RE: Housing prices could fall by 30 %.....! (Full Version)

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camille65 -> RE: Housing prices could fall by 30 %.....! (12/9/2007 12:20:25 AM)

I fall into the bad news camp, there are so many for sale signs around me that I don't think I have much of a chance and dang it I have to move. My house and grounds are too big for me and I cannot abide another winter here even though it seems I'm stuck.Wahhhhhhhhhhhh!



pahunkboy -> RE: Housing prices could fall by 30 %.....! (12/9/2007 6:22:45 AM)

An existing home is cheaper then having one built.  maybe 4 fold.



MistressDoMe -> RE: Housing prices could fall by 30 %.....! (12/9/2007 7:25:14 AM)

I would hate to have to sell my home these days.
Hopefully, lower prices will put home ownership within the reach
of more people in the future.



BOUNTYHUNTER -> RE: Housing prices could fall by 30 %.....! (12/9/2007 7:43:13 AM)

THIS IS SO ironic,Over the past several years Diane and I have view some property and made several offers on several large chunks of land..Needless to say we were laughed out of the offices with our so called tail between our legs..Just in the last few weeks we have HEARD FROM 3 REALTORS WHERE WE HAVE MADE AN OFFER.THEY STATED THAT THEY WERE READY TO ACCEPT OUR PAST OFFERS.I BET THEY ARE and MAYBE KNOCKING OFF ANOTHER 10% AND AS FEW MORE BENNIE'S WE MIGHT BE PERSUADED TO SIT DOWN OVER A NICE LUNCH AND HEAR WHAT THEY HAVE TO OFFER.....THIS is the time I wish I had an extra million or two just floating around...I want a working cattle ranch but I don't want to leave west Virginia,the question remains, can I have my cake and eat it too..



Owner59 -> RE: Housing prices could fall by 30 %.....! (12/9/2007 9:05:36 AM)

quote:

ORIGINAL: FatDomDaddy

I feel not one bit sorry for lenders who loaned money to people who had no business borrowing or homeownes who borrowed beyond what the could actually afford.




True.

Those predatory lenders, knew exactly what they were doing,and what the risks were. Fuck`m,they deserve the least sympathy of all.



FatDomDaddy -> RE: Housing prices could fall by 30 %.....! (12/9/2007 12:14:04 PM)

quote:

ORIGINAL: Owner59

quote:

ORIGINAL: FatDomDaddy

I feel not one bit sorry for lenders who loaned money to people who had no business borrowing or homeownes who borrowed beyond what the could actually afford.




True.

Those predatory lenders, knew exactly what they were doing,and what the risks were. Fuck`m,they deserve the least sympathy of all.


Lets not forget the greedy buyers looking at a too good to be true senerio and hoping the next guy will would be willing to buy an obviously overpriced house.



xAdamx -> RE: Housing prices could fall by 30 %.....! (12/9/2007 1:26:53 PM)

I was going to re frame from posting a kinda mini rant about house prices, but frig it why not there's nowt worthwhile on the television other then the usual dross such as location location location, Property SOS, how to buy and sell, how to make money on the property market etc etc etc, in fact hundreds of programmes that hundreds of thousands of people bought into to make money, rather then just buy a house to live in...and thats the key...( excuse pun ) to the whole sorry mess people find them selves in...they forgot that houses are for living in, not to make money with.. People sold out their socialist principles for a quick money..

Now we find people who save their money in saving accounts losing out on dropping interest rates to prop up whiny people who, who over extended on mortgage loans to make a killing on the property market..



Griswold -> RE: Housing prices could fall by 30 %.....! (12/9/2007 3:48:07 PM)

quote:

ORIGINAL: MzMia

That is a wonderful attitude.
What happens to the people who are stuck in homes that they paid big bucks for,
and now these homes have depreciated by 20% and they want to sell?


Uhhhmmm....they're fucked.

(Next question?)



UtopianRanger -> RE: Housing prices could fall by 30 %.....! (12/9/2007 7:05:35 PM)

quote:

ORIGINAL: popeye1250

Round up the usual suspects, the Northeast, Calif. and parts of Fla.



With globalism/outsourcing/illegal immigration on the rise, and no new projected bubble on the horizon - There's a long term downward trend slated for the California housing market.

Unlike elsewhere in the country, demographics alone will not be a factor in a positive correction for the California housing market.

Unless the sky gods intervene and destroy the free market or there's nano-technology /sky car boom where California leads the way, it's my prediction that the land of 900k cheap, clapboard trac homes will go the way of the dodo.






- R



TheHeretic -> RE: Housing prices could fall by 30 %.....! (12/9/2007 7:16:07 PM)

       I'm not sure how you figure illegal immigration is going to hurt the housing market down here, Utopian.  Banks are perfectly willing to give them mortgages.

     I'm not in this house short term, so the prospect of further drop doesn't bother me a whole lot.  Long term, I have high hopes for this little piece of desert on a hill.



popeye1250 -> RE: Housing prices could fall by 30 %.....! (12/9/2007 8:35:00 PM)

quote:

ORIGINAL: TheHeretic

     I'm not sure how you figure illegal immigration is going to hurt the housing market down here, Utopian.  Banks are perfectly willing to give them mortgages.

   I'm not in this house short term, so the prospect of further drop doesn't bother me a whole lot.  Long term, I have high hopes for this little piece of desert on a hill.


Heritic, look what happens to a neighborhood when illegals move in.
Thirty unrelated people living in a three bedroom house, overflowing septic tanks/sewers, drunken knife fights, police by at all hours of the day and night, cars on blocks in the front yard etc etc etc.
Would you want them moving into your neighborhood?
We have some here too but when the construction slows down they'll leave. No lettuce to be picked in these parts.
They live in shabby single wide trailers that will probably be bull dozed when they leave. New condos or houses will be built there. Cars on blocks in the front yards, drunken knife fights, drug deals, overcrowding, police there all the time, just like clockwork.
Luckily they'd never be able to afford one of the new houses that they're building so they'll be priced out of the area at some point.

Just on the News.....One Horhey Hernandez was arrained at the J. Reubin Long Detention Center in Conway, S.C. for two counts of vehicular manslaughter, DWI, driving without a liscense, fleeing the scene of an accident, resisting arrest. Two passengers in his vehicle were trapped in the crashed vehicle and * burned to death.*
He told the Judge that he is in the country illegally.
If convicted he faces life in prison with no parole.



TheHeretic -> RE: Housing prices could fall by 30 %.....! (12/9/2007 8:45:30 PM)

       Popeye, it wasn't the illegals that drove my old neighborhood into the gutter, it was born in America trash that did that.  You seem to have a very limited view of who these people are, and how they conduct their lives.  It's a long way from the migrant worker culture you are describing.  The biggest issue I ever had with the guy next door (along with his wife and 4 ____'s was when they hosted their church and sang hymns in Spanish too early for the wife's taste on Sunday morning.

      Our domestically produced ghetto scum, on the other hand, were enough to push me into buying before prices went as low as they likely will next year.



popeye1250 -> RE: Housing prices could fall by 30 %.....! (12/9/2007 9:07:22 PM)

quote:

ORIGINAL: TheHeretic

      Popeye, it wasn't the illegals that drove my old neighborhood into the gutter, it was born in America trash that did that.  You seem to have a very limited view of who these people are, and how they conduct their lives.  It's a long way from the migrant worker culture you are describing.  The biggest issue I ever had with the guy next door (along with his wife and 4 ____'s was when they hosted their church and sang hymns in Spanish too early for the wife's taste on Sunday morning.

     Our domestically produced ghetto scum, on the other hand, were enough to push me into buying before prices went as low as they likely will next year.


Oh yeah, you get the white trash too.
I live in a brandnew development so they can't afford to live in these places. Right across the street Beazer Homes is building houses that cost $230-$275 so they can't afford them either.
But, if those places were up North they'd be going for $600-$800k.
We have some owners here who do rent out their condo units but they start at $900 per month rent.



Muttling -> RE: Housing prices could fall by 30 %.....! (12/9/2007 9:43:21 PM)

Its REALLY simple to me folks.   Don't buy the maximum house you can possibly afford.   By a cheaper house and pay that puppy off quickly.  This is even MORE true for automobiles.



The concept of there being "good" debt is a total lie.   Work towards living debt free and all these headaches will become aggrevations instead of a threat to your very existance.



popeye1250 -> RE: Housing prices could fall by 30 %.....! (12/9/2007 9:56:01 PM)

quote:

ORIGINAL: Muttling

Its REALLY simple to me folks.   Don't buy the maximum house you can possibly afford.   By a cheaper house and pay that puppy off quickly.  This is even MORE true for automob


The concept of there being "good" debt is a total lie.   Work towards living debt free and all these headaches will become aggrevations instead of a threat to your very existance.


Muttling, good advice!



UtopianRanger -> RE: Housing prices could fall by 30 %.....! (12/9/2007 10:38:26 PM)

quote:

ORIGINAL: TheHeretic

      I'm not sure how you figure illegal immigration is going to hurt the housing market down here, Utopian.  Banks are perfectly willing to give them mortgages.

    I'm not in this house short term, so the prospect of further drop doesn't bother me a whole lot.  Long term, I have high hopes for this little piece of desert on a hill.


With the combination up-surge in both illegal immigration and foreclosures in California, you're going to see what's known as ''reverse-gentrification''; where you'll likely to see a shift, where neighborhoods are inhabited by folks who rent their homes instead of own them.

Remember, illegal immigrants are for the most part migratory, and are used to a much lower standard of living --- thus lessening the likelihood/possibility of home ownership. This condition will further cause many of the older, remaining baby boomers to flee for greener pastures. There's even a case to be made that young, urban professionals are moving away.

 The nature of my business affords me the opportunity to speak with a whole lota newcomers from various parts of California. They're mostly newly-retired baby boomers from fifty-two on up. I'd say almost one-hundred percent of the time they tell me that they've left California because of a combination of excess cost of living, the illegal immigration problem and mega traffic.

The bottom line...  It's a clear case of logic when analyzing the shifting demographic picture. Who's moving into California versus who's moving out? How can current home values hold steady when you have influx peasant class of people who are used to a much lower standard of living?





- R




TheHeretic -> RE: Housing prices could fall by 30 %.....! (12/9/2007 11:03:27 PM)

      Not gonna fly, Utopian.  I'm also an immigrant to CA, from the shitty job market in Oregon.  Maybe you see the migrants around Hubbard or Woodburn, and figure that's how it is everywhere.  I see people determined to bust ass and provide better for their families than they had.   Entrepenuers and contractors want to own their house.

       As I asked Popeye earlier, how many of those refugees you deal with need to be able to get to a good paying job?



UtopianRanger -> RE: Housing prices could fall by 30 %.....! (12/10/2007 12:51:28 AM)

I spent three-quarters of my life in Cali, Rich. You're trying to tell me the migrant, peasant class of people of North East Salem is different than that of Cali?

I don't buy it. But lets say for the sake of the argument you are correct and they are - They still don't hold an equivalent standard of living to that of the masses who have fled/ fleeing the state .

When you factor the above with the ongoing Capital vs. Labor argument and capital winning out---like it has ever since Regan took office---continued outsourcing/privatization will have attributed to the diminishing level of high paying California jobs.

The crux of your argument seems dependent on California's ever-diminishing high wage/high-paying job market. As I said in my initial post, the continued trend towards outsourcing / globalization {the hallmark of capital's quest for greater profits} combined with an influx peasant class, will ensure California's housing market remains part of a downward trend.

I'm sure we'll both be around for a while to see what happens.










- R



popeye1250 -> RE: Housing prices could fall by 30 %.....! (12/10/2007 7:09:14 AM)

Ranger, exactly, with this "Global Economy" salaries aren't going up!



ghitaPVH -> RE: Housing prices could fall by 30 %.....! (12/10/2007 7:26:19 AM)

Im kind of lucky when it comes to personal property. There hasnt been a mortgage on my house in 50 years. All of my property is paid off and we have no intention of selling anytime soon. ok. ever. id like to aquire my aunts property next door when she dies, and I probably will be able to, they dont have any kids and their nephew three states away isnt really interested in it but he knows how important it is to everyone here that the property stays in the family, so since he doesnt need the money, he's planning on selling it to us for next to nothing. so the bad housemarket isnt really hurting us property wise, Im not too concerned about us or anyone in my neighborhood, we're here to stay, nothings gonna happen.

unfortunanly the housing market is hurting us weekly though. right in the back pocket. no one's building. absolutly no one. they aint even putting in mobile homes anymore. the construction trade has ground to a screaching fucking halt. if I had a mortgage or rent or a car payment to pay, we'd be drowing in debt. I dont know how the majority of blue collar workers in our area are manageing. I truly dont. 90% of our friends are in some sort of a job that is based in the construction trade. no one has work. they've gone from having so much work they cant get it all done, to MAYBE getting one job a week. how the hell can anyone survive on 3 hours of work a week? and the majority of work anyone is getting is service and repair, or maybe a remodel here and there, but most people arent even sinking money into that sort of thing..and there are so many construction workers out of business that the competition for jobs is harsh.



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