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home prices to fall 18% more - 7/20/2008 11:57:20 AM

pahunkboy

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From: Central Pennsylvania
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http://www.dailypress.com/sns-yourmoney-0720marksjarvis,0,3240115.story

....so we are not done yet.

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RE: home prices to fall 18% more - 7/20/2008 12:00:16 PM

Daddysredhead

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In January or February of this year, I read that the housing market wasn't predicted to stop its downward price spiral until the end of this year or the beginning months of next.

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RE: home prices to fall 18% more - 7/20/2008 12:01:31 PM

camille65

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Jeez I hope this deal on my house goes through. The anxiety is about to kill me.

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RE: home prices to fall 18% more - 7/20/2008 12:19:48 PM

KatyLied

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From: Pennsylvania
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Camille, sorry to hear that, I hope it all works out. It's definitely a buyer's market at this point. In my neighborhood, where houses rarely stay on the market longer than 3 weeks there are a few that have been on sale for months.

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RE: home prices to fall 18% more - 7/20/2008 12:42:14 PM

camille65

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Over a dozen foreclosures within 10 square miles of my house, including one on the same private road I live on.
I may have a private buyer with a land contract offer, not my preference but it may well be my only option. The appraisal was way way below just a year ago, to the amount of nearly $100,000.00 lower.

This is scary stuff. My entire financial future lies in this since I can't work anymore and keep getting denied SSI. I have to be able to buy in Austin and live on the remainder getting invested (some how, some where lol) so I am beyond stressed.

In normal times the property alone would be worth what I'm reduced to asking but I literally can't afford another winter on LP or manage the cold.
Bah.

The areas between Detroit and Flint are not market healthy

so I really really REALLY hope this goes through before things get worse.

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RE: home prices to fall 18% more - 7/20/2008 1:51:58 PM

pahunkboy

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yeah- if I listed the place I would have to take an amount that is insulting. AND put it in working order. So I am here. On the flip side I know a guy paying $400 a month rent. which is higher then my $261..... many apartments in this town are dumps.

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RE: home prices to fall 18% more - 7/20/2008 3:11:20 PM

DarkSteven

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Huh?

I thoguht that the Fed had lowered the rate at whch banks can borrow money to below 3%. They can STILL make a pretty good profit off the spread between that and the mortgage rate if they sell a mortgage.

The fact that they made beaucoup subprime loans adjusting upwards to 15% to noncreditworthy individuals who defaulted... make 'em take their lumps. It's not like they suffered for years when they were gaming the system.

The government keeps pushing back the day of reckoning. Here's hoping the new President will make it happen, and start recovery.

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RE: home prices to fall 18% more - 7/20/2008 3:21:18 PM

faerytattoodgirl

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the idiot next door at my parents place where each house is an average of 275-325 grand ...wants 500+ grand!!!! he tried and tried..no suckers. now he is living in the house...he is of course a house builder...he renovated this place on the outside...but you go inside..its a dive. especially in the basement.

and he builds houses for a living thinking he's gonna get 500k??? sorry but where my parents live its mostly seniors...no senior has that kind of $$ and the ones that lived there have for 30+ years. my parents paid like 55 grand back in 75ish..its now worth 250k..but they invested atleast 150 in improvements.

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RE: home prices to fall 18% more - 7/21/2008 5:52:13 AM

sub4hire

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quote:

ORIGINAL: DarkSteven

Huh?

I thoguht that the Fed had lowered the rate at whch banks can borrow money to below 3%. They can STILL make a pretty good profit off the spread between that and the mortgage rate if they sell a mortgage.

The fed did. We're in the same boat as PA though. I got a real decent rate when we financed the house we are in. Paid mostly cash...wanted a small mortgage just to stay in the credit world. So..we financed 32 grand. Now that the interest rate is lower we wanted to refinance. Well, you have to take out a loan for 50,000 minimum before anyone even wants to bother with the paperwork on you.
We're in the low 20's already...so why add on another 30 for nothing?
Not like we could turn around and invest it anywhere. With the banks collapsing we're almost ready to take our money out and stash it at home. The stock market...well we've got a great guy working on it. We've only lost 3 grand so far. While the company owned retirement plan has lost just about half so far.

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RE: home prices to fall 18% more - 7/21/2008 9:48:34 AM

popeye1250

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quote:

ORIGINAL: pahunkboy

yeah- if I listed the place I would have to take an amount that is insulting. AND put it in working order. So I am here. On the flip side I know a guy paying $400 a month rent. which is higher then my $261..... many apartments in this town are dumps.

PaHunk, me too, stuck here in Myrtle Beach on a golf course!
Woe is me!

I do think we're close to the bottom though because of the way people are talking.
Remember, if you want to make money, "buy low, sell high."
It takes a little discipline to go against the heard.

< Message edited by popeye1250 -- 7/21/2008 9:51:58 AM >

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RE: home prices to fall 18% more - 7/21/2008 11:28:06 AM

pahunkboy

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quote:

ORIGINAL: popeye1250

quote:

ORIGINAL: pahunkboy

yeah- if I listed the place I would have to take an amount that is insulting. AND put it in working order. So I am here. On the flip side I know a guy paying $400 a month rent. which is higher then my $261..... many apartments in this town are dumps.

PaHunk, me too, stuck here in Myrtle Beach on a golf course!
Woe is me!

I do think we're close to the bottom though because of the way people are talking.
Remember, if you want to make money, "buy low, sell high."
It takes a little discipline to go against the heard.

I could kick myself. The tax bill came. I am not tabulated for "homeowner exemption" this year. I went to fix it for next year... money just flows OUT.

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RE: home prices to fall 18% more - 7/21/2008 1:21:32 PM

mefisto69

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the McMansions are rotting out here in the Hamptons....... spec. builders going down the tubes HAHAHAHAHAHAHA..... but - my house still makes me a millionaire even though i can't sell it

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RE: home prices to fall 18% more - 7/21/2008 1:27:19 PM

servantforuse

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Sorry to steal the thread (just for a minute). You are not classified as a millionare unless you have assets of 1 million, not counting your house...

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RE: home prices to fall 18% more - 7/21/2008 6:10:03 PM

Vendaval

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Hang tight, camille. Eventually the waiting will be over and you will be packing up and moving to Austin.

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