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tt
Joined: 02 May 2007
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Dorchester grandma
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 Posted: Wed Jun 13, 2007 4:52 pm GMT Post subject: Price reductions |
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| Quote: | ZipRealty Price Reduction Index, June 2007: 42.4% of Boston homes reduced as of 6/1, up from 40.1% on 5/1
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But how much are these homes reduced? Small price reductions are not helpful to many people. A home that is reduced from $350,000 to $ 325,000 is still too high for some of us to afford though it may mean that those who are well off will get a slightly better deal.
I don't believe that there will ever be price reductions drastic enough to make home buying a reality for everyone who works hard and has good credit. After looking at 3 dilapidated single families yesterday in lousy neighborhoods, I have lost faith that changes will come any time soon. |
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AgentGrn
Joined: 28 Sep 2006
Posts: 82
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| Posted: Wed Jun 13, 2007 5:40 pm GMT Post subject: |
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It really depends on when you define "soon" to be. I am of the belief that patience will be rewarded, and while it's impossible to accurately time the market, it will correct. The subprime fallout is still in the early stages ... lots of resets will be happening in the next couple years.
It is hard watching the wreck in slow motion, though. |
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Heloc
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| Posted: Thu Jun 14, 2007 3:44 pm GMT Post subject: Re: You'd have to be an idiot |
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You're absolutely correct. This is why I wish I had gone into sales instead of engineering. I had no idea there are that many fools out there, I could of made a ton of dough. However, by the time the dust settles from the housing market taking the economy with it, nobody will even be interested in buying a house, just putting food on the table. The other unfortunate part of the whole thing is that the financially prudent will be dragged down by the actions of the "gotta have it now sheeple" Oh well, history repeats itself......... |
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Divadkire
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| Posted: Fri Jun 15, 2007 2:43 pm GMT Post subject: Not an idiot, just another part of the flock |
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Its amazing why some people feel the need to buy. Some to impress friends and others to make their parents happy.
The just got on Medicare goup have an aversion to renting and can't see the shift in the market because they already own their houses and compalin that they have to pay so much for taxes. How about adding $2500 a month onto that tax bill and see how appealing your situation truly is.
The sad part of this is that most people in trouble are truly good people that have made some poor financial decisions. Sorry I wont be bailing out anyone from there mess. Because then I will be in a mess.
The truly jaded are the folks like me that just sold my house this year. We went through the preliminary stages of the crash and it was no fun to be in that situation. Wait out the storm. |
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Guest
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| Posted: Fri Jun 15, 2007 3:09 pm GMT Post subject: |
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| Quote: | | The just got on Medicare goup have an aversion to renting and can't see the shift in the market because they already own their houses and compalin that they have to pay so much for taxes. |
That's the effect of mass brainwashing where property ownership is considered a character strength. |
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Squiggy
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| Posted: Tue Aug 07, 2007 7:39 pm GMT Post subject: Re: Price reductions |
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| Dorchester grandma wrote: | | Quote: | ZipRealty Price Reduction Index, June 2007: 42.4% of Boston homes reduced as of 6/1, up from 40.1% on 5/1
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But how much are these homes reduced? Small price reductions are not helpful to many people. A home that is reduced from $350,000 to $ 325,000 is still too high for some of us to afford though it may mean that those who are well off will get a slightly better deal.
I don't believe that there will ever be price reductions drastic enough to make home buying a reality for everyone who works hard and has good credit. After looking at 3 dilapidated single families yesterday in lousy neighborhoods, I have lost faith that changes will come any time soon. |
What a difference three weeks makes. The mainstream media is now in full panic mode. If you go to housingtracker.net you'll see that prices are falling almost everywhere.
Prices are nowhere near the bottom in the Boston area. |
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AgentGrn
Joined: 28 Sep 2006
Posts: 82
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| Posted: Tue Aug 07, 2007 8:08 pm GMT Post subject: |
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The interesting thing that we won't see for another couple months is the effect on pricing given the recent tightening of lending. As if the Bear Sterns problems weren't enough, the collapse of AHM and other lenders is really going to suckerpunch a lot of people. Deals that were possible a few weeks ago are going to be terribly difficult or impossible to finance.
The end-of-summer is where I expect we'll really see the collapse begin. |
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Guest
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| Posted: Tue Aug 07, 2007 8:34 pm GMT Post subject: Write your representive - SAY NO TO ANY BAILOUTS!!! |
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The guberment shills are taking about a bailout to help foreclosed borrowers.
Write your representative and say that you oppose any bailout. The market must be purged if we want to bring back affordable home prices. Let it crash - for the sake of the future. |
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john p
Joined: 10 Mar 2006
Posts: 1820
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| Posted: Tue Aug 07, 2007 8:46 pm GMT Post subject: |
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| Think about it like dunking a basketball. If you can't do a reverse tomahawk, either the rim lowers or you jump higher. I'd like to see wage inflation so people can jump higher in addition to the rim lowering. If the dollar deflates, we will export more, won't be able to buy tv's as cheaply at Circuit City, and global products like oil will cost us more. The wage inflation in 1999, however, gave people the machismo to overextend and get the price to earnings get way out of hand. |
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admin
Site Admin
Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston
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| Posted: Tue Aug 07, 2007 8:48 pm GMT Post subject: Re: Write your representive - SAY NO TO ANY BAILOUTS!!! |
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| Guest wrote: | The guberment shills are taking about a bailout to help foreclosed borrowers.
Write your representative and say that you oppose any bailout. The market must be purged if we want to bring back affordable home prices. Let it crash - for the sake of the future. |
Along these lines, The Bubble Market Inventory Tracker blog has issued an anti-endorsement for Ms. Clinton as a result of her calls for "$1 billion foreclosure relief to homeowners." I searched around for a little while for more details on how that $1 billion would be used but did not find anything specific. That hardly seems enough to refinance very many loans, if the plan ends up being similar to Patrick's.
- admin |
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john p
Joined: 10 Mar 2006
Posts: 1820
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| Posted: Wed Aug 08, 2007 3:27 pm GMT Post subject: |
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I don't know if the Clinton's have a good feel of the pulse. Dick Morris had to reel in Bill in his second term and Bill had to throw cold water on Hillary's socialistic ambitions. I think universal health care is a great goal, but the means to it is just as important.
If they do have the pulse right, I'm wondering if my country is becoming more socialistic.
I wish the capitalists with a tribal mentality and a deep love for the country prevail. |
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