"30% to 40% drop in house prices"

[Lancer]

"We should be seeing, in some markets, 30 and 40 percent declines in prices," said Naroff. "We’re just not seeing it."

http://www.msnbc.msn.com/id/20461630/

W.O.W.

[Kidlicious]

A lot of people may not sell their house at all if the economy turns down. I doubt prices will fall that much.

[pchang]

I wonder

what Oerdin has to say about his purchase in San Diego?

If you HAVE to sell, you will be screwed. Otherwise, you can try to hold out.

[Lancer]

I'm going to wait and watch and in maybe 2 to 3 years when the time seems right, buy.

[SlowwHand]

What it means is that as bad as foreclosures are now, and have been since business has reeled since 9/11, it's now going to climb higher due to people purposely going to foreclosure. Personal bankruptcy attempts will increase as players continue to play the game.

[Barnabas]

Great for people who need a house

[Kuciwalker]

I hope prices don't rise for 3-4 years

[Kidlicious]

Originally posted by Barnabas
Great for people who need a house

Not much of a buyers market either. Pretty risky.

[SlowwHand]

If the risk increases on a person fulfilling their loan obligation, don't you think the rates of interest will increase?

[Lancer]

Imagine what this will do to home builders. Nobody will be building homes anymore. Where are all those people going to work?

[SlowwHand]

I guess the laborers will go back to Mexico.

[Seeker]

It's a great market for people walking around with a couple hundred grand.

[East Street Trader]

What happened in the UK some years ago is that after a long steep rise in prices the point was reached where buyers dried up.

But for a long time sellers simply did not appreciate that the market had changed and maintained their unrealistic expectations as to the price they could ask. With the result that for a year or three there were very few sales.

But there were some people - mortgagees in possession or trustees in bankruptcy or executors realising assets or people who just had to move - who sold for what they could get and eventually people came to accept that the market price had indeed dropped substantially.

Once sellers started pricing their houses at the new, lower, price buyers came into the market and sales picked up again.

The drop was not quite as steep as 30% as far as I remember but it did approach that amount in some areas.

[Patroklos]

This is the best news I could possibly hear

Here in Charleston the new home inventories for builders is ridiculously high, they are selling for pennies. Unfortunetly the home owners closer the downtown are holding out. I can wait.

[Pekka]

Come on, let's have another huge drop when I need to buy some.