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Freeze-Frame Radio -> Freeze-Frame Radio Lounge -> Home prices drop again.
Post Info TOPIC: Home prices drop again.
Jeremy Riggs


Do I look a little pale to you?

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Home prices drop again.
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I can TOTALLY see this in my neighborhood.  It's getting embarassing.  Every block has atleast 3 houses for sale.

They started out a year ago with normal signs.  Now they've added all kinds of extra signs like "Rent to own", "NO DOWN PAYMENT", and so on.  People are getting desperate to unload their homes and the price just keeps dropping.

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NEW YORK - Sales of existing homes, depressed by turmoil in credit markets, fell for a sixth straight month in August, pushing activity to the lowest point in five years, an industry trade group said Tuesday. A separate report showed that t he nationwide decline in home prices accelerated in July, posting the steepest drop in 16 years.


Home prices have fallen by more every month since the beginning of the year, according to the S&P/Case-Shiller home price index released Tuesday.


Sales of existing single-family homes dropped by 4.3 percent in August from July, the National Association of Realtors said. Sales dropped to a seasonally adjusted rate 5.5 million units a year, the slowest pace since August 2002.



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JD The Jazz Doctor


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This is scary. I always get told about how good it is to invest in a house. I think I'll stay put for awhile...hmm

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Jeremy Riggs


Do I look a little pale to you?

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I think (in fact I'm hoping) this is a long-term deal.

Twenty years ago housing was reasonable.  I remember my uncle who had already bought two houses telling me it would be cheaper for me to buy a house and pay mortgage than it was the pay rent.

That's no longer true.  The last two decades housing prices have skyrocketed out of control.

A crappy little 1,000 square foot home is going for 150,000 when it used to go for 60k - 80k just 15 years ago.  That's a pretty steep inflation rate!


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JD The Jazz Doctor


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lol I blame Web.smile

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"And like Web, I enjoy throwing JR under the bus.  Problem is, it's usually under the special bus that I ride every day". Ghostdancer 12-18-09
MzHartz


Permanent Vacation



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Yep, we've decided to rent for a while too. We have friends paying the same monthly payment on their house for about half the space as we have in our townhouse. And where everything seems to be breaking in our house lately, we just call the maintenance guys. But our friends have had to buy a new washer, dryer, and stove since they moved in.

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Jeremy Riggs


Do I look a little pale to you?

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That's the other nice thing about renting Mz. I LOVE that I have no expenses.

Landlady has had to put on a new roof, new central air and new furnace in the last three years! All my rent money in the last three years went just to those expenses!

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Sparky


Phat Cat EL Presidente

    



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We got a great deal on our house, we love it! Right now being a landlord myself (hopefully temporarily) we are getting money each month that isn't counting against the purchase of the house. It almost feels dirty knowing they aren't getting anything other than room and board for their money.

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Jeremy Riggs


Do I look a little pale to you?

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Bah!

Nothin' to feel bad about!

That's how people become financially set. I wish I'd have had a brain in my head and bought some duplex's when I was younger. I have kids in my family that are 24 and buying their third duplex already. The tenants are basically making the payments for the homes and in 30 years they'll own em' free n' clear without really spending much to get em.

Smart kids.

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Jules


The Wonder From Down Under

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Snap them up when the prices are down!  You'll eventually come out ahead!  I bought a house in an upmarket area in Brisbane back in 1995 dirt cheap at $120,000 when prices dropped!  A beautiful 3 bedroom traditional queenslander house with a verandah stretching right around it and heaps of character!  Last year when I sold it to move here I sold it for just over $465,000 with no renovations done!  I is happy enough with that! smile

My house was very similar to this one!  Just a little more aged!

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ghostdancer


Ghost In The Machine

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While I can understand that it's scary to buy a home, the reality is that right now is the time to buy.  Prices are falling dramatically, the market is flooded with homes which makes it a buyer's market.  A buyer now has the leverage to get the exact home that he/she wants at a price he/she is willing to pay.  If someone has a home for sale that you like but the price is a little more than you'd be willing to pay, there is pressure on the seller to negotiate because the potential buyer can walk away and find another at the price he/she is willing to pay.  Sparky and Allycat were very smart to buy their new home at this time....they got what they wanted at the price they were willing to pay.  That wasn't possible a few years ago.......I'm sure their new home would have cost them much more back then. 


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