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Never said that I personally claimed that homes homes are in foreclousre by 25%. The discussion between Brandon and I started with him believing that homes would rebound to double digit to which I disagreed. I've read articles that stated 25% increase in foreclosure year after year. Brandon also stated that 97% of homes are not in foreclosure to which I disagree hince all the articles I am posting which backs up my point.
No, the dispute was that you said that 25% of homes were in foreclosure and I told you that was wrong. You've posted 6 links now, none of which support your claim. Heck, one of your own links stated that Nevada was the highest % of foreclosures in the country and it was at 7%!
I did say that eventually prices would increase with double digit appreciation again but never projected a time. It could very well be 20 years down the road but it will happen again in some market somewhere.
So...each and every one of us can CHOOSE to believe whatever we WANT to believe!!!
Vicki
Sure, but when you have to resort to things like sellers are listing at high prices as a sign of a recovering market you're really stretching.
Not to mention that the article is playing games with the data - trying to confuse you into thinking that the oversupply of houses is going down when their data is showing that the glut is still growing, just not as quickly as before.
So this article is basically saying that despite higher inventories, sellers and builders are hoping to sell, and sell at higher prices. Hardly something which is convincing compared to the actual data posted earlier in the thread.
Real Estate is LOCAL. In my area (Raleigh, NC), homes are selling very well.
That's not true at all. The latest MLS data from March shows that Wake county sales are down 15% from last year and average days on the market is up 23%. Both median and average price are down compared to last year. It's been the worst first 3 months of the year in at least a decade - 2009 was close, but that's hardly a sign of strength.
About the only positive is that there are fewer listings than last year. But that's mostly due to the fact that there are fewer new listings coming on the market and not strong sales.
The only non RAR/Truilia/Zillow information I could find showing median house prices in the US by state from US Census Bureau (Historical Census of Housing Tables - Home Values). Granted these numbers don't reflect the most recent Census data but it does show that housing prices in the state of NC have INCREASED from $84,100 to $108,300 (1990 to 2000).
Go to page 4, you disagreed about my comments around appreciation. I later went on to say the following:
Brandon, where are you getting your forclosure information from? Just since 2008, there were more than 3.1 million foreclosure filings issued during 2008, which means that one of every 54 households received a notice. Just take a look at the the following CNN article published 1/09 below. It doesn't even go into prior years and or 2010 to current date. Also, please remember that there is a lot of shadow inventory.
I would have published the video on 60 minutes about where the Fed in their own words feel the housing market is going. But while I am realistic I'm trying to be optimistic. There are articles that say there are 25%+ foreclosures year after year. I'm sure the # of foreclosures are MUCH more than what we are being told. Can't pay the mortgage? Maybe the bank will pay you to leave : On The Block: SFGate
Where do you get that I said 25% of homes are in forclosure?
That's not true at all. The latest MLS data from March shows that Wake county sales are down 15% from last year and average days on the market is up 23%. Both median and average price are down compared to last year. It's been the worst first 3 months of the year in at least a decade - 2009 was close, but that's hardly a sign of strength.
About the only positive is that there are fewer listings than last year. But that's mostly due to the fact that there are fewer new listings coming on the market and not strong sales.
And yet, I can show you 3 articles that I recently read that says the opposite!
And...from the looks of what is going on in my office...the "sales" board was full...someone isn't reading the doom and gloom and they are getting some great deals on HOMES that they want to live in.
Like everyone...your perception of what you read is what you believe. So...you take the article and you either agree or disagree. I simply don't believe the articles are true of what I'm SEEING in real life, in Raleigh.
So, what do I believe...again...do I believe what I read or what I see?
Oh wait...gotta go shortly...I have buyers to show homes to!!!
In my market ... they expect the holy trifecta (granite, stainless & hardwood) in $100K houses.
But yes, the last 10 years have really done a number on first time homebuyers and they're expectations of what the real estate market is and how it functions. They believe that anything over 6% is a high interest rate, that it's okay to use your house as your personal ATM and roll their eyes at a starter home that has less than 3 bed/2 bath and 2000 sq. feet.
They think the last decade is normal - when in fact it's a decade of extremes.
In a sentence, these kids are effed up.
I am one of "these kids" and dont think that I am "effed up" to think that in my area the current market needs a strong correction. And yes, when the price tag for a "starter home" is $600-700k, I do think that I am "entitled" to want more than a 1100-1200 square foot house, built in 1940s and has not been renovated or improved since and whose priced is based on some seller's sense of entitlement based on what zillow projected their home to be worth when they looked it up two years ago.
Basically at thr rate of buidlding going on in 5 years there will in fact be a housing shortage whether leased or owned. The longer the building downturn goes the more likely another bubble in housing eventaully.I just a few years there is expecte3d to be a shortage in lease houses.
I am one of "these kids" and dont think that I am "effed up" to think that in my area the current market needs a strong correction. And yes, when the price tag for a "starter home" is $600-700k, I do think that I am "entitled" to want more than a 1100-1200 square foot house, built in 1940s and has not been renovated or improved since and whose priced is based on some seller's sense of entitlement based on what zillow projected their home to be worth when they looked it up two years ago.
Judging by your screen name, you live in one of the most desiarable - hence, EXPENSIVE - places to live in the entire country.
Again, just because you can't afford it doesn't mean prices should come down to YOUR level.
As for sq. footage, American's are so flippin' spoiled. Our country's poor live in more sq. footage per person that most of the entire rest of the world's middle/upper class.
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