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"30% to 40% drop in house prices"

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  • #16
    Some parts of California had larger drops in the 90s. Perhaps the Californians on the board can describe what happened.

    As I recall, the real estate market in all other parts of the country did just fine during the California meltdown, on the other hand.
    I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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    • #17
      I'm happy I didn't buy to flip, that's for sure

      -Arrian
      grog want tank...Grog Want Tank... GROG WANT TANK!

      The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

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      • #18
        Originally posted by SlowwHand
        If the risk increases on a person fulfilling their loan obligation, don't you think the rates of interest will increase?
        I think the rates will be set with consideration of the expected future price of the home, yes. I don't how much of a consideration though. Plato?
        I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
        - Justice Brett Kavanaugh

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        • #19
          And if you have good credit, you still have good credit (actual good credit, not the "sub=prime" crap).
          "The DPRK is still in a state of war with the U.S. It's called a black out." - Che explaining why orbital nightime pictures of NK show few lights. Seriously.

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          • #20
            If it weren't for bad credit, I wouldn't have any credit.
            I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
            - Justice Brett Kavanaugh

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            • #21
              Originally posted by Lancer
              Imagine what this will do to home builders. Nobody will be building homes anymore. Where are all those people going to work?

              Around where I live the big builders are still cranking out houses. It's the local builders who can't afford to keep a half-dozen more houses in backlog who are suffering.
              (\__/) Save a bunny, eat more Smurf!
              (='.'=) Sponsored by the National Smurfmeat Council
              (")_(") Smurf, the original blue meat! © 1999, patent pending, ® and ™ (except that "Smurf" bit)

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              • #22
                I think the "30-40%" is for areas that have experienced surreal levels of "appreciation" such as San Diego. House prices are literally 600% higher than a comparable home in other parts of the US.
                (\__/) Save a bunny, eat more Smurf!
                (='.'=) Sponsored by the National Smurfmeat Council
                (")_(") Smurf, the original blue meat! © 1999, patent pending, ® and ™ (except that "Smurf" bit)

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                • #23
                  I'm sure builders are finishing up previous starts. I'm pretty sure new starts are down considerably however.
                  I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
                  - Justice Brett Kavanaugh

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                  • #24
                    Originally posted by Straybow
                    I think the "30-40%" is for areas that have experienced surreal levels of "appreciation" such as San Diego. House prices are literally 600% higher than a comparable home in other parts of the US.
                    Yeah, I seriously doubt prices will drop much here in central CT. More likely is a plateau for a while.

                    -Arrian
                    grog want tank...Grog Want Tank... GROG WANT TANK!

                    The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

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                    • #25
                      Imagine what this will do to home builders. Nobody will be building homes anymore. Where are all those people going to work?
                      They do home remodeling on the cheap. New kitchen anyone?
                      "The DPRK is still in a state of war with the U.S. It's called a black out." - Che explaining why orbital nightime pictures of NK show few lights. Seriously.

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                      • #26
                        No thanks, but I have friends who need their bathroom gutted and rebuilt.

                        -Arrian
                        grog want tank...Grog Want Tank... GROG WANT TANK!

                        The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

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                        • #27
                          even if housing inventories are increasing, the tightening of credit makes it much harder for even people with good credit to get good loans.

                          case in point; my dad secured a fixed jumbo loan at 6%. this year he would no longer be able to get it at that rate (it is at 8%) nor that amount of money... so basically his ability to buy the current house he is in would be completely vanquished. he has good credit to be sure.
                          Last edited by MRT144; August 28, 2007, 13:41.
                          "I hope I get to punch you in the face one day" - MRT144, Imran Siddiqui
                          'I'm fairly certain that a ban on me punching you in the face is not a "right" worth respecting." - loinburger

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                          • #28
                            He's better off anyway.
                            I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
                            - Justice Brett Kavanaugh

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                            • #29
                              If this keeps up for 3 years we could go in with a big down, which should help. Or, property prices should come down too, so we buy property outright and then start saving for sticks. If houses aren't building the price of sticks should drop...
                              Long time member @ Apolyton
                              Civilization player since the dawn of time

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                              • #30
                                I'm going to start hording sticks
                                Monkey!!!

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