Which area housing will contineu drop? Or they all will drop? (Phoenix: low income, real estate)

[NiceJohn]

Market is crazy right now. Expert says housing price will drop at least another 10%. I still want to buy one now as I am tired of my condo. Well, Do you think Chandler and Gilbert housing price will not drop much?

[Skywayy2001]

If housing went up anywhere from 100-150% since 2004 and now we know it was only due to fraud in large part on a grand scale, I'd say things are heading down for a long time..who knows how long. Just another 10% down would be a pipe dream at this point.

[NiceJohn]

Thank you for the reply. I guess I have to rent a house for a while instead of buying.
700 billion bailout only provides a patch on the problem. I believe supply and demand will decide real value of the house. It means price should be pre-bubble period like 2001's. Paying mortgage costs more than rent, and house price is dropping. This is someone mentioned on the forum. I may have to hold my purchase of house now. Rent instead of buying.

[Havasu]

The time to buy is when you can buy a house and the payment be the same as renting. That is when I decided to buy. You seem like a smart person and you will end up with your own place someday.

[NiceJohn]

How much Gilbert will drop in one year ?

[ArizonaBear]

Originally Posted by Skywayy2001

If housing went up anywhere from 100-150% since 2004 and now we know it was only due to fraud in large part on a grand scale, I'd say things are heading down for a long time..who knows how long. Just another 10% down would be a pipe dream at this point.

30 days ago I would have given the Phx area that additional overall drop of 10%----------with Wall Street melting down, all the bets are now off.

[twiggy]

It depends if you don't want to leave for a while. It's easy to buy a home for cheap but its hard to leave one. You might not be able to sell it for a while. Like 10 years or so because if it goes down more you'll owe more than your loan. Unless you have a lot of money to waste.
Just make sure you don't want to go anywhere for 10 years.

[NiceJohn]

Whole housing industry is a bubble. Now People are starting pop them. Supply and demand rule the market. Look at the statistics, Phoenix house will drop for sure. No one knows what percent. No expert can tell because there are too many unkown in the future.

[d2snow]

I keep hearing the market will correct itself when it gets to 2004 levels; to me that sounds about right.

Prices will go down some more until all the excess (read: foreclosure) inventory is off the market so I'm thinking another 15% by mid-2009. I live in Gilbert and seems to me prices have not gone down as much since it's a relatively stable area and very family oriented.

[Howard Roark]

I think real estate prices will still continue to go down, despite what the Congress will do. Even if they tax the renters such as myself to prop up the hamburger flippers who claimed they earn $300,000 per year to get into $900,000 houses in Paradise Valley.

The problem is the hamburger flippers. They tend to not have the culture that respects property rights and will grossly diminish the value of the neighborhoods they move into. This is the long time Democrat dream of integrating low incomes with high incomes. Welcome to Karl Marx 2008.

I found that by renting in a large apartment complex, I have much better quality neighbors than if I rent a house next to low income liars who claim they are Donald Trump.

I like this $700 billion bailout bill. It will backfire and be the last of the big socialist spending and wealth transfer measure this government will be able to do. Most taxpayers are ready to strangle their congressmen who voted yes. I'm in line to assist in the strangling.