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balducci Loyal user Canada 227 Posts |
This is getting kind of personal, and perhaps many people won't want to share their personal case histories, but is anyone here suffering from the so-called "housing slump" in the States? Has anyone here had to sell their home at a loss, or recently had their home foreclosed, etc.?
I'm curious to hear how widespread these things are, in order to get a better idea as to whether a housing slump is a real risk to the economy, etc. Here are two cute links related to this topic: http://iamfacingforeclosure.com/ http://www.youtube.com/watch?v=kUldGc06S3U Also, as we are discussing real estate, has anyone here any experience with property in Panama, near Panama City? I have an opportunity to go in on an investment property down there, with someone who has given me some very excellent financial advice in the past. So I'm curious to hear about Panama from people with first hand knowledge.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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Josh the Superfluous Inner circle The man of 1881 Posts |
In Michigan things are terrible. I've had my house up for 3 months, for $30,000 less than what comparable houses on my block sold for 8 years back. There has been no interest. Some neighborhoods hold rows of foreclosed houses, sitting vacant. Some houses on my block have been for sale for 3 years.
What do you want in a site? "Honesty, integrity and decency." -Mike Doogan
"I hate it, I hate my ironic lovechild. I didn't even have anything to do with it" Josh #2 |
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kregg Inner circle 1950 Posts |
Josh,
As a Michigan boy, I can tell you, Michigan is always terrible! It is dependent on manufacturing in a hostile business environment. I couldn't afford to invest in Michigan, so I moved to a pro-business, right-to-work state. "Democrats are proposing that iPods and other MP3 players be given to every child in Michigan, according to an editorial in the Detroit Free Press. The party's state house speaker Andy Dillon suggested the idea as part of a larger spending bill, suggesting that it would help students learn. The idea has already triggered a major controversy in the state for the cost it would inflict on the already ailing government, taking $38 million away from Michigan's budget when the territory faces a $600 million deficit this year and an even greater $2.1 billion gap in 2008."
POOF!
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Payne Inner circle Seattle 4571 Posts |
We're in a slump here in Seattle as well. According to Zillow my house has lost over 20,000 dollars in value in the last 30 days. the paper earlier this week says that the slump here is over and prices should start crawling back up to their ridiculously outrageous levels.
Fortunately we bought our house nearly twenty years ago for under 90,000. Today it's worth nine times that even with the 20,000 dollar hit Zillow says I took.
"America's Foremost Satirical Magician" -- Jeff McBride.
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kregg Inner circle 1950 Posts |
Under the circumstances, it'd be like boasting about a great party to say how much we made when we sold our last house. But, when we finally closed on the house we'd just built, the new house had already appreciated $400K. I could have flipped it at the closing table.
The rise in most market's were definitely a classic case of blind exuberance. It reminds me of the dot-com boom/bust of the 90's. Nobody saw that coming (inject sarcasm). The lesson is simple, don't get emotionally attached to real estate, if the market appreciates to the point that you can make a killing, tax free after two years, take the money and run.
POOF!
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bcookmagic Elite user seattle wa 472 Posts |
Hey there folks, As someone in the industry I can tell you that this is fairly normal. The housing market will always fluctuate up and down. The issues right now is that the sub prime market is in trouble which effects all of us. In the last 4 months over 30 sub-prime lenders have folded up shop. What this means is that more people cant afford the loans they took out because they are adjusting forcing them to sell short or even get forclosed on. This is flooding the current housing market driving down the prices of everyones homes. I know every market will be different according to local trends and the local economy. The fed isn't helping either by contadicting themselves and forcing the consumer to panic. This is the real shorten version...many will call this a much needed correction to the housing market. I think in the next six months you will see things quieting down. Brian
If your not having fun doing what your doing....dont do it!
WWW.BRIANCOOKMAGIC.COM |
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balducci Loyal user Canada 227 Posts |
Quote:
On 2007-04-11 19:52, bcookmagic wrote: Nothing wrong with ordinary market variabilility. But when I see a picture like the one below, I have to wonder if the recent years' up move might not be a wee bit out of the ordinary.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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Harry Murphy Inner circle Maryland 5444 Posts |
Things seem fine in Maryland and Washington, D.C. I just sold a house for well above the asking price (nice little bidding war!). If I survive the next couple of years I may be moving out of the country (at least out of Maryland, the tax structure sucks!).
The artist formally known as Mumblepeas!
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donsmagic Loyal user 258 Posts |
The housing bubble has definately burst here in Florida. I currently have my house on the market for over 100,000 less than a neighbor sold his for a little over a year ago. Compared to his house, my house is 166 feet bigger with a lot more upgrades. What's hurting us here besides the investors that wanted to "flip" the houses they bought are the homeowners insurance and the property tax.
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Chessmann Inner circle 4242 Posts |
My parents home was purchased in 1968 for 30,900. Sold last year for the asking price of $200k.
People in California could sell their home, buy a comparable home in Texas, and almost have enough leftover from the sale to retire.
My ex-cat was named "Muffin". "Vomit" would be a better name for her. AKA "The Evil Ball of Fur".
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Kip Stevens New user 85 Posts |
Hey guys, follow my lead. Live in a CARAVAN!!!
That way you don't need to be no worryin' about house prices. Just where you is gonna be gettin' some clean water from. I have no worries about money. Then again I don't worry about too much these days. I don't do too much. Over and out!! Kip |
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MagicSanta Inner circle Northern Nevada 5841 Posts |
I had to sell my house at a huge loss but not due to the market but due to a major illness my wife had. Having to care for her etc my lose of income over a year ago is about $90,000 a year and my total loss in the last 12 months about $350,000 put out to pay medical and other bills. Of course the clincher was my company that I worked for for 23 years decided to move out of California and I lost my job. Presently I'm over qualified for every job I'm qualified for and don't have the experience for those I'm not qualified for. I'm guessing I'll be working at Home Depot at the end of the year.
Oh, the topper of all this is my company was caught playing with stocks for their top level managers so the value of the stock is stagnant so all my shares are worthless and I'll be losing them in a few months if I don't cash them in, which I cannot do because of their value. On the bright side our CEO made over $60 million in bonus stock payout. |
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MagicSanta Inner circle Northern Nevada 5841 Posts |
In case anyone is keeping score the loss in stock value to me is around $70,000.
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balducci Loyal user Canada 227 Posts |
Quote:
On 2007-04-12 19:34, MagicSanta wrote: It just goes to show, that if you look hard enough there is always a silver lining. (Sorry to hear about the rest of it, though.)
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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balducci Loyal user Canada 227 Posts |
Well, the ****e is starting to hit the fan. World markets tumbled last week, on housing worries and turmoil in the credit markets. Mortgage apps are at a five month low. Foreclosure filings are skyrocketing. American Home Mortgage is shutting down, putting 7000 employees out of work. This week on the markets might be very interesting.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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MagicSanta Inner circle Northern Nevada 5841 Posts |
Did you know you have a fan club in the mountains of Pakistan?
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Big Jeff Loyal user 300 Posts |
I'm trying to get into home flipping but the market is so bad I'm going to wait.
I looked at some new homes that I looked at 2 years ago and they are down anywhere from 30-60k and the builders are offering discounts off those prices. 2 years ago there where waiting lists of 300+ and the houses where going up in price about 60k between the time they started building and the time they finished. |
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balducci Loyal user Canada 227 Posts |
Quote:
On 2007-04-11 19:52, bcookmagic wrote: So, it's almost one year later. If you are still here, what is your industry perspective at this time?
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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Josh Riel Inner circle of hell 1995 Posts |
The little armpit where I abide is oddly enough experiencing high times, our property values are growing. 13% by the last estimate. Obviously it is linked to the unemployment rate somehow.
So move to Yakima, our motto is "we just don't like you".
Magic is doing improbable things with odd items that, under normal circumstances, would be unnessecary and quite often undesirable.
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Harry Murphy Inner circle Maryland 5444 Posts |
Things are still strong in my area. My little town is experiencing a small boom! In fact we are one of the few counties in Maryland experiencing growth. New construction is going up and existing houses are selling for asking prices within a few months of going on the market. Baltimore has slowed just a tad but the prices are holding. The market has leveled state wide buy not to the extent that other states are reporting. Life is good here!
I am starting to look at places that are warm, have varied, diverse, and rich lifestyles, and where houses are not moving at all! Access to good medical is a must too! I'd sick around Maryland (Annapolis is one of the best places in the world it live!) but I'm tired of winter. As I mentioned months ago, Maryland is not tax friendly to its retirees (no I am not retired but could have done a year ago! I’ve got to find a place to go first!). Lucky for me I have a great credit rating and while modest, a good income (even after retirement). Maybe it’s back to El Paso for me! How about Las Vegas? Housing booming there still?
The artist formally known as Mumblepeas!
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