Crazy to see the price differences from region to region. Where I live, real estate went up almost 300% from 03 to 08, then dropped about 25% in 08, and has since recovered about half of that....The inventory left from the 08 crash is finally depleted, new housing starts are up, and our economy is starting to boom again (directly tied to oil prices), so we're expecting values to start rising quickly again.
There are a lot of people around here buying vacation homes in places like Florida and Arizona...it's crazy - these vacation homes are twice the size and extravagance of their primary homes....but are being bought outright with only a fraction of the equity from their primary residence. ...If the equity in my home reaches anywhere near what it was pre-08 crash, I'm selling, retiring, and moving to Detroit
Blows me away that a house could sell for $12k. The lumber alone has gotta be worth more than that.
That poor woman! There have been a huge amount of Mortgagee sales here in recent times, people over capitilising. Banks were lending 100% mortgages to anyone, now it's back to 20% deposits. $12K is incredible though!! Prices have slowly dropped here, but the average hose price in my area is $220-$280K. We are trying hard to save a deposit, hopefully this time next year we will buy our first home.
That poor woman! There have been a huge amount of Mortgagee sales here in recent times, people over capitilising. Banks were lending 100% mortgages to anyone, now it's back to 20% deposits. $12K is incredible though!! Prices have slowly dropped here, but the average hose price in my area is $220-$280K. We are trying hard to save a deposit, hopefully this time next year we will buy our first home.
That poor woman! There have been a huge amount of Mortgagee sales here in recent times, people over capitilising. Banks were lending 100% mortgages to anyone, now it's back to 20% deposits. $12K is incredible though!! Prices have slowly dropped here, but the average hose price in my area is $220-$280K. We are trying hard to save a deposit, hopefully this time next year we will buy our first home.
that's an expensive hose.
Thats an average 3 bedroom, with good sized yard. The average house price in NZ is over $300K, I'm lucky to live in a cheapish area.
That poor woman! There have been a huge amount of Mortgagee sales here in recent times, people over capitilising. Banks were lending 100% mortgages to anyone, now it's back to 20% deposits. $12K is incredible though!! Prices have slowly dropped here, but the average hose price in my area is $220-$280K. We are trying hard to save a deposit, hopefully this time next year we will buy our first home.
that's an expensive hose.
Thats an average 3 bedroom, with good sized yard. The average house price in NZ is over $300K, I'm lucky to live in a cheapish area.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
i dont understand buying a home for investment. shouldnt you just be buying one to live in?
yes and no.
not everyone purchases a home that they will undoubtedly spend the rest of their lives in. eventually people will upgrade or downgrade at some point in their lives making it...an investment.
The Detroit comment was in jest, but there really was a lot of reverse migration happening between our provinces at the height of the last oil boom. Seems half of Newfoundland moved here...but lots of Albertans bailed to cheaper cities outside the province.
I wish London had realised there was supposed to have been a house market crash. When that stuff hit the news I hoped I may actually be able to make it on to the property ladder :oops:
$300k here MAY get you a studio/one bed apartment ... not necessarily in an area you'd want to live though
So are we strangers now? Like rock and roll and the radio?
what a wonderful way to take away one's nest egg... gotta hand it to em they covered all the bases
.
i didn't take away her nest egg.
:?
oh no I meant the entire housing scandal thats lead to the downfall in property values.
I do not believe that was an accident...but thats just me.
There certainly are a lot more renters these days...even the economy specialists now say rent.
My entire life... it was own a home... trade up.... have a nest egg in the end...
It's what our parents did, its what we did and now my kids??.....
Now it is save your money, put it in the bank for the bankers to use and rent.
Making those with money more powerful.
A buyers market if you can pass the added mortgage scrutiny (which isn't a bad thing) and have the money to put up for a down payment.
i agree that the tighter underwriting guidelines are a good thing.
and you can still go fha with 3.5% down.
Didn't know fha requirements were so low, but also remember when buying my first house, that sellers were less than willing to jump through their hoops for a sale. Although I could see that not being the case at this point in time.
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Social awareness does not equal political activism!
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Bought my condo in 2006.
Its probably lost 25-30% of its value, despite the fact that I live in a highly desirable town with a great school system. It means I will have to stay here longer than I want.
Effing subprime scumbags. Countrywide was ready to loan me $750,000. I almost bit. Good thing I did not, or I would be one of those people starting from scratch.
Bought my condo in 2006.
Its probably lost 25-30% of its value, despite the fact that I live in a highly desirable town with a great school system. It means I will have to stay here longer than I want.
Effing subprime scumbags. Countrywide was ready to loan me $750,000. I almost bit. Good thing I did not, or I would be one of those people starting from scratch.
countrywide was one of the worst.
good for you for not biting. as chromiam indicated, it's not only the banks that bare responsibility. it's people not reading/researching what they're signing.
A buyers market if you can pass the added mortgage scrutiny (which isn't a bad thing) and have the money to put up for a down payment.
A buyer's market is also based on an assumption that the market will go up for a while...who knows if that will be the case...there might be indicators supporting that, but I'm not sold. I'm kinda talkin out my ass, but I have a feeling we'll see another stock market crash in the next year. I know housing can't go much lower, but my uneducated guess is that the rest of the economy will stall the real estate market in most of north america.
Bought my condo in 2006.
Its probably lost 25-30% of its value, despite the fact that I live in a highly desirable town with a great school system. It means I will have to stay here longer than I want.
Effing subprime scumbags. Countrywide was ready to loan me $750,000. I almost bit. Good thing I did not, or I would be one of those people starting from scratch.
countrywide was one of the worst.
good for you for not biting. as chromiam indicated, it's not only the banks that bare responsibility. it's people not reading/researching what they're signing.
Totally agree. There are a lot of people who bought houses they couldn't afford or figured that they could refi and property values would continue to rise. And some banks preyed on that.
Like Get Right said, he could have gotten alot more money but knew he couldn't afford it at the end of the day. To me that's what it all comes down to, personal responsibility and knowing what you can and cannot afford.
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Social awareness does not equal political activism!
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Like Get Right said, he could have gotten alot more money but knew he couldn't afford it at the end of the day. To me that's what it all comes down to, personal responsibility and knowing what you can and cannot afford.
we could have bought a house that cost more then the house we are in right now, but we decided against it and bought a lower priced home since we were 'first time' buyers. The sellers agent was stupid, and didn't say that the house was in pre-foreclosure, so we went thru a lot more hassle to buy the house (we literally had to physically move the sellers out of the house...throw their stuff in garbage bags and leave it on the street for them to pick up). We were able to re-fi within 1 year and got rid of the PMI, and went to a fixed rate from an ARM. We owe less then what the house is worth, and want to move...but whose gonna buy our house when there are 8 other houses up for short sale? I think banks own half of the houses since the yards are all outta control.
The joy of life comes from our encounters with new experiences, and hence there is no greater joy than to have an endlessly changing horizon, for each day to have a new and different sun.
Comments
that moving to detroit comment is hillarious.
where abouts do you live?
that's an expensive hose.
Thats an average 3 bedroom, with good sized yard. The average house price in NZ is over $300K, I'm lucky to live in a cheapish area.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
take a good look
this could be the day
hold my hand
lie beside me
i just need to say
yes and no.
not everyone purchases a home that they will undoubtedly spend the rest of their lives in. eventually people will upgrade or downgrade at some point in their lives making it...an investment.
Edmonton Canada...
if you're going to check the numbers, 300% was an exaggeration
http://webdocs.edmonton.ca/InfraPlan/la ... 20type.pdf
The Detroit comment was in jest, but there really was a lot of reverse migration happening between our provinces at the height of the last oil boom. Seems half of Newfoundland moved here...but lots of Albertans bailed to cheaper cities outside the province.
Isn't this kinda like asking 'shouldn't you just be buying that stock to make money?'
That's assuming you can 1) find and 2) hold a job in Detroit nowadays.
cate is from australia. they do not have a currency there.
nearly 10 times the annual household income in Sydney i think :eh:
$300k here MAY get you a studio/one bed apartment ... not necessarily in an area you'd want to live though
:oops:
next the fall of retirement plans ... we are already cashing ours in just to live
no money = no power = dependent on those in power
but there is still hope...we always have that ... and love
the day those are gone the day hell arrives on earth
'The Book of Eli' ... saw just bits and pieces recently...it was ticket buying time
I need to sit down and watch that one.
i didn't take away her nest egg.
:?
I do not believe that was an accident...but thats just me.
There certainly are a lot more renters these days...even the economy specialists now say rent.
My entire life... it was own a home... trade up.... have a nest egg in the end...
It's what our parents did, its what we did and now my kids??.....
Now it is save your money, put it in the bank for the bankers to use and rent.
Making those with money more powerful.
Total switch a roo ...stinky switch a roo too.
A buyers market if you can pass the added mortgage scrutiny (which isn't a bad thing) and have the money to put up for a down payment.
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.
i agree that the tighter underwriting guidelines are a good thing.
and you can still go fha with 3.5% down.
Didn't know fha requirements were so low, but also remember when buying my first house, that sellers were less than willing to jump through their hoops for a sale. Although I could see that not being the case at this point in time.
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.
Its probably lost 25-30% of its value, despite the fact that I live in a highly desirable town with a great school system. It means I will have to stay here longer than I want.
Effing subprime scumbags. Countrywide was ready to loan me $750,000. I almost bit. Good thing I did not, or I would be one of those people starting from scratch.
countrywide was one of the worst.
good for you for not biting. as chromiam indicated, it's not only the banks that bare responsibility. it's people not reading/researching what they're signing.
A buyer's market is also based on an assumption that the market will go up for a while...who knows if that will be the case...there might be indicators supporting that, but I'm not sold. I'm kinda talkin out my ass, but I have a feeling we'll see another stock market crash in the next year. I know housing can't go much lower, but my uneducated guess is that the rest of the economy will stall the real estate market in most of north america.
Totally agree. There are a lot of people who bought houses they couldn't afford or figured that they could refi and property values would continue to rise. And some banks preyed on that.
Like Get Right said, he could have gotten alot more money but knew he couldn't afford it at the end of the day. To me that's what it all comes down to, personal responsibility and knowing what you can and cannot afford.
Admin
Social awareness does not equal political activism!
5/23/2011- An utter embarrassment... ticketing failures too many to list.
we could have bought a house that cost more then the house we are in right now, but we decided against it and bought a lower priced home since we were 'first time' buyers. The sellers agent was stupid, and didn't say that the house was in pre-foreclosure, so we went thru a lot more hassle to buy the house (we literally had to physically move the sellers out of the house...throw their stuff in garbage bags and leave it on the street for them to pick up). We were able to re-fi within 1 year and got rid of the PMI, and went to a fixed rate from an ARM. We owe less then what the house is worth, and want to move...but whose gonna buy our house when there are 8 other houses up for short sale? I think banks own half of the houses since the yards are all outta control.
- Christopher McCandless