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What Housing Bubble?

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I keep hearing that the housing bubble is going to burst. Or that it has bursted and home pricing are coming down. Well, my next door neighbor put his house on the market and he had 2 people in a bidding war within 3 days. Most the houses around here are on the market for 2 weeks tops. In todays paper, it was reported that the median price of homes sold in my county, Williamson County, Tennessee increased some 16% over last year to $380,000. If the housing bubble has busted, I sure cant tell! What about your area?

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I keep hearing that the housing bubble is going to burst. Or that it has bursted and home pricing are coming down. Well, my next door neighbor put his house on the market and he had 2 people in a bidding war within 3 days. Most the houses around here are on the market for 2 weeks tops. In todays paper, it was reported that the median price of homes sold in my county, Williamson County, Tennessee increased some 16% over last year to $380,000. If the housing bubble has busted, I sure cant tell! What about your area?

 

Prices have come down a little bit, or at the very least have stayed the same. There are a few houses in my area that have been up for sale for several months now.

 

I'd venture a guess that the median price here though is mid 600's though. Maybe less if you include all of the City of Orange, but probably still close to the high 500's

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We're closing on the sale of our home on Friday for a price nearly 10% above the highest recorded sale in our small and non-exclusive subdivision.

 

Then, towards the end of the month, we're closing on the sale of the rental home we've owned after having it on the market for a little over two weeks after coming off our asking price only 2.5% (thought we were going to have three competing offers, but at the last minute, for reasons that aren't completely known, two buyers who said they were going to write an offer decided not to).

Edited by muck

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try living in one of the areas that is ranked in our nation's top 5 foreclosure rates..... prices are starting to really tumble here. A new subdivision by us released a dozen homes for sale. Price dropped about $30k and incentives added too.

 

 

Housing Bubble??

Edited by boat_hacked

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There will be a TON of promotional ARMs that will come out of the low locked rate an into much higher percentage rate in the next couple of months. It has been speculated there will be a large amount of defaults soon thereafter from folks who should not have gotten the credit they did.

 

May result in a lot of forclosures.

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No good by me in southern nj ...prices still flat and homes not selling quickly at all

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I'm in the Detroit area, so yeah they've come down quite a bit. Selfishly I hope they stay that way for a year or so as I'm looking to upgrade.

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There are bazillion houses on the market here in Phoenix. And prices continue to drop slowly. Keep in mind that Chandler where I live had something like an average 34 % increase just a couple years ago. One of the largest increases in the country.

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Prices have come down a little bit, or at the very least have stayed the same. There are a few houses in my area that have been up for sale for several months now.

 

I'd venture a guess that the median price here though is mid 600's though. Maybe less if you include all of the City of Orange, but probably still close to the high 500's

 

How does your average schmuck even afford a mortgage on something like that. :D

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I'm in the Detroit area, so yeah they've come down quite a bit. Selfishly I hope they stay that way for a year or so as I'm looking to upgrade.

Lansing's not much better. We were looking at moving a year or two ago. We finished off our basement instead. Turns out that we made the right decision.

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Lansing's not much better. We were looking at moving a year or two ago. We finished off our basement instead. Turns out that we made the right decision.

I figure the equity I lose in my current home due to the market I will more than make up in the lower price of the bigger house when I take the plunge.

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In the Grand Rapids area, the median price of a home dropped by 8% two years ago and another 6% last year (not including incentives that people are beginning to offer). We are looking to buy a home after we get back from Germany in 11 months and if things keep going like this, maybe somebody will pay me to take their house.

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Princes are flat, or are increasing very little. Only about 1/3 are getting more than asking. Median house prices have gone up in Santa Clara County, though, to $790,000 for resold homes. Volume is way down, though.

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Housing sales are in the toilet up here. Houses are on the market WAY longer than before and prices are down.

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I keep hearing that the housing bubble is going to burst. Or that it has bursted and home pricing are coming down. Well, my next door neighbor put his house on the market and he had 2 people in a bidding war within 3 days. Most the houses around here are on the market for 2 weeks tops. In todays paper, it was reported that the median price of homes sold in my county, Williamson County, Tennessee increased some 16% over last year to $380,000. If the housing bubble has busted, I sure cant tell! What about your area?

 

 

They must have had a Realtor.

 

:D

 

My local township area was +3-5% the last two years and stagnant to falling this year.

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Here in Los Angeles it just depends on how desirable of an area you are in. There's a lot of money in these parts so people will pay for what they really want and on the west side of town you don't have to really deal with new developments from KB Homes, etc. Land is at a premium. That said, it's slowed down a bit and houses which are in a little less desirable shape take a while longer to sell especially if people are trying to sell them for way too high of a price thinking that people are still in the frenzy at 2007 as they were around 2002-2005.

Edited by TDFFFreak

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We're seeing houses on the market longer and a lot more of them. Prices haven't started dropping right but if this continues, they will.

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its flat and going down fast here... many many houses new and old sitting for months if not more than a year to sell... the ones that do price low to get out fast... its a buyers market in the Midwest for sure... many many construction co's in big doodoo.... going to be alot of tools and trailers for sale soon...

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We're seeing houses on the market longer and a lot more of them. Prices haven't started dropping right but if this continues, they will.

 

Same here in SmallTown Missouri. And new construction for single family homes is waaaaaaaay down. We have a family owned lumberyard/hardware store here and the owner told me yesterday they have exactly one new housing start so far this month.

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As stated by my fellow Michigander brethren, Michigan housing prices have been flat to dropping. Midland, where I am, is so overly-influenced by Dow Chemical and Dow Corning, though, that they are somewhat independent of the rest of the state. Housing prices are actually recovering a bit here, because Dow and Dow Corning have been hiring. There's a new coal-fired power plant being sited here, too. The rest of the Michigan economy sucks balls, though.

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I'm in the Detroit area, so yeah they've come down quite a bit. Selfishly I hope they stay that way for a year or so as I'm looking to upgrade.

 

 

i flew to detroit last friday to meet up with my wife at the in-laws. waiting for the southwest flight, i overheard 4 people talking about how they now work in chicago and cant sell their places in detroit. so they commute on the weekends. i had to do that for only a month, thankfully we sold within a few months.

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this out this morning........

 

NEW YORK (Reuters) - Stocks slid on Tuesday as the subprime mortgage crisis escalated, undermining banking shares, while Home Depot Inc. (NYSE:HD - News) and other housing-related companies lowered their outlooks.

 

Home Depot Inc. (NYSE:HD - News), the largest U.S. home improvement chain, cut its 2007 earnings outlook, citing fallout from the housing slump, while D.R. Horton Inc.(NYSE:DHI - News), the largest U.S. home builder, forecast a third-quarter loss.

 

"The subprime issue is probably a bigger thing, with more developments to come," said Ryan Crane, senior portfolio manager at Stephens Capital Management in Houston. Subprime loans are made to borrowers with spotty credit histories.

 

http://biz.yahoo.com/rb/070710/markets_stocks.html?.v=16

 

market was down over a hundo today.

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As stated by my fellow Michigander brethren, Michigan housing prices have been flat to dropping. Midland, where I am, is so overly-influenced by Dow Chemical and Dow Corning, though, that they are somewhat independent of the rest of the state. Housing prices are actually recovering a bit here, because Dow and Dow Corning have been hiring. There's a new coal-fired power plant being sited here, too. The rest of the Michigan economy sucks balls, though.

Lansing is helped by state government and Michigan State University, but GM closed down a couple of plants here. My small town has never been a real estate hot bed. Most people don't want to move way out in the sticks.

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Lansing is helped by state government and Michigan State University, but GM closed down a couple of plants here. My small town has never been a real estate hot bed. Most people don't want to move way out in the sticks.

 

 

i would think in lansing, if you were close enought to the campus, you could rent your place to students if it didnt sell.

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i would think in lansing, if you were close enought to the campus, you could rent your place to students if it didnt sell.

Yes. Most student houses are fairly close to campus... and the city of East Lansing has pretty strict zoning rules for rentals. A buddy of mine tried to rent out his place, and the city of EL was all over him.

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