[FERRETI]

Is it true?Anyone knows when we really bottom out?

[Dr.Jim]

Maybe drop to a 'total' of 13%?

I was under the impression, from a few realtor friends of mine that we had bottomed,...might be some settling here and there,...but overall we are at rock bottom.

The other thing to keep in mind is that there is no definitive answer. Ask 10 experts, get 10 different answers.

[Coldjensens]

I was told the same thing by a Realtor and a loan broker.
Maybe they are just being optimistic. They only have tow or three sales to base this on anyway. Where did a 135 drop come from? I searched the internet for this and the only reference I found was an article in January 2007.

[magellan]

Originally Posted by Dr.Jim

Maybe drop to a 'total' of 13%?

I was under the impression, from a few realtor friends of mine that we had bottomed,...might be some settling here and there,...but overall we are at rock bottom.

The other thing to keep in mind is that there is no definitive answer. Ask 10 experts, get 10 different answers.

That's because no two housing markets are the same. There is no "national housing market" that experiences the same appreciation and/or depreciation together, and there is no "state" housing market that goes up and down together, and no regional housing market, etc.. Two houses a mile apart might be dramatically different.

[Cato the Elder]

That's funny, my crystal ball said 12.5663706%. I better go get it calibrated by my local Swami's-R-Us.

[FERRETI]

Originally Posted by Coldjensens

I was told the same thing by a Realtor and a loan broker.
Maybe they are just being optimistic. They only have tow or three sales to base this on anyway. Where did a 135 drop come from? I searched the internet for this and the only reference I found was an article in January 2007.

I hope the housing woes have ended and yes i don`t know if this rumour is true.

[Pinstripes1]

Having just relocated here and sitting on the sidelines waiting to buy, I have done exhaustive research on housing.

I believe the 13% depreciation forecast for 2008 came from housingpredictor.com. I just checked the website again, it's now forecasting a 16% depreciation in Detroit for 2008.

[gr8pyrz]

Being that we are currently in the middle of this lovely crisis, trying to sell a house, I would say we have not hit rock bottom yet. Our agent tells us that there is yet another set of interest only mortgages that will be adjusting which will cause yet another wave of issues. Also as the job losses that are just being announced filter out over the next 6mo I think we are likely to see even more foreclosures. That is really what is killing our values. The more foreclosures, the more the values drop.

I think it would be hard to put a time frame on hitting rock bottom here. For every job gained, 100 are lost and until that bleeding stops, foreclosures are going to continue.

I toured a bank owned home in our city that was on it's second foreclosure which is also becoming more common. Investors are getting all hyped up and going in over their heads. No one can compete with 3 bedroom homes going for 70k.

[Michigansnowflake]

My house was inspected in April when we refied (dropped from a 30 to a 15) it went up from when we bought in 06. We arent moving either, so I am not worried about it

[Cliffie]

Originally Posted by gr8pyrz

Being that we are currently in the middle of this lovely crisis, trying to sell a house, I would say we have not hit rock bottom yet.

And what is your definition of "rock bottom"?