U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-02-2009, 01:21 PM
 
1,364 posts, read 1,797,237 times
Reputation: 1111

Advertisements

Home Vacancies Rise in U.S. to Record Amid Recession (Update2) - Bloomberg.com

I just can't see any light for the next 2-3 in this market. Am I missing something or will have have to continue to rent?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-02-2009, 04:03 PM
 
Location: Just south of Denver since 1989
11,563 posts, read 31,746,032 times
Reputation: 8305
Yes, you are missing the big picture; which is the local market.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-02-2009, 05:01 PM
 
Location: Lowcountry
764 posts, read 1,512,544 times
Reputation: 416
Quote:
Originally Posted by amerifree View Post
Home Vacancies Rise in U.S. to Record Amid Recession (Update2) - Bloomberg.com

I just can't see any light for the next 2-3 in this market. Am I missing something or will have have to continue to rent?
Continuing to rent is a very solid strategy....no area is immune.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-02-2009, 05:11 PM
 
957 posts, read 1,024,251 times
Reputation: 195
Continue to rent unless you can buy a house for no bubble premium (nothing but inflation for the last 10 years or so) or lower. Any local market that in normal times would do better than inflation is probably going to do worse in a depression, esp. with millions of vacant houses attracting buyers away to cheaper locales.

Last edited by Heiwos; 05-02-2009 at 05:23 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-02-2009, 05:53 PM
 
982 posts, read 973,615 times
Reputation: 249
2-3 what? Days? Hours? Weeks? Months? Years? Decades? Centuries? Millenium?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-02-2009, 07:13 PM
 
1,364 posts, read 1,797,237 times
Reputation: 1111
sorry, years. Lot's of people smarter than myself here and these are uncertain times.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-02-2009, 07:17 PM
 
982 posts, read 973,615 times
Reputation: 249
True enough, sistah! I just heard on Fox News on the radio, while driving out to wine country, balloon and wine festival (LOL), that the recession is gonna start to rescind in mid summer. Supposedly, this was the No. 1 guy from the No. 1 thinktank that does nothing but cover this kind of stuff...blah, blah, blah...and they said that it takes about 6 months after the recession ends for the effects of the end to be felt.

WTF does that mean????????????
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-02-2009, 08:01 PM
 
1,615 posts, read 3,367,962 times
Reputation: 1114
Quote:
Originally Posted by amerifree View Post
Home Vacancies Rise in U.S. to Record Amid Recession (Update2) - Bloomberg.com

I just can't see any light for the next 2-3 in this market. Am I missing something or will have have to continue to rent?
At least 2-3 years. The market is still far from the bottom.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-02-2009, 08:26 PM
 
Location: Sherwood, OR
666 posts, read 1,744,063 times
Reputation: 679
Quote:
Originally Posted by LongIslandCitizen View Post
At least 2-3 years. The market is still far from the bottom.
At least 2-3 years? Really? What are you basing that on? Gut feel?

While I don't think we are at the bottom, I also don't think that now is now is a bad time to buy if:

1. You were in the market for a home already.
2. You plan on being there for a long time (> 5 years).
3. You do your research very well and pay a fair value for the home.

There are some very good deals out there on some foreclosures. Will prices drop more? Probably, but by how much? I don't think it will be another 30%. I highly doubt rates will be this low in 2-3 years. The rate can make up for a decent drop in value if it came down to it. I just don't agree with trying to time the market as much as some people state.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-02-2009, 08:53 PM
 
Location: Charlotte, NC
2,193 posts, read 4,756,362 times
Reputation: 1075
Quote:
Originally Posted by LeftCoastee View Post
At least 2-3 years? Really? What are you basing that on? Gut feel?
No, the Pay Option Arm mortgages reset in 2011, that's when it peaks out.

http://1.bp.blogspot.com/_1V7wnZxPqo...+reset+imf.jpg

Also LIC is from NY, their decline just started recently, so NY has a LONG way to go.

Quote:
I don't think it will be another 30%.
In some markets, you never know. People said a 30% drop would never happen a year ago, why is it still so hard to believe.

Quote:
I highly doubt rates will be this low in 2-3 years.
Probably not, but if unemployment keeps rising and the interest rates start creeping up, then I could forsee more price drops.

Quote:
I just don't agree with trying to time the market as much as some people state.
Real estate is not like the stock market. It's not like a stock that can double in price within days. That won't happen again in real estate in the near future...
Once the market declines, it'll likely stay flat for awhile. The psychology of people have changed. I don't think they'll be bidding up house prices again.
Rate this post positively Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top