Cost of housing.

[Solly]

How much of a fall do people expect? I see 20% as too little, for the UK anyway. That would only take us back to last year's prices, roughly. Since prices in booms and busts over- and under-shoot, I reckon a 30-40% fall is likely. Mortgage lenders will be severely criticised for lending in reckless multiples of income. Sell now!

[Dis]

Originally posted by Albert Speer
strangely, i hear the property taxes are real high. the land and houses are basically worthless though.

your city may be losing population. That will explain it. Some cities in the north and northeast are losing population.

[Dinner]

Re: Re: Cost of housing.

Originally posted by Urban Ranger
That's not bad. You can't buy an apartment here with $450,000.

$450,000 comes to be around $2200 per month for 30 years.

[Odin]

A nice house is $100,000 here, but it's a 45-min. drive to the nearest large city (Fargo).

[pchang]

Fargo

is not a large city.

[MrFun]

Re: Cost of housing.

Originally posted by Oerdin

I figure, no problem, I have a VA home loan for being a vet plus I can just rent out a room but the VA office says the home loans max out at $250,000! I can't buy anything with so little an amount! Why didn't the government make the VA loans big enough so you can actually afford to buy something?

Maybe this doesn't make sense, but why not take that VA loan and then find some other way to finance for the other $200,000??

[Provost Harrison]

Same in Hull, but would you want to live there?

[Provost Harrison]

It's just an inconceivable amount of money though MrFun...I am looking at trying to save a substantial amount, but at present prices, assuming they stagnate, it is going to take me a while to get anything substantial...

[Odin]

Re: Fargo

Originally posted by pchang
is not a large city.

100,000 people is big for a person who livs in a town with 532 people.

[Solly]

but at present prices, assuming they stagnate, it is going to take me a while to get anything substantial

10 to 15 years to return to their realistic value if their prices grow at 0%.

But a housing boom in Britain has never before been followed by mere stagnation: there's always been a crash to follow. Make of that what you will.

[Provost Harrison]

Re: Re: Fargo

Originally posted by Odin


100,000 people is big for a person who livs in a town with 532 people.

532 people and a 100k place is 45 minutes away...that would drive me utterly insane

[:) Smiley]

SoCal has been stretching the limits of what is a suitable place to build detached houses for years. It won't be long before a modest-sized house in SoCal costs more than a Manhattan penthouse. Land values in San Diego (which bills itself as the biggest small city in America) can justify highrise construction... but the area is limited to suburban style development.

Capitalism Capitalism + suburbia

[Dinner]

Smiley: Downtown is absolutely full of high rise construction. I was down there yesterday and counted no less then 20 brand spanking new high rises (meaning more then 30 stories) being built. The city has spent alot of money expanding the trolley, building the new base ball stadium, and the new central library downtown and people are now flocking there. I'd say downtown San Diego is one of the few places in California where New York style Apartment living is the norm. There is supposedly 300,000 new high rise housing units being put in over the next 8-10 years.

[Dinner]

BTW as an update the old man and I went looking in the Mira Mesa area today. I found a detached town home for $395,000. It's a 3bd/2bath 1350 sq ft place with a two car attached car port. There are no front yards but there are lots of green open spaces in the common area plus the units were built in the late 70's so the trees are all mature. My parents actually own three places in the same complex which they rent out including one they bought in 1979 for $68,000. It's in a nice middle class area with two parks, a good elementry school, a good middle school, and a community college with in .75 miles. There's also the same high school I graduated from with in 1 mile. The place is even at the end of a cul de sac.

[Ted Striker]

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