[PinkString]

I voted for more than 5% higher. Because I like to think optimistically. And if my home depreciates anymore, then I will never be able to sell it and will owe more than it will be worth.

[mresort]

Originally Posted by PinkString

I voted for more than 5% higher. Because I like to think optimistically. And if my home depreciates anymore, then I will never be able to sell it and will owe more than it will be worth.

Yes, we should always think optimistically.
Historcially house price will rebound if it drops to unreasonably low level.
It may get even lower in short term but I am confident that it will go back up later.

let me share my story with you.

Last February I bought some shares of Las Vegas Sand at $3, and MGM at $4. And yes, they both dropped another 50% in March.
I lost almost half of my investment in one month.
Everyone laughted at me. My friends said I was stupid.
But so what? I wasn't really scare because I think they are decent companies and will find a way to turn things around.
I am correct. The share price bounced back very quickly after March and went the way up. Now Las Vegas Sand is $18 while MGM is $10.
I just sold all my shares few days ago and made huge profit.

[olecapt]

Just posted a new poll with attribution. Make it more fun when we go back next January.

[jfkIII]

You gotta separate housing and condos. Housing, I predict will be a little up...whereas condos will continue to be down.

[olecapt]

Just a quick apology to Ocean...I think his poll a good idea. I just want it with names on the votes. Otherwise views change come a year from now.

[mresort]

I do think the low end houses and condos will be a little bit up. They have been dropped back to the 1990s price level which was the time before the housing bubble. If it gets back to pre-bubble era it should have hit the rock bottom already. If the price gets too low when everyone can afford, it will rebound automatically.

However, I believe the high-end market still has the potential to drop further as it hasn't gone back to the pre-bubble level yet. I would guess at least a 20% reduction has yet to come.

[ocean2026]

Olecapt - I wanted you and soprano to answer way more specifically then the poll which was more for the general public. Soprano too when he comes back tomw. This could settle the arguments between you too and for the rest they can just have fun predicting.

[sierramadre44]

Originally Posted by pommysmommy

I don't have hope for the economic recovery of the United States because we are so deep in debt to China but I do not have the knowledge base to predict how the housing market might be affected/manipulated.

Interesting you mention China. I just read an article yesterday that the next big economic hit will come FROM China. Here is the link: Contrarian Investor Predicts Economic Crash in China - NYTimes.com

[sierramadre44]

Originally Posted by mresort

Yes, we should always think optimistically.
Historcially house price will rebound if it drops to unreasonably low level.
It may get even lower in short term but I am confident that it will go back up later.

let me share my story with you.

Last February I bought some shares of Las Vegas Sand at $3, and MGM at $4. And yes, they both dropped another 50% in March.
I lost almost half of my investment in one month.
Everyone laughted at me. My friends said I was stupid.
But so what? I wasn't really scare because I think they are decent companies and will find a way to turn things around.
I am correct. The share price bounced back very quickly after March and went the way up. Now Las Vegas Sand is $18 while MGM is $10.
I just sold all my shares few days ago and made huge profit.

So, when and if Harrah's comes back with an IPO, are you going to invest then? Just wondering. Sands is back up with Aldeson's infusion of cash and Macau's surprising increase in revenue. However, in a previous post the prediction is an economic crisis in China. So, I'm glad you've sold your shares because the future might be a bit tricky.

[gtbguy]

Even though I just purchased very recently, I still think we are not out of the woods yet. I believe we will hit the bottom sometime in 2010 but we've got a bit more to go. You can now purchase some properties for the true cost to build them. Unbelievable!