Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Alive and well, but this OP's ignorant statement is not worth my time. Been there and done that, pleanty of times, on enough threads in a way that I hope all know, even in some responses on this thread, that this is a completely wishful, blanket statement made without any thought to the rediculous generalizations it brings. Then again, if RE really does go down another 40%, I should start preparing for my next purchase- remember- that 1.5million dollar baby in my town with 6,000sq. ft. of luxuary inside and out? Man, could I really buy it for 600k off? HMMMMM, tempting, but I'll wager not! Especially since it was well over 2mil in "bubble, peak times". I can't believe the OP actually thinks prices haven't come down since peak 2006. Huh?
For NJ maybe not 40%...but maybe 20%.
Banks have millions of houses waiting to go on the market alot cheaper which will bring prices down and the job losses haven't hit hard yet.
Here are some comp killers for Bergen county, NJ...some declines pretty steep.
There's a "pinch" since 2007's appreciation was just over 4%, but going to a 1.4% appreciation is not a decline, and definitely nothing near a 40% decline. It's just a slower pace incline.
I have lived in the Dallas area for over 24 years and have worked in real estate in Dallas for almost 9, and have been working around the Austin market for almost a year. Two of the larger areas of Texas showing lots of job growth and relocation into the areas. Austin has the highest average income in the state at $77k, and Dallas has the second highest at $72k (oh, but now I'm thinking it's $74k... either way, it's right there below Austin).
Wouldn't it make more sense for you, or anyone, to use the median? I don't understand the point in using averages IRT income (for obvious reasons).
Quote:
Originally Posted by cohdane
That said, I previously lived in Boston, and would not find it hard to believe that there's a neighborhood in the Northeast somewhere that's facing a 40% decline before this is all over.
Yea, I think the Boston area is going to be a prime candidate for serious reductions, though I would be surprised it was more than 20%.
Quote:
Originally Posted by GreggT
I watched on "House Hunters" where a couple living in a 1,600 square foot house had decided they wanted a family and needed a bigger house. They ended up buying a 2,600, 4 bedrooms, 2 1/2 baths, the wife had to have granite countertops, etc, etc. If my memory has not failed me, this house was close to $300,000.
During the boom, I recall parking spots in Boston running a couple hundred thousand lol. Or maybe that was just a joke.
Any way, regardless of RE is various localitites, if we do start priniting up bills, as noted in the news recently, take on a a trillion in debt with no end in sight, than it won't be a shock to see double digit inflation. If/when that time comes a lot of home-owners (those without discretionary spending) are going to be screwed once again, and I doubt some regions of the US will be spared. I can't imagine that being the case but economics isn't my thing so who knows.
I agree entirely. Housing prices have to come down to incomes. Home prices will probably fall way below that level because of a fear discount (people thinking the prices will fall furthers so they wait on buying).
we still need about 40% more reduction in housing and it is going to happen. no doubt about that.
If your hoping things are going to rebound any time soon, you are sorely mistaken.
Pretty sure you are in Northern NJ.
You made a post yesterday that got removed pretty quick, looking at your post history you appear to like to rile people up.
You have a similar post in the NJ section that was locked.
My guess is this will get locked as well.
Anyway, I highly doubt NJ prices will go down 40%. You can't even build a house for that in some parts.
Pretty sure you are in Northern NJ.
You made a post yesterday that got removed pretty quick, looking at your post history you appear to like to rile people up.
You have a similar post in the NJ section that was locked.
My guess is this will get locked as well.
Anyway, I highly doubt NJ prices will go down 40%. You can't even build a house for that in some parts.
Finally, a voice of reason. Interesting disclosure-thanks. I agree, no one even seems to be talking about how much it costs to build a home and how that varies, depending on what goes in it, what the land cost to build on, and what part of the country it's in. But it seems there are just no rational thinkers on this forum when it comes to logic. They only like the "charts and graphs" and "articles" stating their cause. Lots of self serving agendas! Or more importantly, wishful thinking in the "persuit" of homeownership!40% off- it's funny!
I think 40% is most likely too far, but I don't think we should view the unlikely as impossible.
Prices still have nowhere to go but down in many, many parts of the country because of the record amounts of inventory and lack of qualified buyers. Its that simple.
housing prices are going to go way down. with all the foreclosures and the state of the economy, housing prices have hardly come down much at all. they have a long way to go and these people who are selling there house at 2006 prices are going to have to realize that they are never going to get that much
OK. So that's your opinion. I disagree with it,m but so what. Instead of arguing, I'm going to ask you to validate it. It's easy to come to a forum & post some pessimistic diatribe. Want us (or at least me) to take it seriously? Tell us what leads you to this conclusion at this time?
And I do know YOUR market area in specific, as, judging by your name I am in the same area. In fact, I was at the Rutgers game last night, and saw them beat up on DePaul.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
