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Lehigh Valley Allentown-Bethlehem-Easton
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Old 09-16-2008, 02:55 PM
 
191 posts, read 640,849 times
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Quote:
Originally Posted by wowbaby View Post
i am amazed at how many houses are for sale and are not selling. you go thru the subdivisions of LMT and almost every house for sale says price reduced on the sign - and these are all houses going for between 350k and 450k. they just aren't moving.

we moved here at the tail end of the houseing bubble. we were lucky enough to buy my FIL's house for 400k (it was appraised at 550k) - he gaves us the "friends and family discount". we recently got the house re-appraised - it has fallen to 435k and this was in may. i bet if we did it again, it would be lower still. we were thinking of moving to LMT for the east penn school district. we are very definitely putting it off until a later time.

people are going to really have to think if a move is the NECESSARY thing cause they are losing close to 100k in their homes at the moment.
Prices are going to fall until they are back in line with reality. Prices were starting to get out of control in the mid to late 90's. That's when prices were rising at 3-4% a year. That's way to high and then came the housing bubble and prices doubled! Homes that sold for 95k in 2000 then 200k in 2006 will soon be selling for 85-90k when this is over. We are only in the 2nd inning of price declines. Check out this chart, even a realtor can't deny this, although they try,lol!!!!
http://graphics8.nytimes.com/images/...aph2.large.gif
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Old 09-16-2008, 02:56 PM
 
191 posts, read 640,849 times
Reputation: 44
PS

The best information about the housing market & economy can be found here.

www.patrick.net
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