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Thread: Home price drops exceed Great Depression: Zillow

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    Obama's mortgage modification schemes have only prolonged the agony of delinquent borrowers and the real estate market.
    Spot on. Just want to add that the additional period of housing price depression will add to the length of the recession.
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Erod View Post
    Why is it the government encourages us to manage our money like them?
    why does anyone encourage others to make a bad investment, i'm sure you can figure this one out.
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    Obama's mortgage modification schemes have only prolonged the agony of delinquent borrowers and the real estate market.
    Bullseye, actually splitting the arrow in the center of the bullseye.

    In a normal market, people who cannot afford to buy... rent. And when the market starts tanking is the time to start buying and renting out these properties. With Obama screwing with the market, investors have a more difficult time estimating ROI... so prices tank further because those with the ability to buy aren't interested in a game where the rules are always changing and the future renters are being propped up by Obama.

    Usually this would be the time to start snapping up properties... getting steals, renting them for fair market value, making negligible ROI in the short term, and increasing rent as the market heats up. That combo is a hot one for making money, as the house prices will increase, someone will pay your bargain mortgage, and having bought the house for a bargain you'll have cash in hand monthly after all payments are made. Put some aside for repairs or the month or two when the house could be awaiting renters.. and you're laughing... usually.

    I'll wait a while longer... but if anyone is interested in investment properties... PM me.

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    Last edited by zimmer; 01-13-11 at 02:38 PM.
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  4. #34
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Zyroh View Post
    i doubt you know of any area that dropped 100% in house values, since that means the houses are worth $0. even houses flooded in katrina didn't lose 100% of their value since they still sat on land with value.
    True, that's misleading, I'm mixing what I'm talking about. $180K homes before bubble. Buys a second house when it's climbing, at $240K. Peaks at $360K but before he sells it's back down to $180K. He only lost 25%, and the drop was 50% from pre-bubble, and the potential net profit was 100% of the original value...which I in no way communicated properly!

    As to the sky falling, is every correction in a market a falling sky? Markets are cyclical. Our issue is exactly as you described. Government assisted the creation of this bubble through incentives and guidance that were bad. It was huge when the market collapsed. But we know that now, and it's been years of correcting. The fact that home prices are still dropping some...doesn't really make me think a second shoe is going to drop or that the market is not already adjusted to this.

    If people are out their making responsible lending, borrowing, career, education, spending, and savings decisions, I don't think it's all that important for most people. They should decompress and watch football or play WoW (oddly, I don't do either).
    Last edited by Mach; 01-13-11 at 03:48 PM.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by PeteEU View Post
    Not really a concern. The recession did end in 2009, but recession and house prices dont have much to do with each other.

    Like it or not the housing market in the US went nuts for 10 years with massive price rises and that takes time to get back to what it should be. Some places will go faster, others slower, but with the exception of the uber rich areas most likely, then house prices are still going decline for a while yet.

    And it of course does not help that US banks are so screwed up that they dont loan people money any more, and of course the fact that the average US consumer debt is huge.. people cant get money to buy houses, and that will push prices down too.
    Haha. An expert in the American residential real estate market? I bet you don't know very much. Haha.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    Haha. An expert in the American residential real estate market? I bet you don't know very much. Haha.
    thus far he has demonstrated an astute reading of our real estate and national economic conditions

    you on the other hand, not so much
    we are negotiating about dividing a pizza and in the meantime israel is eating it
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    not for the 700,000 families who are able to stay in - and pay off - their homes but for the availability of HAMP
    You don't know about real estate do you? Are you familiar with the HAMP program? It has a fifty percent failure rate. It has a trial modification period that half of the borrowers fail. That only prolongs their agony and the dysfunction of the real estate market. It would have been better for the country as a whole if the real estate market had been left to experience a short period of dramatic pain rather than a prolonged period of sclerosis and agony.

    Your 700,000 figure is wrong. You are like a fish out of water when you discuss subjects of which you are ignorant. Check it out pal: Home Affordable Modifications Program Fails to Hit President

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    thus far he has demonstrated an astute reading of our real estate and national economic conditions

    you on the other hand, not so much
    The blind leading the blind along the edge of a cliff.

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    Re: Home price drops exceed Great Depression: Zillow

    You know what - this is my general view on the housing market:

    Home production increased.
    Ergo - the cost of homes should have dropped - but it didn't it steadily increased. Sometimes faster than other times - but it increased for many years.
    Why did it increase?

    Why is it not like all other products in which an increased SUPPLY and an increased DEMAND lowers the cost?
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    You don't know about real estate do you? Are you familiar with the HAMP program? It has a fifty percent failure rate. It has a trial modification period that half of the borrowers fail. That only prolongs their agony and the dysfunction of the real estate market. It would have been better for the country as a whole if the real estate market had been left to experience a short period of dramatic pain rather than a prolonged period of sclerosis and agony.

    Your 700,000 figure is wrong. You are like a fish out of water when you discuss subjects of which you are ignorant. Check it out pal: Home Affordable Modifications Program Fails to Hit President
    1. as a licensed real estate appraiser who also writes (as a contractor) federally guaranteed loans for real property acquisitions, and as one who also consults with major and local banks in their administration of acquired properties, i think i understand something about real estate markets
    2. you are not my pal
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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