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Old 08-01-2009, 09:45 PM
 
120 posts, read 428,964 times
Reputation: 68

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They credit this supposedly to real estate experts. In my neighborhood, there are about 3 homes that have been on the market since early 2007. That's right...nearly 2 1/2 years. Still unsold. Owners refuse to lower the price. Based on this article, do real estate experts expect these homes will finally sell at their current prices. What does "welcome to the bottom" really mean? My wife thinks our neighbors are 300-400K overpriced.
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Old 08-01-2009, 11:48 PM
 
Location: Living on the Coast in Oxnard CA
16,250 posts, read 27,790,164 times
Reputation: 21581
We are sill facing more lay offs in the state. We are in the middle of a wave of forclosures and still have another wave to hit. I just don't see how they can say that the bottom has hit. In my neighbor hood plenty of homes are sitting that have not sold. Maybe no one told those people.
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Old 08-01-2009, 11:49 PM
 
424 posts, read 1,048,746 times
Reputation: 426
I think the worst is over for some housing markets.
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Old 08-02-2009, 12:01 AM
 
11,715 posts, read 36,673,330 times
Reputation: 7522
Quote:
Originally Posted by Anneee View Post
I think the worst is over for some housing markets.
Yeah like maybe areas that have already been killed like the IE, high desert, Las Vegas, Phoenix, etc. Desirable areas are still crazy expensive. The difference is people in those areas are usually financially better off and can hold onto their fantasy asking prices longer before they have to get serious and lower the price to actually sell it.
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Old 08-02-2009, 12:06 AM
 
Location: Living on the Coast in Oxnard CA
16,250 posts, read 27,790,164 times
Reputation: 21581
I live in Oxnard and read that we in Ventura county are far from over with the price decline ride. But then it seems that every other article paints a differant picture. Maybe someone elses crystal ball is working better than mine.
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Old 08-02-2009, 12:08 AM
 
14 posts, read 59,871 times
Reputation: 18
Several realtors told me that there are thousands of houses that have been foreclosed upon but the banks are not letting them on the market. The hypothesis is that it will look like less inventory and therefore start to drive the housing prices up somewhat. This will in turn create an atmosphere that the recession is ending.

I am not sure how accurate this scenario is, but I have been following Jim Rogers etc (economists) and many economists are saying that the unemployment is much much higher than being reported and we have yet to see how bad the economy will get (primarily due to all the printing of money.)
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Old 08-02-2009, 12:08 AM
 
Location: H-town, TX.
3,493 posts, read 6,023,020 times
Reputation: 2190
Quote:
Originally Posted by nick2006 View Post
They credit this supposedly to real estate experts.
That's reassuring.

Let's pop champagne, folks!

Anyway, if banks want to tighten up inventory, great. They're not going to lend to folks who've been torched by the home they just walked away from; real estate types who have been hanging onto umpteen rentals that have drained their savings this whole time aren't going to be grabbing these houses...and the folks who were smart and bought what they could comfortably afford aren't going to suddenly get stupid and bite. You'd think.

More bailing out "toxic assets", anyone? Sit back and learn to enjoy it.
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Old 08-02-2009, 12:09 AM
 
11,715 posts, read 36,673,330 times
Reputation: 7522
Quote:
Originally Posted by SOON2BNSURPRISE View Post
I live in Oxnard and read that we in Ventura county are far from over with the price decline ride. But then it seems that every other article paints a differant picture. Maybe someone elses crystal ball is working better than mine.
I wonder how many of these articles pushing people to buy are written by real estate shills.
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Old 08-02-2009, 12:10 AM
 
11,715 posts, read 36,673,330 times
Reputation: 7522
Quote:
Originally Posted by AlfredB1979 View Post
That's reassuring.

Let's pop champagne, folks!
These must be the same experts that said 2005 was a great time to buy and prices would never go down since they're not making any more land in California.
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Old 08-02-2009, 12:27 AM
 
Location: Los Angeles, Ca
2,884 posts, read 5,288,772 times
Reputation: 2737
Instead of quoting real estate experts (or shills), why dont they look at something simple, like income to housing costs?

The market is still way over inflated in some areas, since current residents couldnt afford the home they live in now, on their current salary. I think common sense will tell us when it's the bottom.
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