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A home is what someone is willing to pay for it. Graphs and charts do not equate to a homes value. Are prices lower now than 2 years ago? In most places, yes. Is it bad for the market...not necessarily. Real estate goes through periodic adjustments and we happen to simply be in one write now. It happens, get over it. It's not going to take 20+ years to adjust back to sellers. People said the same kind of stuff in the 90's that people are saying now. Bottom line right now is good for buyers, bad for sellers. I'm not sure why some of you spend so much time on this. The only thing that's bad for the economy is the lack of transactions, not the price at which they are happening.
1.) This was the largest housing bubble in US history, its not merely some "cyclic" event. Sorta hard to make that claim when its never happen in this fashion before.
2.) The collapse of this bubble, in particular the financial instruments associated with it, could possibly bring down the entire financial system. It has already dramatical changed the financial system.
Bottom line right now is a bad time for buyers and sellers.
Whatever... It's a great time for buyers. Why would you think otherwise? People said it was bad time to buy in the early 90's and this is no different. Life goes on, why dwell on things we can't control? Move forward with life and try to spend some time on the positive. Family, friends, hobbies or whatever makes you happy.
Because houses are still too expensive in many areas? And they are likely to decline in the vast majority of areas from today's prices.
Because you think all homes are overpriced doesn't make it so. Rates are good, prices have adjusted, and those that are buying to stay a while are going to make out like bandits right now.
Depends on the area. Lots of areas are still way above historical norms for income and appreciation rates despite dropping some already. Buying now might look good, but then again at the time so did buying last year in Southern CA or Phoenix or Las Vegas or Miami, or many other places. Those people aren't going to make out like bandits compared to people who buy today. If you believe house prices have any relationship to people's ability to pay for them without exotic financing, people buying in many places today will be underwater next year as well.
Short answer - comparing prices to the peak of the largest RE bubble in 150 years isn't the best way to determine value.
Because you think all homes are overpriced doesn't make it so. Rates are good, prices have adjusted, and those that are buying to stay a while are going to make out like bandits right now.
When did I say that "all homes are overpriced"?.....oh yeah I didn't. Yes prices have adjusted and yet, they are still overpriced in many areas of the country. And prices are likely to fall in the vast majority of areas...
How long someone stays in a house is irrelevant as far as over paying goes. Staying in a house 20 years vs 5 years doesn't make over paying for a house any different.
Its sorta hard to take house salesmen seriously when they've been saying its a "good time to buy" the whole time.
True we stupidly elect these clowns. However, some are selected and primary nominations and ballad position often have a lot to do with it. I would say we are manipulated into electing these clowns. Look at the current choice for New York Senator to replace Clinton. Anybody voting on that one?
1.) This was the largest housing bubble in US history, its not merely some "cyclic" event. Sorta hard to make that claim when its never happen in this fashion before.
2.) The collapse of this bubble, in particular the financial instruments associated with it, could possibly bring down the entire financial system. It has already dramatical changed the financial system.
Bottom line right now is a bad time for buyers and sellers.
Ha! Ever here of the great depression? This is nothing like that. How about the early 80's and late 80's? Its a GREAT time to buy real estate and stocks. This is how people get RICH.
Here's a little chart to help you put current home prices and previous real estate cycles into perspective:
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