Real Estate Journey

[w¡n9Nµ7 §£@¥€r 123]

LaL.. ignore the news clips, reporters are dumbshits.

Check out the excel spreadsheet I posted in the other thread, with the Case Schiller raw data. Do your own interpretation, don't let some AP assh0le interpret for you.

[chri'stina 190]

Just saw this this morning.....It mentions Tampa area.....

Nine metropolitan cities — Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington, D.C. — posted record lows in May. And the value of housing in Detroit is now lower than it was in 2000.

But a possible bright spot in an otherwise dismal report, seven metros — Tampa, Fla., Boston, Detroit, Minneapolis, New York, Dallas and Atlanta — showed smaller annual declines.

source

I have been sent these little news clips for most of the 8 months my house has been on the market. All I know is my comps started out at 200K Dec 2007 and are all now hovering around 135K as of July 2008. Buyers are scarce and I am competing against those who *have* to sell - therefore dropping the price 10K per month or so. Average -35%

I guess they must have been talking about that or something similar on local news a few nights ago. They said Tampa is slightly doing better in home sales since May-but it's because prices have gone down down down.

Sujeet and I were just discussing last night our dismal feelings on this whole subject.

I feel your pain Stina

I can't imagine the frustration you must be feeling with it already for sale.

I have to be thankful though that we can afford our mortgage so we aren't worried about that or foreclosure like so many are going through. But we just know we won't be able to move anywhere soon and we feel so stuck. We can make it here, but we just don't want to. We wish we just kept renting sometimes.

[LaL 418]

LaL.. ignore the news clips, reporters are dumbshits.

Check out the excel spreadsheet I posted in the other thread, with the Case Schiller raw data. Do your own interpretation, don't let some AP assh0le interpret for you.

hehe - that's kinda the stance I have on them. I have been getting them so long - and there is always "a bright spot on the hoizon". Each & every time. To me - it seems that the are written to try to tell buyers BUY NOW and nothing else. It certainly does not reflect my reality of the situation.

Edited July 29, 2008 by LaL

[w¡n9Nµ7 §£@¥€r 123]

Do you remember that hack Ara Hovnanian's statement from late 06 that we're "bouncing on the bottom"?

[chri'stina 190]

I also wonder when the ppl on the news say "now is a great time to buy" if they are just saying that and it's not true. Not to say I don't want your house to sell LaL or mine in the future, but I mean from a different standpoint. How can people afford to buy now just because the prices went down somewhat? I think they pressure people to get into the market who aren't ready for it, people who are inexperienced with buying who don't know what they are getting in to.

[w¡n9Nµ7 §£@¥€r 123]

I think they pressure people to get into the market who aren't ready for it, people who are inexperienced with buying who don't know what they are getting in to.

[LaL 418]

I think they pressure people to get into the market who aren't ready for it, people who are inexperienced with buying who don't know what they are getting in to.

That is another issue. Getting a loan is snapping back tighter & tighter. Not only is the market flooded, but less people qualify in the backlash of poor ideas based on greed.

Do you remember that hack Ara Hovnanian's statement from late 06 that we're "bouncing on the bottom"?

No, but I have heard similar statements. Unless this one is some out there interpretation - they all say the same thing.

[kaydee457 13]

Just saw this this morning.....It mentions Tampa area.....

Nine metropolitan cities — Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington, D.C. — posted record lows in May. And the value of housing in Detroit is now lower than it was in 2000.

But a possible bright spot in an otherwise dismal report, seven metros — Tampa, Fla., Boston, Detroit, Minneapolis, New York, Dallas and Atlanta — showed smaller annual declines.

source

I have been sent these little news clips for most of the 8 months my house has been on the market. All I know is my comps started out at 200K Dec 2007 and are all now hovering around 135K as of July 2008. Buyers are scarce and I am competing against those who *have* to sell - therefore dropping the price 10K per month or so. Average -35%

I guess they must have been talking about that or something similar on local news a few nights ago. They said Tampa is slightly doing better in home sales since May-but it's because prices have gone down down down.

Sujeet and I were just discussing last night our dismal feelings on this whole subject.

I feel your pain Stina

I know Tampa's taken a beating but the point is that it's stabilizing now as other areas continue to fall, and hard......

I'm in exactly the same situation you're in at this moment concerning my home in Chicagoland. We didn't fall as much as Tampa (we're at around -9%) but even so I'm going to have a tough time getting enough to break even........

I'm probably going to walk away with a loss. My only consolation is that I got a deal in Spring Hill Fl....

There are going to be people shopping arund soon, particularly first time buyers as they're going to get a tax break of $7500 bucks.

I bought there in that area (Spring Hill) because I knew the prices probably aren't going any lower.....and they're not.

I have to admit that I bought by choice and not because I need to relocate. If I were in your situation and I had to relocate due to job, then 20% loss would be a hard pill to swallow!

As of now I'm just hanging in on the job for as long as it takes to sell then I'm out'a here (retired!!)...The home in Florida is just vacant at this time and will be until I sell in Chicagoland.

[LaL 418]

After 15 months, I have a contract pending. If this pans out - I am off 37.5% lower than listed in Dec 07.

[Tsup2 0]

I put realtors in the same category as lawyers. Of course there are exceptions but in my experience they are out to serve themselves. They won't point out disadvantages to any property and try to get the max selling price whether they are listing or buyers agents to increase their commission. I sold my last house in August 2007. They were first time homebuyers and it was obvious their agent was leading them around by the nose. They overpaid and the Realtor got her 3% commission. Of course they helped create the current financial crisis by encouraging people to accept "creative financing" etc. I wont buy another house and will rent until such time as I can retire overseas. I get satisfaction that alot of real estate people have had to find another line of work. What goes around comes around.

[dalegg 143]

I also wonder when the ppl on the news say "now is a great time to buy" if they are just saying that and it's not true. Not to say I don't want your house to sell LaL or mine in the future, but I mean from a different standpoint. How can people afford to buy now just because the prices went down somewhat? I think they pressure people to get into the market who aren't ready for it, people who are inexperienced with buying who don't know what they are getting in to.

Yes, the notion that we are "at all time lows" is malarky. That may be true in select situations- like that Detroit area, but overall not so. I just had my house reappraised and I am still 50% higher than when I bought it 6 years ago.

Nationally, it is the same. We actually still have a bit of a fall to make before we are even back to nominal levels. This graph is good through 4th qtr 2008:

[Ban Hammer 12,842]

After 15 months, I have a contract pending. If this pans out - I am off 37.5% lower than listed in Dec 07.

I also wonder when the ppl on the news say "now is a great time to buy" if they are just saying that and it's not true. Not to say I don't want your house to sell LaL or mine in the future, but I mean from a different standpoint. How can people afford to buy now just because the prices went down somewhat? I think they pressure people to get into the market who aren't ready for it, people who are inexperienced with buying who don't know what they are getting in to.

Yes, the notion that we are "at all time lows" is malarky. That may be true in select situations- like that Detroit area, but overall not so. I just had my house reappraised and I am still 50% higher than when I bought it 6 years ago.

Nationally, it is the same. We actually still have a bit of a fall to make before we are even back to nominal levels. This graph is good through 4th qtr 2008:

it looks like housing prices are about where they were in 2004.

[dalegg 143]

After 15 months, I have a contract pending. If this pans out - I am off 37.5% lower than listed in Dec 07.

I also wonder when the ppl on the news say "now is a great time to buy" if they are just saying that and it's not true. Not to say I don't want your house to sell LaL or mine in the future, but I mean from a different standpoint. How can people afford to buy now just because the prices went down somewhat? I think they pressure people to get into the market who aren't ready for it, people who are inexperienced with buying who don't know what they are getting in to.

Yes, the notion that we are "at all time lows" is malarky. That may be true in select situations- like that Detroit area, but overall not so. I just had my house reappraised and I am still 50% higher than when I bought it 6 years ago.

Nationally, it is the same. We actually still have a bit of a fall to make before we are even back to nominal levels. This graph is good through 4th qtr 2008:

it looks like housing prices are about where they were in 2004.

Yes, so if you bought your house in 2005-2007 (which you shouldn't have done) you would be looking at serious losses by selling now, but other than that-eh.

I saw a commentator on the news talking about this in rebuttal to the government plans to save the housing industry. He made the point that- hey, given every thing that's going on, do we really need to "Save" an industry that is still 10% above nominal value??

[Ban Hammer 12,842]

it looks like housing prices are about where they were in 2004.

Yes, so if you bought your house in 2005-2007 (which you shouldn't have done) you would be looking at serious losses by selling now, but other than that-eh.

I saw a commentator on the news talking about this in rebuttal to the government plans to save the housing industry. He made the point that- hey, given every thing that's going on, do we really need to "Save" an industry that is still 10% above nominal value??

i bought in mid 2003, so i should be ok.

[LaL 418]

Closed today. Wound up at 37% off my original listing price after 16 months on the market.