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Home prices expected to go a lot lower--$ Not good I guess?

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Home prices expected to go a lot lower--$ Not good I guess?

Old 11-01-2011, 04:47 AM
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Bly
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Default Home prices expected to go a lot lower--$ Not good I guess?

Meanwhile banks are sitting on piles of free govt cash and piles of foreclosed mortgages and homes that they refuse to try and sell off because of confirming loss and stupidity. Yet know one goes to jail?http://money.cnn.com/2011/10/31/real....htm?hpt=hp_t2
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Old 11-01-2011, 05:06 AM
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Well it said the average was another 3% which does not sound like a whole lot to me...
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Old 11-01-2011, 05:54 AM
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Originally Posted by Flot View Post
Well it said the average was another 3% which does not sound like a whole lot to me...
It also said that banks are sitting on a large,No it said a very large number of homes that they refuse to flood the market with and drive the home prices down even more???? You do not see the end result that eventually they have to unload them?
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Old 11-01-2011, 07:04 AM
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and there is a boat load of cash waiting to pounce.... let the market flood and investors will scarf em up ....

Stop propping up the market and we will get out of this sooner....
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Old 11-01-2011, 09:17 AM
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Originally Posted by Bly View Post
It also said that banks are sitting on a large,No it said a very large number of homes that they refuse to flood the market with and drive the home prices down even more???? You do not see the end result that eventually they have to unload them?
The banks are really turning their focus to default judgements. Read in the Wall Street Journal 41 of 50 states have given the green light to order judgements.
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Old 11-01-2011, 02:31 PM
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Originally Posted by triplenet View Post
and there is a boat load of cash waiting to pounce.... let the market flood and investors will scarf em up ....

Stop propping up the market and we will get out of this sooner....
Bingo. It will drive prices down lower, but we'll start climbing back up quicker than if they slow bleed them into the market.
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Old 11-01-2011, 10:06 PM
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Originally Posted by Insteada View Post
Bingo. It will drive prices down lower, but we'll start climbing back up quicker than if they slow bleed them into the market.

But it presumes a return to the "old ways" of doing business -- the whole Ponzie scheme of things. Me things the tide is changing, a new way of doing business is needed, one that doesn't depend on more people coming in to shore up the ones that are already in.
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Old 11-01-2011, 11:32 PM
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Banks are sitting on the cash and finding new ways to charge their customers. My free Regions business account had a $15 fee last month. They said they sent a flyer about it. I said goodbye....
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Old 11-02-2011, 03:49 AM
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Well, i'm screwed even more being in Fort Myers!
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Old 11-02-2011, 06:38 AM
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Originally Posted by Mr. Demeanor View Post
Banks are sitting on the cash and finding new ways to charge their customers. My free Regions business account had a $15 fee last month. They said they sent a flyer about it. I said goodbye....

where did you go? I noticed the same thing..
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Old 11-02-2011, 06:47 AM
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Originally Posted by TravHale View Post
where did you go? I noticed the same thing..
My personal account is with the credit union in Illinois I bleonged to when I was employed there. I called up, spoke to Daniel who I have known for 14 years, and she said they would love to have my business account. No fees.
I have two business accounts with Regions so it would have been $30/month and I just cant justify it. The bank lobby is never opene when I need it and I do everything over the net anyway.

I called Chase and they were even worse. Chase does my credit card processing so I checked with them but they wanted a $5000 minimum balance to not have a fee and my wife and I are on a plan to pay off EVERYTHING we own and get out from under the banks. Not that we are in bad shape, just our plan. We just refied both houses as well.
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Old 11-02-2011, 12:00 PM
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Nationally, real estate prices pretty much have to go lower because of the over-supply and the number of foreclosures. How much lower is anyone's guess, but prices won't start to rise until the supply/demand ratios change. Demand will remain low as long as unemployment remains high. There are some locales where valuations are more solid, but they are not the norm. In many cases, a 2 or 3 year lease makes more sense than buying a depreciating asset.
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Old 11-02-2011, 12:22 PM
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Originally Posted by SurfFishLife View Post
Nationally, real estate prices pretty much have to go lower because of the over-supply and the number of foreclosures. How much lower is anyone's guess, but prices won't start to rise until the supply/demand ratios change. Demand will remain low as long as unemployment remains high. There are some locales where valuations are more solid, but they are not the norm. In many cases, a 2 or 3 year lease makes more sense than buying a depreciating asset.
How do explain it when you're in an area of traditionally high demand properties, with no foreclosures or short sales, and things still aren't selling?
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Old 11-02-2011, 12:46 PM
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Originally Posted by OldPete View Post
How do explain it when you're in an area of traditionally high demand properties, with no foreclosures or short sales, and things still aren't selling?
No jobs no real estate appreciation. Income is the primary force albeit discretionary income. Outside of a kitchen bedroom and bathroom a typical family has what it needs and in these days feels fortunate to have that. Anything above that is wants and not needs.

Takeaway 42% of the jobs people 55 (30+% overall) and older had and those wants become a distant thought.

You need buyers and equity to move the needle in real estate and the last 4 years in this country those 2 items have been nil to zero for many who helped drive prior real estate markets.
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Old 11-02-2011, 01:16 PM
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Originally Posted by magua View Post
No jobs no real estate appreciation. Income is the primary force albeit discretionary income. Outside of a kitchen bedroom and bathroom a typical family has what it needs and in these days feels fortunate to have that. Anything above that is wants and not needs.

Takeaway 42% of the jobs people 55 (30+% overall) and older had and those wants become a distant thought.

You need buyers and equity to move the needle in real estate and the last 4 years in this country those 2 items have been nil to zero for many who helped drive prior real estate markets.
Plenty of jobs in the area... "Starter Home" community. Houses are being expanded and renovated as we speak. ZERO foreclosures and ZERO short sales...
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Old 11-02-2011, 01:35 PM
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Originally Posted by OldPete View Post
Plenty of jobs in the area... ..

Interesting
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Old 11-02-2011, 01:47 PM
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Pete is in S.FLA.... The RE market down here has some strength to it - not robust by any means - but there is a ton of demand when homes are priced right...

Now lets see if there is a "shadow inventory" or not.... If not, then I think certain markets we stabilize and appreciate somewhat next year....

What was the questions again??
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Old 11-02-2011, 01:50 PM
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Originally Posted by SurfFishLife View Post
Nationally, real estate prices pretty much have to go lower because of the over-supply and the number of foreclosures. How much lower is anyone's guess, but prices won't start to rise until the supply/demand ratios change. Demand will remain low as long as unemployment remains high. There are some locales where valuations are more solid, but they are not the norm. In many cases, a 2 or 3 year lease makes more sense than buying a depreciating asset.
Interest rates are low.... 3 years from now I bet the Avg 30 year fixed is over 7%.... Thats a 300 bps spread from today..... If I were looking to buy - it would be now - and I would lock in the longest fixed deal I could find...
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Old 11-02-2011, 02:08 PM
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Originally Posted by triplenet View Post
Pete is in S.FLA.... The RE market down here has some strength to it - not robust by any means - but there is a ton of demand when homes are priced right...

Now lets see if there is a "shadow inventory" or not.... If not, then I think certain markets we stabilize and appreciate somewhat next year....

What was the questions again??
Actually, the location I'm talking about is a NJ suburb of NYC -- a property I've been trying to divest myself of... I don't think there are any areas in S. FL that don't have any shorts and/or foreclosures... sorry I wasn't clear on that when I posted.

Originally Posted by triplenet View Post
Interest rates are low.... 3 years from now I bet the Avg 30 year fixed is over 7%.... Thats a 300 bps spread from today..... If I were looking to buy - it would be now - and I would lock in the longest fixed deal I could find...
I agree with you 100%. Yet I'm doing a 15 year. Why? I don't know. But I just am. However, I can tell you that the banks are pretty eager to lend on 15 year deals. Not so much on 30 year deals... at least that is what it seems like...
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Old 11-02-2011, 02:11 PM
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I HOPE they drop more in my area.
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