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(Chicago Sun-Times)   It's the perfect home buyer's market because prices have fallen to record lows. Too bad the same economy that's lowering prices means no one can afford a home   (suntimes.com) divider line 70
    More: Ironic, FHA, Coldwell Banker, RealtyTrac, lows, devaluations  
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1349 clicks; posted to Business » on 08 Apr 2012 at 10:31 AM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-04-08 08:49:31 AM  
My neighborhood weathered the whole thing pretty well for a while, but sales on my street have all but stopped, which kind of sucks. We'd normally have two or three houses go on the market and be sold within three months, but last year it finally hit the fan. Nothing's sold since the middle of '11.
 
2012-04-08 09:43:08 AM  
Eventually, rules for obtaining a new mortgage will have to circle back to near what they were before the crash, with options available for little/no down payment. Of course, lenders will have to due much more due diligence and not lend to complete idiots, as they should be. However, with wages still stagnated, it will be next to impossible for buyers to hit a 15-20% down payment mark when wages are not moving and other costs are far outpacing them to begin with.
 
2012-04-08 10:20:32 AM  
Nearly everybody can afford a home... it just depends on where you're willing to live.
 
2012-04-08 10:30:43 AM  
Buy now or be priced out forever!

Lying realtor scum.
 
2012-04-08 10:49:27 AM  
I can't wait. I hope things stay like this for the next 9-12 months. I'm hoping to make a purchase at the end of the year.

I've been religiously saving money for 2 years and my job is picking up to the point that I'll have the cash flow to comfortably make it work.
 
2012-04-08 10:53:07 AM  
I can. Booyah!
 
2012-04-08 11:01:44 AM  

Grand_Moff_Joseph: Eventually, rules for obtaining a new mortgage will have to circle back to near what they were before the crash, with options available for little/no down payment. Of course, lenders will have to due much more due diligence and not lend to complete idiots, as they should be. However, with wages still stagnated, it will be next to impossible for buyers to hit a 15-20% down payment mark when wages are not moving and other costs are far outpacing them to begin with.


Sounds like corporate tax rates need to be slashed in half to fix these issues .
 
2012-04-08 11:05:45 AM  
Banks have been keeping foreclosures off of the market in order to not have to book a loss. Eventually, foreclosures will lead housing prices ever lower.

www.zerohedge.com
 
2012-04-08 11:12:49 AM  
Obvious tag is obviously MIA.
 
2012-04-08 11:14:10 AM  
"Record Lows"?

Prices were much lower from around WW1 to the end of WW2, including the roaring 20s.
Unless they fall about 2/3rds from their peak, I am not sure if "Record Lows" is an appropriate claim.
 
2012-04-08 11:23:03 AM  
Speak for yourself deadbeatmitter.

Trying stepping out of your mom's basement and getting a job you entitled asshole.

/Fortunately I bought into an older established neighborhood
//Almost got tricked into buy cheap in the neighborhood full of short sales/foreclosures
///":..but you can get so much more house for your money"
 
2012-04-08 11:25:28 AM  
Prices have a looooong way to go before I get back in the market. $375,000 for a house as old as me, on a state highway, with a halfassed rennovation? Next...
 
2012-04-08 11:30:06 AM  
You know everytime I read these stories, there is one Nashville property I go look at to see if it's still available. It was flooded out in the 2010 flood. The insides have been stripped so that it's just stilts on the first floor. And it's sat like that for two years. How much do they want? $69,900 (new window)

We're never going to get back to sensible. Doesn't this place have a HOA?
 
2012-04-08 11:31:00 AM  
Not sure why Fark stripped the link, but here it is.
http://www.950toddpreisdr.coldwellbankerbarnes.com/
 
2012-04-08 11:31:47 AM  
Isn't this a repeat from every 3 months over the past 4 years? Fark you Realtor scumbags.
 
2012-04-08 11:40:01 AM  
Market's down? It's a great time to buy!
Market's up? It's a great time to buy!
Market's steady? It's a great time to buy!

Look ma, I'm a Realtor.

Also: I'm currently sinking $10K into a water line replacement after discovering that the water line (which runs through my foundation) has been leaking for a number of years, and only recently got bad enough to be noticed, so I'm really getting a kick out of these replies.
 
2012-04-08 11:41:25 AM  
I rent now. Good location, affordable, great schools for my kids.

The house behind us was empty for 2 years. A construction company bought it at Christmas for 180k, demolished it, and is building a new house on the lot. They listed it yesterday at 690k.

I'm all for capitalism but there's no way. I'm staying in the house I'm renting until my kids are out of the house in a few years. Maybe then I'll consider buying once I can downsize some.
 
2012-04-08 11:43:27 AM  
You can't have inflation without rising house prices, and vice versa. At some point the federal government has to pick it's poison.
 
2012-04-08 11:43:46 AM  
We are currently buying a house in Bethesda, MD. The DC Metro market never had a housing price recession. >:(

/I do like the interest rates though!
 
2012-04-08 11:46:08 AM  

Gunny Walker: Not sure why Fark stripped the link, but here it is.
http://www.950toddpreisdr.coldwellbankerbarnes.com/


From the outside it looks like a smokin deal, inside not so much. How much moolah to make it livable?
 
2012-04-08 11:50:49 AM  

RogermcAllen: Speak for yourself deadbeatmitter.

Trying stepping out of your mom's basement and getting a job you entitled asshole.

/Fortunately I bought into an older established neighborhood
//Almost got tricked into buy cheap in the neighborhood full of short sales/foreclosures
///":..but you can get so much more house for your money"


Where did mommy touch you? Or was it daddy?
 
2012-04-08 11:52:53 AM  

flsprtsgod: I rent now. Good location, affordable, great schools for my kids.

The house behind us was empty for 2 years. A construction company bought it at Christmas for 180k, demolished it, and is building a new house on the lot. They listed it yesterday at 690k.

I'm all for capitalism but there's no way. I'm staying in the house I'm renting until my kids are out of the house in a few years. Maybe then I'll consider buying once I can downsize some.


How much is the house next to it worth?

When I was looking at houses recently there were a few places like that. $350,000 brand new house in the middle of a bunch of 30 year old $220,000 houses. The builders didn't want to lose money on the thing, so they were completely unwilling to negotiate on price even though the new house had been empty for nearly a year.
 
2012-04-08 11:59:52 AM  

wrenchboy: http://www.950toddpreisdr.coldwellbankerbarnes.com/

From the outside it looks like a smokin deal, inside not so much. How much moolah to make it livable?


The upstairs looks OK, but I'd be concerned about mold in the carpet or walls. If the wood is in fair shape on the ground floor, I dunno, 20 grand? Couldn't tell if wiring was ok.

both across the street from me and near my mom's place, builders have been gutting foreclosed houses and going whole-hog on the rebuild. Actually the one across from me is done; it's on the market for $185k, after they bought it for $103k. Probably worth $160k, I'd say, but if they get the ask then it's good for comps.

Now my problem is, the foreclosure rebuilds look better than my place, so I have to get off my ass and start painting ;0
 
2012-04-08 12:13:36 PM  
I just sold my place back in February in the DC area. It was under contract 6 days after listing it, a lot of that had to do with me listening to my realtor and paying his buddy to stage it. He got me a nice profit on the sale and the place looked so great after the stager I almost didn't want to move. He did all this while keeping me from having to do any major renovations or even repairs after the home inspection. My DC realtor was AWESOME.

I'm buying in Louisville, KY right now, I'll be closing on a house in 3 weeks. I know I've completely pissed off the current owners, I have them taking 20k less than their original listing price, which they never lowered over the course of 5 months. I think it took 6 counter offers to finally get what we want, along with a 3 week period of walking away from the deal completely.

/EIP if you want my DC realtor's contact info.
 
2012-04-08 12:13:48 PM  
buying the house next to me in a short sell.
gonna fence up both properties and create a compound.
my wife can live in one and I'll live in one.
marriage bliss....
 
2012-04-08 12:23:23 PM  
We just moved into a nice 3/2 in a country suburb in California and paid 1/2 of what the previous owner got it for, so I am getting a kick out of these replies..
 
2012-04-08 12:24:40 PM  

Girion47: I just sold my place back in February in the DC area. It was under contract 6 days after listing it, a lot of that had to do with me listening to my realtor and paying his buddy to stage it. He got me a nice profit on the sale and the place looked so great after the stager I almost didn't want to move. He did all this while keeping me from having to do any major renovations or even repairs after the home inspection. My DC realtor was AWESOME.

I'm buying in Louisville, KY right now, I'll be closing on a house in 3 weeks. I know I've completely pissed off the current owners, I have them taking 20k less than their original listing price, which they never lowered over the course of 5 months. I think it took 6 counter offers to finally get what we want, along with a 3 week period of walking away from the deal completely.

/EIP if you want my DC realtor's contact info.



Nice try, DC realtor.
 
2012-04-08 12:31:56 PM  
I don't think houses are getting cheaper. I think the median price is falling because people who are in crappy homes are biting it now.
 
2012-04-08 12:39:05 PM  

AcneVulgaris: Girion47: I just sold my place back in February in the DC area. It was under contract 6 days after listing it, a lot of that had to do with me listening to my realtor and paying his buddy to stage it. He got me a nice profit on the sale and the place looked so great after the stager I almost didn't want to move. He did all this while keeping me from having to do any major renovations or even repairs after the home inspection. My DC realtor was AWESOME.

I'm buying in Louisville, KY right now, I'll be closing on a house in 3 weeks. I know I've completely pissed off the current owners, I have them taking 20k less than their original listing price, which they never lowered over the course of 5 months. I think it took 6 counter offers to finally get what we want, along with a 3 week period of walking away from the deal completely.

/EIP if you want my DC realtor's contact info.


Nice try, DC realtor.


No, I'm an Industrial Hygienist and have moved 600 miles away from that horrible horrible city. I just really liked the realtor I used to sell my house.
 
2012-04-08 12:55:30 PM  
I bought a house last year in a great old neighborhood full of old people who've lived here for thirty years. 20% down, great mortgage rate. I pay like 800 bucks a month. How hard is that?
 
2012-04-08 01:45:23 PM  

EbolaNYC: Isn't this a repeat from every 3 months over the past 4 years? Fark you Realtor scumbags.


The GOP Great Recession continues....
 
2012-04-08 01:52:05 PM  
I'm in the closing process of my first home here in Vermont. The housing crisis really didn't hit here much, if at all, because the unemployment rate didn't go up nearly to the levels it did in the rest of the country. When I look at what I can afford here vs the same amount elsewhere, it just makes me cry.

/it's the one downfall of living in Vermont
 
2012-04-08 01:58:11 PM  
My mother just sold her house after about 3 months, and got almost her full asking price. It helps being in the country outside a very stable city.

Now she's moving down here and the realtors she's talked too all say the same thing: wait a few months. The foreclosures have to start hitting the market and prices will reflect that. Frankly the banks are lucky the feds have let them hold all this REO this long. When I was in banking I guarantee that wouldn't have been allowed.
 
2012-04-08 02:23:18 PM  
I just bought a condo the other day. What I find mildly amusing is that the previous owner bought it for $460k in 2007 and sold it to me for $372k.
 
2012-04-08 02:27:39 PM  
I know tonnes of people from Alberta that have bought places in Arizona and California for a song. We're doing our part to help your housing slump.

And we're really cheap, so it works out well for everybody. Don't worry, we'll be more than happy to sell your country back to you for only a modest profit. We're pretty good that way.
 
2012-04-08 03:27:43 PM  

unyon: I know tonnes of people...


Are those metric tonnes?
 
2012-04-08 03:40:25 PM  

Buster Hermano: unyon: I know tonnes of people...

Are those metric tonnes?


Correct. Many of them are obese, so best measured with the Metric tonne (t). So a single tonne is about 12 people. If it's helpful, that would be 13 people measured in long tons, and 10 measured in short (American) tons.

/yours was such a colourful argument, no wonder we're such good neighbours
//wanted to give you some superflous U's just to round out the complete experience
 
2012-04-08 03:50:20 PM  

runcible spork: Obvious tag is obviously MIA.


Unless it was trying to be an ironic use of the Ironic tab.
 
2012-04-08 04:26:25 PM  
Another problem is while the house you want to buy may cost less so does the house you are trying to sell So, unless you are moving to a lower-cost area, trading down, or moving to a rental, you aren't helped.
 
2012-04-08 04:35:00 PM  

kmt11: I just bought a condo the other day. What I find mildly amusing is that the previous owner bought it for $460k in 2007 and sold it to me for $372k.


That's a hell of a lot of money to not own something.
 
2012-04-08 04:47:26 PM  
I'm 33 and I'm signing the mortgage documents for my first home tomorrow (possession is at the end of the month). It's not an investment, it's a place to live and do the stuff I want to do. I doubt I would have been in the position to buy if I hadn't moved from a city where the median house price was 5 times the median salary to one where that ratio is the more traditional 3:1. The market is different here in New Zealand and prices in the larger cities are still overinflated - they don't seem to be coming down, just staying stagnant.
 
2012-04-08 05:29:22 PM  
The land I'm looking at is still grossly overpriced - the asking price is literally ten times more than the land is worth (it's agricultural, btw). I'll just wait.

/Currently planted in citrus.
//Citrus greening will kill the trees over the next five years, or so.
///Maybe the price will be more sane then.
 
2012-04-08 07:21:23 PM  
Here come the Canadians
 
2012-04-08 07:32:47 PM  
Pft, I'd love to buy a house that's midway between the wifes work place and mine. I don't have a problem with the prices.

It's selling my current house that I'd have issues with.

/mid michigan
//can't blame people for not wanting to come here
 
2012-04-08 07:35:57 PM  

Malcolm_Sex: Here come the Canadians


Can you export the illegals to Canada?
 
2012-04-08 08:33:08 PM  

Malcolm_Sex: Here come the Canadians


Just wait until they find out there is no Universal medical care here.
 
2012-04-08 08:44:22 PM  

RepoManTSM: runcible spork: Obvious tag is obviously MIA.

Unless it was trying to be an ironic use of the Ironic tab.



Ooh.
 
2012-04-08 08:56:32 PM  
FTA: Twenty-five-year-old Sandra Becerra closed in February on a three-bedroom, 1½-bath tri-level home in Burbank she snapped up for $145,000.

LOLz, where I live, that's how much you need for a down payment.

Buyer's market, my ass. Normal people are still priced out.
 
2012-04-08 09:07:41 PM  
The biggest problem I've run into is owner's emotional attachment.

NEWSFLASH: Your home isn't worth what you think it is. It's worth what the other houses in the area are selling for, even if you can fool someone into buying it, their appraiser will save their ass.
 
2012-04-08 09:34:32 PM  

Girion47: The biggest problem I've run into is owner's emotional attachment.

NEWSFLASH: Your home isn't worth what you think it is. It's worth what the other houses in the area are selling for, even if you can fool someone into buying it, their appraiser will save their ass.


I agree. Attaching emotional values to objects such as cars or houses rather than adjusting to current market conditions leads to a very inefficient market that will only get worse over time. Far too many people are afraid to take any loss and end up like a gambler that has lost half of his money and is trying to break even.
There is also the fact that the real estate business in many areas is hanging on by secrecy. In DFW, for example, a home's last asking price is what goes on public record as the sale price when the actual price is often 10-20% lower. We also have a government that is doing all it can to control the flow of foreclosures and REO properties. I'd say that there is still plenty of room left to fall. This will especially hold true once interest rates begin to climb due to inflation.

On the other hand, if you can fool someone into paying $xxx for anything, then its worth $xxx, minus maintenance, taxes, interest, opportunity cost, sales fees, transaction costs, etc. over that time period.
 
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