, a person who bought in San Diego in 2000 would still be much better off than a person who bought in Houston in the same year.

Houstonians love to crow about their stable real estate prices during declining national markets, but while the nation was booming in the early '00's the Houston market was just plodding along. Houstonians were surprisingly silent while people on the coasts were outpacing them dramatically. My brother in Houston bought a house in 2000; I bought in 2001 in the Boston area. Though the Boston market is down sharply from their highs, my investment has still been much, much better than my brother's Houston buy. Sure, he snickers about how much our market has fallen since 2005, but I'm still way ahead of the game.
VERY TRUE. AND YOU BOUGHT IN 2001.. IMAGINE IF YOU BOUGHT IN 1991. YOU'D BE RETIRED. BUT NO SERIOUSLY, LOW HOME PRICES HAVE SOMETHING CALLED CRIME THAT GO ALONG W/ IT TOO...
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Old 05-19-2008, 08:54 PM
 
Location: ✶✶✶✶
15,216 posts, read 30,563,119 times
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Quote:
Originally Posted by professorsenator
Houstonians love to crow about their stable real estate prices during declining national markets, but while the nation was booming in the early '00's the Houston market was just plodding along.
And then we'd be okay at the end of the decade when the most of the rest of this country's housing market is on a Learjet to hell?

I'll take it. Remember that old story of the hare and the tortoise.
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Old 05-19-2008, 09:25 PM
 
Location: Sugar Land, TX, USA
759 posts, read 3,184,856 times
Reputation: 233
Your dollar goes a lot further here...

In Houston I can live in a 5500 SF home and still have money to put into investments, entertainment, a beach house, fill the gas tank, pay to go to a sporting event, Still have money to buy several rental homes, and the bonus of not being around a lot of liberals.
In San Diego...I have what maybe a 1200 SF?

How about Boston? 1200-1500 SF? you also get the bonus of 4+ months of Snow to shovel? and some of the worst traffic in the country. Plus my rating as the worst Airport in country.
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Old 05-19-2008, 09:34 PM
 
Location: ✶✶✶✶
15,216 posts, read 30,563,119 times
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Quote:
you also get the bonus of 4+ months of Snow to shovel?
And before anyone mentions it, you don't need to shovel heat or humidity.
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Old 05-20-2008, 03:23 AM
 
Location: Houston, Texas
469 posts, read 1,485,256 times
Reputation: 295
Quote:
Originally Posted by jfre81 View Post
And before anyone mentions it, you don't need to shovel heat or humidity.
Yeah and not only do you not need to shovel heat or humidity some of us really like the heat. I love Houston in mid July. Call me crazy I guess.
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Old 05-20-2008, 05:32 AM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,738,039 times
Reputation: 4191
A 3 bedroom ranch house should not cost $500k+, it just isn't natural or sustainable. There is a reason why you have post after post on here from people relocating from the coast. I don't want my house to appreciate 100% per year, if it did that means so does everyone else's house and how the hell am I supposed to afford to buy a new one later because my income certainly doesn't double every year.
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Old 05-20-2008, 07:59 AM
 
958 posts, read 2,574,455 times
Reputation: 827
Even if the house appreciated 200% in the last 6 years
a 50% drop now basically eliminates all of the gains the had.

What is worse is that many people in cali and what not owe far more than what is worth on the home.
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