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Old 05-22-2011, 07:16 AM
 
Location: AZ
2,096 posts, read 3,815,061 times
Reputation: 3749

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Quote:
Originally Posted by mjd2k View Post
Many were foolish no doubt.But I can't blame joe-blow buying a house at the market price with market terms. For years after many bought it seemed like the right thing to do. Who has that crystal ball?

I believe the little guys had not much choice given that choices were offered by banks and goverments. I'm not sure in what order.

I'd bail in a second rather than spend my money to be honorable to a bank that could care less about moral or honor. How much honor do banks have? They would turn the tables in a millisecond and honor would have no part of their decisions.
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Sorry but I disagree with this. "Joe-Blow" didn't have to buy anything and could've continued renting or stayed in his previous home.Besides it doesn't take a brain surgeon to realize you cannot afford a $300K + home when you're only making $50K and you need a second loan for your down payment. Homeownership isn't for everyone,that's why there's Apartments.

The banks and the Gov't are also at fault for pushing these type of loans through.Everyone had a hand in this and now everyone's going to pay for this for a very long time.The only plus side to this is there's some really good deals out there now for those looking to buy either their first home or vacation home.
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Old 05-22-2011, 12:21 PM
 
523 posts, read 938,850 times
Reputation: 208
Our problems continue, as Phoenix has the 3rd worst number of homes underwater in the country. In addition, Phoenix home values have lost the most of any U.S. city during the second fall of the housing crash (Case-Shiller Index). I fear a new wave of foreclosures is being created from buyers in the past two years.
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Old 05-22-2011, 02:16 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,794,859 times
Reputation: 3876
Quote:
Originally Posted by EnicAZ View Post
Our problems continue, as Phoenix has the 3rd worst number of homes underwater in the country. In addition, Phoenix home values have lost the most of any U.S. city during the second fall of the housing crash (Case-Shiller Index). I fear a new wave of foreclosures is being created from buyers in the past two years.
I think your fears are unfounded. Just relax. Everything will be ok.
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Old 05-22-2011, 03:06 PM
 
Location: Oxygen Ln. AZ
9,319 posts, read 18,766,587 times
Reputation: 5764
I just came from my friend's house and sadly they are short selling their home to return to CA. They were some caught up in the job loss crisis and could afford the beautiful home that they purchased 6 years ago, but now without jobs they have to return to CA. The homes here at least seem to be moving at a good clip now, so that is good news. I just think we may bump along the bottom for a while which may be a good thing for the younger people trying to get a toehold in the housing market. It will keep our property taxes low in the meantime and without booming businesses, a tax hike is what property owners do not need right now.
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Old 05-22-2011, 03:09 PM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,727,204 times
Reputation: 9981
Quote:
Originally Posted by MotleyCrew View Post
I just came from my friend's house and sadly they are short selling their home to return to CA. They were some caught up in the job loss crisis and could afford the beautiful home that they purchased 6 years ago, but now without jobs they have to return to CA. The homes here at least seem to be moving at a good clip now, so that is good news. I just think we may bump along the bottom for a while which may be a good thing for the younger people trying to get a toehold in the housing market. It will keep our property taxes low in the meantime and without booming businesses, a tax hike is what property owners do not need right now.
If housing values and assesments stay low, the municipalities will not collet the taxes they need to provide Police, Fire, Schools and other services. communities will dry up and wither. Homeowners in those communities will find common areas, playgrounds and schools closed and move away
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Old 05-23-2011, 05:59 AM
 
9,820 posts, read 11,208,443 times
Reputation: 8513
Quote:
Originally Posted by Boompa View Post
If housing values and assesments stay low, the municipalities will not collet the taxes they need to provide Police, Fire, Schools and other services. communities will dry up and wither. Homeowners in those communities will find common areas, playgrounds and schools closed and move away
Like the cities and states, my personal income is way down from the boom years. But you know what, my standard of living hasn't changed all that much. I have cut back in all categories and I am carefully what I spend. I guess I didn't need that extra phone line, extra channels, that new car, I can cycle my pool pump, take a less extravagant vacation, buy clothes at Costco, etc. When you add it up 100's of items, you can get by the THOUSANDS less. As I have said before, my future garage sales just won't be as nice.

To some degree, cities and states were "fat" rolling in the money yet they were bitching that they needed even more during those boom years. Like our family, they figured out a way to get by on less.
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Old 05-23-2011, 07:04 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,794,859 times
Reputation: 3876
Quote:
Originally Posted by Boompa View Post
If housing values and assesments stay low, the municipalities will not collet the taxes they need to provide Police, Fire, Schools and other services. communities will dry up and wither. Homeowners in those communities will find common areas, playgrounds and schools closed and move away
They're not going to stay low. We've had recessions and a depression before. We've had real estate up and down cycles before. We're now on the rebuilding side of a recession and the rebuilding side of a real estate cycle.

The economy is improving. Jobs are being added. Our unemployment rate has declined to 8.1%.

As MN-Born-n-Raised stated, individuals, businesses and governments reduce discretionary spending, get lean again and start all over.

The housing inventory is still declining, and the sales are still increasing. If that keeps up, prices have to increase because competing buyers will bid the prices up. They're doing it right now.

There are multiple offers on most every home my clients want to buy. This weekend one client made full price cash offers on two homes and lost out to over-list-price offers. These were all regular sale homes; not distressed homes.
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Old 05-23-2011, 03:58 PM
 
391 posts, read 789,122 times
Reputation: 459
Quote:
Originally Posted by Captain Bill View Post
They're not going to stay low. We've had recessions and a depression before. We've had real estate up and down cycles before. We're now on the rebuilding side of a recession and the rebuilding side of a real estate cycle.

The economy is improving. Jobs are being added. Our unemployment rate has declined to 8.1%.

As MN-Born-n-Raised stated, individuals, businesses and governments reduce discretionary spending, get lean again and start all over.

The housing inventory is still declining, and the sales are still increasing. If that keeps up, prices have to increase because competing buyers will bid the prices up. They're doing it right now.

There are multiple offers on most every home my clients want to buy. This weekend one client made full price cash offers on two homes and lost out to over-list-price offers. These were all regular sale homes; not distressed homes.
Captain Bill, who is buying these places? If its mainly investors or snowbirds, then that doesn't help much (IMO)? However, if there is competition for HOMES, thats a good sign.
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Old 05-23-2011, 04:42 PM
 
Location: Phoenix, AZ
1,108 posts, read 3,324,401 times
Reputation: 1109
Wishful, thinking, playing with numbers and denial in general will not change the reality. It will be a few years before the real estate market in AZ recovers. And hopefully we will not return to the faux prosperity and bubble madness of the past when it does.
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Old 05-23-2011, 04:46 PM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,727,204 times
Reputation: 9981
Quote:
Originally Posted by MN-Born-n-Raised View Post
Like the cities and states, my personal income is way down from the boom years. But you know what, my standard of living hasn't changed all that much. I have cut back in all categories and I am carefully what I spend. I guess I didn't need that extra phone line, extra channels, that new car, I can cycle my pool pump, take a less extravagant vacation, buy clothes at Costco, etc. When you add it up 100's of items, you can get by the THOUSANDS less. As I have said before, my future garage sales just won't be as nice.

To some degree, cities and states were "fat" rolling in the money yet they were bitching that they needed even more during those boom years. Like our family, they figured out a way to get by on less.
That truly has nothing to do with deveopers who dumped their deveopments in mid constuction and left leaving one house in three empty and the common grounds uncared for
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