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97 Comments
- offon, on 03/12/2009, -5/+31I hope that the prices will continue to drop ...we want real prices.
- ninjaturtles1, on 03/12/2009, -1/+20I think its pretty clear that they are not selling! That's why all these houses aren't worth anything anymore!
The market has been flooded with an over supply. - chicagojack, on 03/12/2009, -0/+18If you have a home for sale, drop your price. When the banks punt these homes, it is going to be a blood bath for the rest of the sellers
- edstate, on 03/12/2009, -2/+17Prices are not back to pre-bubble levels yet. Sure, MAYBE they're getting close in McMansion-land in Arizona, Florida, SoCal, Nevada, etc...but remember, those were zillions of clapboard houses on 1/64th of an acre in the middle of ***** that the BUILDERS priced at $500k. They're now 300k. They SHOULD be, maybe, 50k.
The rest of the country, especially stubborn cities like NYC, is still nowhere near pre-bubble levels. And more importantly nowhere near acceptable, and attractive income-to-homevalue ratios. Which is the only ratio that matters. - manstein01, on 03/13/2009, -0/+13So when the average California household brought in 65k, and the average house price was 500k, houses were not "too expensive?"
Hmm...I guess if you delude yourself into thinking that interest-only mortgages are a good thing, or that real estate "always goes up" becuase some NAR economist says so, then house prices going down to somewhat resembling afford-ability is a bad thing. I just tend to agree. - unknownpoltroon, on 03/13/2009, -0/+12Wow. There's some weapons grade stupid you got going on there, I hope you're trolling.
Real prices are what people are willing to pay.
And show me the natural law that says youre supposed to get rich off of a house you stupidly bought at a peak of an obvious bubble?
And why are your greedy purposes more important than mine? - Zeitgeister, on 03/12/2009, -0/+12290,000 homes, thats a lot of foreclosures. How are the banks expecting to sell any of them?
- unknownpoltroon, on 03/13/2009, -0/+10It doesn't matter if you have a house for 120k, people are only paying 50k for it. Welcome to the market.
- yocouchdigga, on 03/13/2009, -1/+10*****.
- idavidtang, on 03/13/2009, -0/+8http://www.crisisofcredit.com/
- thelastczarnian, on 03/13/2009, -1/+9Real Estate should go up because there's a finite amount of it...however when the demand is increased with bad credit risks, then it can be far higher than it should...the fact that so many defaults are happening proves that to be the case. They probably should be higher, but not as high as they were...You seem to think your house is some FDIC insured bank account...I guess Obama agrees with you.
- Eorster, on 03/13/2009, -0/+7"Real estate a solid investment" LOL Yea, tell me how you account the 30k commission for real estate agents on a 500k house adding 30k of value to that house? How about that the 5k closing costs? Now add in the number of times a house was sold in the last 10 years in the "Hot" markets. Inflated investment is what I would call it, and now it's doing what it should be, deflating.
- videodroner, on 03/13/2009, -2/+9Yes, and also your fellow Americans that bought ***** they couldn't afford with money they should had spent wisely (ie. investing it).
- coreylol, on 03/13/2009, -0/+7they are offering them here in ga for next to nothing. i'm buying a 200k dollar house that was foreclosed on recently for 35k.
- unknownpoltroon, on 03/13/2009, -1/+8Jesus ***** yes. I love watching the folks who have a house they bought for 150k in 99, trying to sell it for 450k, and dropping the price 500$ every month, chasing the prices down, wondering why they cant sell.
- edstate, on 03/13/2009, -0/+6Then those companies shouldn't've spent more than that ON materials. Pretty simple, actually.
- unknownpoltroon, on 03/13/2009, -0/+5Then I would tell them to lower the goddamn price if they want to sell it. I apologize if it sounded like I was calling them greedy, I am calling them dumb. As for my fellow human beings, tell you what, I'm short of money this week, will you give me 50k for my sneakers? No? Why not? What is the difference?
And they are not trying to maximize profit, they are delusional. - unknownpoltroon, on 03/13/2009, -2/+7"I don't think you should talk."
Why not? I'm not the one underwater on my house.
"Real estate has been a solid investment. It's LAND. This isn't stock. If prices today were less than they were 10 years ago, they obviously aren't the real price."
Um, yeah. Dirt. 100 square yards of it, or whatever. You could be selling wheelbarrows of gold, and if people are only giving you a nickle, thats the real price, even if it was a kings ransom last year. The "Real Price" is what you get for it, not your fantasy wishing price.
"This isn't an isolated issue like the above poster mentioned in CA. $500k for a 1200 sq ft home in Compton is extreme, and an obvious case of it. However, everywhere else where houses went for $120k back in 1998 and are now worth LESS than that?"
You're right, its global. And yes, its worth less than that.
That's not the real price. This has happened *everywhere*, and because of this, a lot of families' futures are ***** even IF they can pay/afford their mortgages. How is that good?
No. Its not good. Maybe they should have done more research, and decided to rent, instead of buy, like I did. Or maybe they shouldn't have bet their entire future on basic shelter?
"When the price of something is affected by an impact like this housing market collapse, it's not the true price. It's lower than average. WAY lower. You're essentially pissing in the ashes at this point."
If you can only get 500 bucks for your house, that is its true price. Sorry.
"Go read up on real estate trends and get back to me before you even remotely call anyone stupid."
Already have, and obviously more than you have. Try reading something that ISN'T put out by the national association of Realtors, you know, the sales guys who's commission goes up the more you spend.
"So sick of the uneducated asses here chiming in for the sake of nothing."
I want to buy a house. Greedy folks ran the prices up, and created the bubble. As it comes back down, IF i can manage to keep my job in this economy that YOU people ruined, I will be able to buy when prices reach sanity. - saranagati, on 03/13/2009, -0/+5I still don't think they're at pre-bubble levels in southern CA. They still seem to be nearly 50% higher than what they were pre 2000.
- Eorster, on 03/13/2009, -0/+5Really depends on how bad they need to unload it. $500 a month decrease means they are not very motivated sellers or they can't because they are underwater.
- yocouchdigga, on 03/13/2009, -3/+8sir, you are an idiot.
- deadbaby, on 03/13/2009, -0/+4A high foreclosure rate isn't totally a bad thing. Lots of people were in houses they couldn't afford. It's unfortunate but the system needs to correct itself one way or another. When some government money can flow in and offset the difference temporarily at least these people will have a _chance_ to keep their homes. So yes, many of them made mistakes in one way or another, so we should give them a 2nd chance. We shouldn't pay their mortgage. We should just give them a chance to hang on until the economy improves. That's why we have a safety net in this country. It's not 100% socialism as the extreme right wants you to believe. It's just offering people a second chance, maybe even a third chance.
- Aeaus, on 03/12/2009, -0/+4How this is not contradictory I don't know.
People were aiming for houses that were within their socioeconomic levels as early as ten years, except their prices were inflated many times their value. I think it's normal for middle class individuals to try and live in middle class dwellings. - Eorster, on 03/13/2009, -1/+5I would actually say the opposite, why did some people pay unrealistic prices. It wasn't so much that people could not do it. Anyone could have bought a house with an ARM liar loan and nothing down. Some people just were not that dumb, and sat waiting for the bubble to burst instead of taking on debt they knew they could never pay back. Prices will come down to the realistic market value if the market is left alone without intervention. If those prices are unrealistic to you then you think houses are worth more than they really are and there are plenty of people willing to sell you a new house right now.
- bdbr, on 03/13/2009, -0/+4But how many of the foreclosures are due to high rates? If people are foreclosing because of job losses, it really doesn't matter whether its 5% or 8%.
- waleedo, on 03/12/2009, -1/+5I hope i'm not one of them
- Eorster, on 03/13/2009, -0/+4I was at the county clerks office the other day and in came 3 guys each pulling two of the largest suitcases you could imagine. The suitcases were filled with foreclosure filings. They were filing over 400 foreclosures at one time. Sent chills down my spine seeing that. If anyone is making out on this it is the lawyers.
- edstate, on 03/13/2009, -1/+5"unrealistic"?
Explain. Please. - videodroner, on 03/13/2009, -0/+4Yes, there's always a risk, but you will not gain anything in this life if you don't take risks.
- Y0tsuya, on 03/13/2009, -0/+3Used to be when you've lost your job and are unable to pay the mortgage the bank takes your house. Oh wait, it's still like that. So what's new?
You know, a lot of these people have been living in these houses without paying the mortgage for a whole year because the banks are too swamped to process the foreclosure. Imagine that, a whole year rent-free and mortgage-free. And you still feel sorry for them? - j0se, on 03/13/2009, -0/+3You think in 2 months hes going to pull some type of genie out of his ass and clean all this ***** that has been going on for the past decade? Sorry.
- kward711, on 03/13/2009, -0/+3well actually if you've been paying attention, the dow has been going up by a few hundred points the past few days.
- enantiodromia, on 03/13/2009, -1/+4awesome.
i have the income, the credit, and the stability to buy a dream house. i just need the down payment, which i am working on this year.
can someone paypal me $50k please? :) - biotch, on 03/13/2009, -0/+3Right now there are currently an unknown amount of houses in "ghost" inventory. The banks simply dont have the man power to foreclose and sell all the properties they have been flooded with. And they are not motivated to sell the houses given what happens to prices when the market is flooded. So know one knows exactly how many more houses will hit the market and no one knows even if the banks want these houses to hit the market just yet.
- nomonkey, on 03/13/2009, -2/+5Misleading a bit, headline-wise.
Up 30% from last year's levels, not from last month's. 6% from January. Big difference.
Ah, it's our old friend AP. No wonder they phrased it semi-dishonestly. Up 30% in February, which implies, absent any mention of year, from January, would be a HUGE deal. Up 6% is pretty much as expected. As is up 30% from last year. - yocouchdigga, on 03/13/2009, -0/+3Who would buy them?
We lost 600,000 jobs in February alone and have been losing an insane amount of jobs since October, things are going to get worse. - yocouchdigga, on 03/13/2009, -0/+3awesome video.
- Solkre, on 03/13/2009, -0/+3I've got an offer on a nice house I can afford, just a few years old ready to move in... except I'm worried the value will continue to drop after I get it.
- inactive, on 03/13/2009, -0/+3Great to see that people are still to stupid to realize that when ***** is this bad, it doesnt just turn around over night.
- inactive, on 03/13/2009, -1/+4An investment can only be wise in hindsight; anyplace you put your money who's return is going to outpace inflation carries risk. Risk means you can lose money. Only if you're lucky enough not to lose money can you look back and call yourself "wise".
- smemily, on 03/13/2009, -0/+2You're an idiot if you were planning on using your 401k and stock portfolio to pay your mortgage. Nevermind that we all know you're lying, but if your story were true there'd be only one dumbass at fault, and it's not Mr. Obama.
- Eorster, on 03/13/2009, -0/+2Well, there in lies the situation we find our selves in as a nation.
- inactive, on 03/13/2009, -1/+3DON'T BUY, LET IT DROP SOME MORE. IT'S ONLY BEEN LIKE HALF A YEAR, THIS CRISIS IS NOWHERE NEAR IT'S FULL POTENTIAL.
- fr0mundacheese, on 03/13/2009, -1/+3"Yes we can" pffft
- Y0tsuya, on 03/13/2009, -2/+4It's not just homebuyers overpaying. Homeowners also cashed out of their "equity" or took out HELOCs to remodel kitchens or buy toys. They're all screwed, which is the way it should be.
- cowpen, on 03/13/2009, -0/+2You may not be far off there. I'd much rather be the guy on the roof with the gun than one of the ten starving in the shanty.
Owning tangible assets outright is the best investment for someone who believe that outcome is a possibility. Arable land, useful equipment, gold, and a roof over your head.
Laugh all you want. Don't think it can't happen again. - enantiodromia, on 03/13/2009, -0/+2it's called the free market, and making good decisions by waiting for prices to fall.
if you don't like Capitalism, go try something else. - carlosos, on 03/13/2009, -0/+2Doesn't it takes years (about 3) before the state does anything about non paid property taxes? You can also get your house reappraised if it isn't worth as much as 2 years ago which will result in lower taxes.
- gobbleplex, on 03/13/2009, -0/+2Doesn't matter how much the materials cost, if the house is in a terrible location that nobody in their right mind would want to live in, the resulting house's actual value will and should be less than the price of materials and labor.
- Batfishy, on 03/13/2009, -0/+2you know, you know.
But I guess you don't. The hole we're in is deep. It's takes a while. It doesn't take a great deal of thought to realize this. -
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