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Basically if you bought in the last 4 years, like I did, these are trying times unless you had a huge down.
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Try http://wordforge.net/index.php for discussion and debate. -
Oh, and made Mad Monk just bought a place outside Kansas City. I hope things go well for him because it sounds like a really great place and I liked him when we met for beers in NYC. I'm afraid the details of that meet are a bit fuzzy for me though as the German beer was flowing quite freely. I have been told that KH some how talked me into (badly) singing the Canadian national anthem though.Try http://wordforge.net/index.php for discussion and debate.Comment
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No that was me, and it was "My Country Tis Of Thee" in a duet on the sidewalk.
As the others ran for the cabs.No, I did not steal that from somebody on Something Awful.Comment
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Like I said that German beer made things a bit fuzzy by the fourth or fifth tankard.
Try http://wordforge.net/index.php for discussion and debate.Comment
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Why are you in trouble? If you do not indend to leave for a while you should be able to wait out the slump until your property recovers some of it value, maybe all.Basically if you bought in the last 4 years, like I did, these are trying times unless you had a huge down.
You didn't take a loan out on your equity did you?"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.Comment
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Not intending to leave and I can make the payment but it is demoralizing. Just like it sucks not being able to refinance because what I owe on the house is in excess of the current market value. Especially since I put a nice fat down payment amounting to most of the money I had on Earth.Try http://wordforge.net/index.php for discussion and debate.Comment
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Good news!
I'm not as far along as Patroklos, but if housing prices come down I might reasonable dream of owning one myself eventually.Scouse Git (2) La Fayette Adam Smith Solomwi and Loinburger will not be forgotten.
"Remember the night we broke the windows in this old house? This is what I wished for..."
2015 APOLYTON FANTASY FOOTBALL CHAMPION!Comment
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Housing market in Canada don't seem to be affected(yet?) by your crisis.
Which is a good news for my dad and mom...
From StatCan:
The cost of new housing accelerated for the second month in a row in January, the result of a strengthening housing market in the Atlantic and Prairie provinces.
Nationally, contractors' selling prices rose 6.5% between January 2007 and January 2008, a faster pace than the year-over-year increase of 6.2% in December. These back-to-back increases followed 16 months in which the gains in new housing prices had been decelerating.
On a monthly basis, prices rose 0.6% between December and January, resulting in a New Housing Price Index of 157.6 (1997=100).blehComment
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@Dans
Do you know what is the value of the USA Housing Price Index?blehComment
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This is not good news. As Che stated, lower house prices means the economy is doing poorly, which means that fewer people will be owning homes. Like I pointed out earlier, more home building means more home owning. Since more homes aren't being built, this is bad.Originally posted by Ben Kenobi
Good news!
I'm not as far along as Patroklos, but if housing prices come down I might reasonable dream of owning one myself eventually.I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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It will be though, especially out here in BC. We have had bubble prices for a long time, like a million bucks for a one story bungalow in Point Grey.Housing market in Canada don't seem to be affected(yet?) by your crisis.
Which is a good news for my dad and mom...Scouse Git (2) La Fayette Adam Smith Solomwi and Loinburger will not be forgotten.
"Remember the night we broke the windows in this old house? This is what I wished for..."
2015 APOLYTON FANTASY FOOTBALL CHAMPION!Comment
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I don't know that index. Sorry.Originally posted by CrONoS
@Dans
Do you know what is the value of the USA Housing Price Index?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, 1891Comment
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It's bad news if you bought at the height of the bubble. What it means for the rest of us is that the money we have is now worth more, it can buy more house for the same amount of money.This is not good news.
It depends on where you are. If you are in California, or either coast, anywhere the bubble has really taken off, then you are in trouble.As Che stated, lower house prices means the economy is doing poorly
The thing you have to realise, is that they are fewer of us, then there are of you. There will be less demand for houses just because they are less people in my generation then yours.
It's natural that the prices are finally coming down because they were not sustainable, and neither was this oversupply of houses. What is going to happen is that the prices are going to fall until they are brought in line with what they are actually worth.
True, more homebuilding results in more houses owned, if and only if the current supply of houses is less then the demand of houses.Like I pointed out earlier, more home building means more home owning. Since more homes aren't being built, this is bad.
If the current demand for houses is less then the supply, then construction will stop until the two come in line again.Scouse Git (2) La Fayette Adam Smith Solomwi and Loinburger will not be forgotten.
"Remember the night we broke the windows in this old house? This is what I wished for..."
2015 APOLYTON FANTASY FOOTBALL CHAMPION!Comment
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Home ownership is not an indicator of economic success, as this bubble is clearly showing. The simple fact is homeownership is declined becasue millions who had no buisness owning homes (or at least the homes they did at the price they bought them at) were alowed to do so.This is not good news. As Che stated, lower house prices means the economy is doing poorly, which means that fewer people will be owning homes. Like I pointed out earlier, more home building means more home owning. Since more homes aren't being built, this is bad.
They were prestige buys. I bet the wish they had decided to buy a Rolex instead and invested the rest of their their money wasted on a too big house they couldn't afford instead."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.Comment
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Low home prices isn't just an effect of a poor economy, it's also a cause. Consumers spend much less money when the price of their home decreases. Sure some people don't own houses, but the spending effect of those people is minimal compared to the effect of the spending of homeowners, and generally their income is lower.Originally posted by Ben Kenobi
It's bad news if you bought at the height of the bubble. What it means for the rest of us is that the money we have is now worth more, it can buy more house for the same amount of money.
California especially, but California is a huge part of the US economy, and generally the US economy will follow the California economy, although it's not a certainty. In this case the recession will reach into the whole US economy.
It depends on where you are. If you are in California, or either coast, anywhere the bubble has really taken off, then you are in trouble.
Hey! I'm a generation X'er, not a boomer!The thing you have to realise, is that they are fewer of us, then there are of you. There will be less demand for houses just because they are less people in my generation then yours.
What makes you guys think that people aren't going to speculate on home prices like they did before.It's natural that the prices are finally coming down because they were not sustainable, and neither was this oversupply of houses. What is going to happen is that the prices are going to fall until they are brought in line with what they are actually worth.
You missed my point though. More houses will be built when prices are stable. Then both consumers and builders can make better decisions.
True, more homebuilding results in more houses owned, if and only if the current supply of houses is less then the demand of houses.
If the current demand for houses is less then the supply, then construction will stop until the two come in line again.I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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