[kimba01]

Originally Posted by logline

At a reasonable 3% rate of appreciation, it will take 24 years for you to get back to "even".

Originally Posted by lyra33

Great...that pretty much means my house will be paid off (30 yr loan) and only worth what I originally paid for it. Sad.

Originally Posted by AD1985

On a nominal basis yes but it will actually be worth less after inflation is factored in.

Originally Posted by logline

Not to mention the interest paid on the loan over those 30 years.

Hmmm, all sounds like an ad to foreclose...kind of depressing.

Originally Posted by von949

Very true. I was speaking to an appraiser about this a couple of days ago. His forsight of the market was NOT optimistic at all. Overall it comes down to buying your "dream" house not just investment property.

The next home I purchase(very soon) will be something I hold on to till its time to pass it on to my kids. Im 29 years old now and plan to keep for life. So I will make sure I shop for now and the future....It will not matter what the value of my house is doing. It can go down to $19.78 or up to $900,000 as long as me and my family are happy living there.

My neighbor complains every damn day about the current value of his home. He purchased at $390,000 and now his house is worth $140,000. He is miserable. He tells me that he didnt even like the house to begin with, it was just "a quick investment" or "quick flip money maker" Now he is stuck with it cause he didnt sell in time, or purchased too late.(however you look at it)

Meanwhile my other neighbors(older couple) across from him love their house, even though they paid more for it and its worth the same as his. They are all about the grandkids/friends visiting.

He purchased a house for almost 400K and was looking for it to be a "quick flip"? Yikes.

In a perfect world, it would be great to find your "dream" home and live there forever. Unfortunately, it is not a perfect world and life happens. Sometimes you just have to move for reasons beyond your control. Hopefully, that won't be the case for you...good luck in your search!!! There are a lot to choose from out there!

[Slim10]

Foreclosure is having the biggest impact on home prices .

Not everyone will lose their homes and there will be a limit to foreclosures. The current foreclosure rate is definitely not the new normal. The likelihood of re-foreclosure is low due to very stringent bank lending. Banks can't keep foreclosing on the same property so it is a matter of time.

Until the foreclosure rate normalizes, prices will continue to be depressed. The foreclosure filings rate is normalizing even in Nevada (and realtytrac figures). Its down to 1 in 88 for nevada.

The duration it will take to normalize will be dependent on the economy recovery rate and/or home demand.

Most people don't realise that already significant numbers of foreclosures have already occurred resulting in the already significant price drop. Banks will not zero-rise its foreclosed properties and give it away.

July numbers will dip. That is already expected with the end of the rebate. Its 3 years too late to press the panic button.

[tony soprano]

Originally Posted by jfkIII

Should be interesting.

Something's got to give.

[tony soprano]

Originally Posted by Slim10

July numbers will dip. That is already expected with the end of the rebate.

Last month you seemed to have the impression that prices were going to maintain their current levels after the tax credit expired. You viewed it as a price increase.

//www.city-data.com/forum/14953559-post2646.html

//www.city-data.com/forum/14967850-post2654.html

[Spraynard Kruger]

The new normal needs to mirror the old normal where prospective homebuyers needed to save 10-20% down in order to play. Like that is ever going to happen! Solid business fundamentals are suspiciously being ignored in favor of some sort of continuing "everyone deserves a home" agenda.

What will give? How about SEC oversight of the GSE's? Maybe some entities, such as the lobbyists, will quit whining that the reason why people can't afford homes is because they need down payment assistance.

When the persistent denial of the harsh reality is faced, which is you need money to buy a home, it will give. It will pop like a zit.

With a ton of false starts by our government to try and re-inflate the Titanic (homebuyer credit and the homemort modpro), it hasn't really done squat for the five states that comprise the majority of the foreclosure crisis, especially ours.

[tony soprano]

Originally Posted by Spraynard Kruger

The new normal needs to mirror the old normal where prospective homebuyers needed to save 10-20% down in order to play. Like that is ever going to happen! Solid business fundamentals are suspiciously being ignored in favor of some sort of continuing "everyone deserves a home" agenda.

What will give? How about SEC oversight of the GSE's? Maybe some entities, such as the lobbyists, will quit whining that the reason why people can't afford homes is because they need down payment assistance.

When the persistent denial of the harsh reality is faced, which is you need money to buy a home, it will give. It will pop like a zit.

With a ton of false starts by our government to try and re-inflate the Titanic (homebuyer credit and the homemort modpro), it hasn't really done squat for the five states that comprise the majority of the foreclosure crisis, especially ours.

All good points. What a magnificent failure the GSEs were.

Homeownership rate continues to slide - USATODAY.com

[007 license to sell]

This is crazy and I have been told that when the banks reps do show up all they seem to offer is for a buyer to do a short sale.

Nearly a third of lenders no-shows for foreclosure mediations July 24, 2010 By Cy Ryan Assembly Speaker Barbara Buckley says she’s anxious to see more sanctions imposed by the courts on lenders who boycott the fledgling foreclosure mediation program aimed at saving homes for Nevadans.

[lyra33]

The sad thing is I put more than 20 percent down on my home.

[von949]

Originally Posted by kimba01

Hmmm, all sounds like an ad to foreclose...kind of depressing.



He purchased a house for almost 400K and was looking for it to be a "quick flip"? Yikes.

In a perfect world, it would be great to find your "dream" home and live there forever. Unfortunately, it is not a perfect world and life happens. Sometimes you just have to move for reasons beyond your control. Hopefully, that won't be the case for you...good luck in your search!!! There are a lot to choose from out there!

Very true. But you always have the option to rent out your home if you leave. Im sure in my life I will have to do this given that I can get deployed or be stationed overseas.

[lyra33]

Originally Posted by logline

Yes, sorry to paint such an ugly picture, but at least you're not alone. One of the biggest problems is that there are just too many optimistic people here (and especially in the media) who think an economic/housing recovery is "just around the corner." It most certainly ISN'T and I could point to a dozen factors to prove it, but humans (particularly us Americans) have this innate ability to live in denial and be optimistic even when it's to our own demise. Cognitive Dissonance is a naional pastime. We need to get real and only THEN can we get back on our feet.

How can reality pull us out when our economy revolves around a facade. If we were to really get real the stock market would be nothing, the banks would have nothing, and we would be a third world country. Unfortunately false hope is what drives and makes our country work.