The housing market is singing the blues.....

1. 70

   Ben Evansposted 7 years ago

   as the rest of the US economy is waiting for a reason to recover.  Housing had a July 10 over July 09 plunge of 25.5 %.
   
   Unfortunately the real estate market was the preverbial tail waging the dog until its demise.  I think we will have to find another catalyst to raise the market.  It is too bad but the market just went too high too fast.
   
   The dogs tail is tired and the dog is getting heavy.

   replyreport
   1. 74

      MyMastiffPuppiesposted 7 years agoin reply to this

      I agree with you, we have a lot of work to do before the economy can make a turn around. And to think I almost went to get my real estate license in 2008. I am sorta glad I got sidetracked and was unable to complete it. I think I would really be singing the blues if I was depending on selling a house to feed my family. My heart goes out to all affected.

      replyreport
      1. 70

         Ben Evansposted 7 years agoin reply to this

         I am glad that you didn't get in when the bottom fell out. 
         
         It will be a tough recovery and it is too bad for those who are in bad positions.

         replyreport
2. 77

   GmaGoldieposted 7 years ago

   Rumors have been floating around that the second round of foreclosures will hit with the price range this time between $350,000 up to $500,000.  Any predictions on this piece of information?

   replyreport
   1. 70

      Ben Evansposted 7 years agoin reply to this

      I am not really sure but I do know some people who are in million dollar homes that are upside down.  They never could have afforded what they live in right now.
      
      When you consider that 500K is near entry level in places like Seattle and some places are over 1 million, it may climb right up the ladder.
      
      I haven't heard any rumors.

      replyreport
3. 80

   Cagsilposted 7 years ago

   Wait for it....the housing market will more than likely come to a halt, unless foreign interest begin to buy up more property.
   
   The growing numbers of homeless and poverty stricken families continuing to rise will dampen any movement upward.
   
   It goes to show politicians don't have a clue what the hell they are doing.

   replyreport
   1. 70

      Ben Evansposted 7 years agoin reply to this

      I agree.  There is nothing to pick up the housing market right now.
      
      It was inflated to ridiculous levels.
      
      Yes, politicians should stay out financial game.  They are a bunch of ineptoids.

      replyreport
      1. 80

         Cagsilposted 7 years agoin reply to this

         Hey Ben,
         
         Did you read Pamel99's hub on the increase in poverty condition for 2009?
         
         The article was just on Yahoo, then out came Pamela's article on the subject.

         replyreport
         1. 70

            Ben Evansposted 7 years agoin reply to this

            I will take a look at it. 
            
            Thanks

            replyreport
            1. 80

               Cagsilposted 7 years agoin reply to this

               Hey Ben,
               
               http://hubpages.com/hub/USPovertyLevelI … ofthe1960s

               replyreport
4. 60

   ediggityposted 7 years ago

   It is a great time to buy, but it all depends on where you live.  Location, location, location... When in doubt, rent it out.  The people who over bought should have known that just because a bank says your approved for (-----$$$$$$$$ THIS MUCH $$$$$$------) doesn't mean you can actually afford it.  They should have only borrowed (--$THIS MUCH$--)  Charge the mistakes to the tax payer, and the people who were conservative.  Make them pay for being responsible. That should solve the problem.

   replyreport
   1. 70

      Ben Evansposted 7 years agoin reply to this

      I wish we could get people to pay.  People who had no business being in the market where in the market.  It is too bad this happened and it is a punishment to those who were responsible.
      
      If you are in a good area, I would say that would be good but I do have to say that there are a lot of bad markets which may remain that way for a decade even more.  I know people who have multiple houses in Seattle.  Those who were highly leveraged are going bankrupt.  They can't get enough rent to offset their mortgage.  They have went from what looked like millions to nothing over night.

      replyreport
      1. 60

         ediggityposted 7 years agoin reply to this

         Yeah, that's when location really comes into the equation.  That's like all these people who had no business buying 500K homes in SoCal.  They bit on the 5/1 ARM and now they are freaking out at their new payment 5 years later.  What a mess.

         replyreport