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The market will do what it needs to do....no matter what government, private sector or realtors are attempting to affect. We have not still reached the level of historical norms. I see this as a good thing, the quicker the full pain sinks in, the quicker the floor is fully reached, the quicker we can start the ascension.
This situation is not going to improve until the jobs picture does. You can paint whatever face on it you want but sustained 9.5% unemployment does not equate to the "Summer of Recovery".
Don't worry. We all know everything goes in cycles.
Before you know it we'll be back to paying 600k for an outdated 1950's cape. And we'll all look back and laugh about how low home prices dipped back during the great recession. Yup, another few years and we'll be back to getting telephone numbers for homes, and those who kept procrastinating thinking the prices would drop down to 5 digits will be kicking themselves in the butt for not buying. And those who couldn't, or could barely afford to buy will now totally be out of the home buying loop. That is, until the banks start giving away mortgages again as long as you have a social and a heartbeat. Repeat process over and over until blue in the face. Cycles...
Don't worry. We all know everything goes in cycles.
Before you know it we'll be back to paying 600k for an outdated 1950's cape. And we'll all look back and laugh about how low home prices dipped back during the great recession. Yup, another few years and we'll be back to getting telephone numbers for homes, and those who kept procrastinating thinking the prices would drop down to 5 digits will be kicking themselves in the butt for not buying. And those who couldn't, or could barely afford to buy will now totally be out of the home buying loop. That is, until the banks start giving away mortgages again as long as you have a social and a heartbeat. Repeat process over and over until blue in the face. Cycles...
Don't worry. We all know everything goes in cycles.
Before you know it we'll be back to paying 600k for an outdated 1950's cape. And we'll all look back and laugh about how low home prices dipped back during the great recession. Yup, another few years and we'll be back to getting telephone numbers for homes, and those who kept procrastinating thinking the prices would drop down to 5 digits will be kicking themselves in the butt for not buying. And those who couldn't, or could barely afford to buy will now totally be out of the home buying loop. That is, until the banks start giving away mortgages again as long as you have a social and a heartbeat. Repeat process over and over until blue in the face. Cycles...
I think that's what some homeowners and real estate agents actually think.
IF it was not so obvious that THAT (above) should not happen again I could see it not happening....but I would not be too surprised if in 10-15 yrs....YES, when this whole thing blows over, and it will just like every other crisis we've ever had. Houses will be expensive again and lending standards will be looser. It is just enevitable. it is the crux of a free-market (voraciously consumptious) society. As long as some joe shmo is looking to lend money with nothing down and making fees off of it, some other shmo will follow. Eventually people will forget this....and those of us here will just say...."yeah, those days were real bad....90+% of us had jobs, cars, places to live, tons of supermarkets, and our savings rate was pretty good, internet and cable.....but man was it bad." Reality is, No it is not that bad...
our standard of living is just coming down from a housing bubble created stratosphere (not the norm)....the only reason why we cannot live better is becuase the government has overspent, under-invested in technology and infrastructure, fought useless wars and in turn overtaxed the hell out of us....That is the real problem. The goverment, they are friggin clueless and they are ruled by special interests groups. This WILL come back full circle...IT always Does.
It's like the gas crissis back in the late 70's. Just a distant memory now. You just think back, and say wow, yeah that was bad. And that's it.
The boom will come back one day, and so will the burst.
Existing home sales dive to 15-year low - Yahoo! Finance (http://finance.yahoo.com/news/Existing-home-sales-dive-272-rb-2107272584.html;_ylt=AhOPCevVXRDrpDAsudpx71S7YWsA; _ylu=X3oDMTE1aWNvMWVoBHBvcwMyBHNlYwN0b3BTdG9yaWVzB HNsawNleGlzdGluZ2hvbWU-?x=0&sec=topStories&pos=main&asset=&ccode= - broken link)
According to Zillow, my house is up over $3700 this month
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