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Old 05-26-2009, 09:19 PM
 
Location: Cold Canada
62 posts, read 135,524 times
Reputation: 12

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So I'm moving to Phoenix within the month, and a big part of the reason is the affordable housing. I've been reading about the recent signs of life on the housing market, people being outbid on foreclosures, etc....And I'm wondering, what does this mean to me? am I going to get down to phoenix to find the affordability fading away? I could care less about real estate investments, I just want a decent house for my family. Does anyone really know what's going on with the housing prices? there are so many opinions....
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Old 05-27-2009, 09:56 AM
 
9,091 posts, read 19,221,658 times
Reputation: 6967
it's really hard to forecast -a there could be another round of foreclosures that provide a lot more cheap inventory or this could be the first step to hitting the bottom on the foreclosure market

either way both foreclosures and owner occupied homes are pretty affordable right now and forecast to remain that way for the near future

right now my main consideration if I were to buy a home wouldn't be affordability today versus affordability tommorrow - it would be how long do I plan on living there? ......... i probably wouldn't buy unless I was planning on at least 5 years in there and even then not expect to make some big return on it
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Old 05-27-2009, 10:16 AM
 
Location: Columbus, OH for now
16 posts, read 31,419 times
Reputation: 18
Quote:
Originally Posted by Finger Laker View Post
it's really hard to forecast -a there could be another round of foreclosures that provide a lot more cheap inventory or this could be the first step to hitting the bottom on the foreclosure market

either way both foreclosures and owner occupied homes are pretty affordable right now and forecast to remain that way for the near future

right now my main consideration if I were to buy a home wouldn't be affordability today versus affordability tommorrow - it would be how long do I plan on living there? ......... i probably wouldn't buy unless I was planning on at least 5 years in there and even then not expect to make some big return on it
If anything, it looks as if your approach to homeowning could be more of a standard. I like it, because the assumption that any owned property MUST gain value contributed to the current situation.
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