Real Estate trends where you live, lot of demand or lot of vacancies? (appraisal, auctions)

[MattDen]

It seems like all these places the real estate was supposed to collpase are still going strong. Ive heard that coastal cites still have vibrant real estate markets that everybody thought was going collapse or cool-down.

Here in the midwest it seems like a different story, the real estate prices never went up very much and the bubble that everybody thought seems to popping in the middle of the country.

[christina0001]

Here in central NJ, there are a lot of homes for sale, and they are not selling quickly at all. But I don't really see many people dropping their prices much.

[Cosmic]

I think more than half of Florida is for sale. Might be if it is a vacation or second home they want out at some price level. It ain't just the price of the house that is the big driver any more. Some places where talking about starting to use auctions to attempt to sell off some of the more desperate types that just have to get out.

Ohio is probably a very mixed bag. If it is priced right, probably sells, in particular raw land. SE Ohio the smaller farms seem to be sucked up by the locals. Could be a different mood in the country.

[midwest456]

It seems to be a case of what economists call "sticky prices" which can contribute to recessions. Many homeowners who wish to sell may owe more on their mortgages than their homes can currently sell for, at the same time there is a glut of new construction and those companies can undercut the sellers who are homeowners.


http://biz.yahoo.com/ap/070227/economy.html?.v=7 (broken link)

“Median home prices fell for a sixth straight month. The January decline was the third-biggest drop in history.”
(recession unlikely..sure.....)

[Need_affordable_home]

House prices here in south FL are still dropping, could be as much as 50% drop before it bottoms out.

[mystree]

Here in the lexington south carolina area new sub divisions are going up all over the place,so my guess is they are selling to be building like they are.

[FedUpInFtMyers]

Ft. Myers, FL - Lots of homes on the market for sale with no takers. Homes selling for tens of thousands of dollars less than two years ago. Many homeowners who purchased two years ago or less now upside down on mortgages due to home values not being what they were at the time of purchase. Homeowners unable to refinance ARMs due to appraisals coming in lower than the balance due on the mortgage. "Flippers" who got in the game too late who are now having to pay for two or more homes - while sustaining their own place of residence - and many, many investors trying to rent their properties out (but still having to come up with additional monies because the monthly rent is not enough to cover the mortgage payments every month). It is a buyer's market!

[marysally]

Here in Huntsville AL there are VERY few houses on the market. Those that are reasonably priced or have a lot of curb appeal sell in the first week. The only house on my street that been on the market in the last 6 months sold a couple of weeks ago for almost $100K more than the previous high for the street. It took them a couple of months to get a buyer but they got at least $50K more than I would have dreamed they could get.

[the_pines]

Never seen so many houses for sale as in Florida right now. I guess people had enough of hurricanes or insurance rates. Maybe that or people are just tired of so many other people.

Possibly heading into a another recession or even a depression?