Housing market recovering?

bignateyk

Lifer
Apr 22, 2002
11,288
7
0
I hope the rates stay low.. I was hoping to refinance later this summer. I was just trying to save up some more cash to put down at the same time. Right now I'm at 4.85%
 

gamefreakgcb

Platinum Member
Sep 2, 2004
2,354
0
76
We're about to purchase our home this week. Rates are pretty low. My dad and I are getting together to purchase and hope to pay it off very very quickly.

I've seen the home prices creeping and and we lucked out that a house came on the market a few days ago and we snatched it up.
 

NoCreativity

Golden Member
Feb 28, 2008
1,735
62
91
Over the last 6 months prices have jumped 10-15%. Supply is low in our area so that seems to be part of the reason.
 

purbeast0

No Lifer
Sep 13, 2001
53,339
6,150
126
i purchased my first home with my wife in september. hope the values do rise :)
 

MiniDoom

Diamond Member
Jan 5, 2004
5,305
0
71
Housing bubble V.2.0

Just wait for the market to collapse when the government cannot artificially prop up the housing market anymore. Not sure when that will be, but it will happen. Interest rates will explode and home prices will fall fast.
 

gamefreakgcb

Platinum Member
Sep 2, 2004
2,354
0
76
I also saw something very strange happening right before the elections. The number of home going on sale in the area basically dropped from 4-5 per week to maybe 1 every 2 weeks. Its continuing even now.

Banks/Investors trying to create artificial shortage???
 

wirednuts

Diamond Member
Jan 26, 2007
7,121
4
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Housing bubble V.2.0

Just wait for the market to collapse when the government cannot artificially prop up the housing market anymore. Not sure when that will be, but it will happen. Interest rates will explode and home prices will fall fast.

agreed. nothing has changed because nobody is making spendable income. you cant just prop up the housing market and expect it to maintain itself. housing is a cause of other things. not a solution to it all.

and i dont care if rates go to 10%. i vowed to never buy a house unless i can pay for it in cash. fuck loans, they are the reason our economy collapsed.
 
Nov 7, 2000
16,403
3
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I also saw something very strange happening right before the elections. The number of home going on sale in the area basically dropped from 4-5 per week to maybe 1 every 2 weeks. Its continuing even now.

Banks/Investors trying to create artificial shortage???
IMO the strict lending rules (ie 20% down), delayed a lot of would-be purchasers. now that the rules have been in place for a while, buyers have had time to save the DP. and prices have recovered enough to where people that were underwater may be able to afford to sell now.

i dont see the market taking off again, but i think there is a lot of pent-up demand that waiting to be released.
 

bignateyk

Lifer
Apr 22, 2002
11,288
7
0
agreed. nothing has changed because nobody is making spendable income. you cant just prop up the housing market and expect it to maintain itself. housing is a cause of other things. not a solution to it all.

and i dont care if rates go to 10%. i vowed to never buy a house unless i can pay for it in cash. fuck loans, they are the reason our economy collapsed.

Meh, I'm anti-loan for most things, but I'm not gonna spend half my life living in some shitty apartment just so I can buy a house with cash.
 

MiniDoom

Diamond Member
Jan 5, 2004
5,305
0
71
agreed. nothing has changed because nobody is making spendable income. you cant just prop up the housing market and expect it to maintain itself. housing is a cause of other things. not a solution to it all.

and i dont care if rates go to 10%. i vowed to never buy a house unless i can pay for it in cash. fuck loans, they are the reason our economy collapsed.

Didn't stop me either. I found a foreclosure in 2009 for well under market value and plan on staying for a while.
 

MaxPayne63

Senior member
Dec 19, 2011
682
0
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If there was a 'recovery' the fed wouldn't need to print half a trillion dollars annually to buy MBS.
 

ViviTheMage

Lifer
Dec 12, 2002
36,189
87
91
madgenius.com
funny, I just pulled the trigger on a house that is probably worth 40% more then what I am paying! It isn't even a foreclosure. It feels more like a sellers market right now...if you have a decent house.

I was told the banks are only putting a small %% of foreclosed/short sale homes on the market ... so they can try to lower the amount of homes out there on the market ... smart idea, if it works.

mortgage wise ... I have a mortgage on condo right now, no problems paying it + association...refi'd 8 months ago @ 3.25% ... we're going to rent it for $1k ... banking some money. We qualified for a 3.25% FHA mortgage on the new home ... only requiring 3.5% down too.
 
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Crusty

Lifer
Sep 30, 2001
12,684
2
81
Both houses across from me and another behind me had several offers within hours of hitting the market. One of them had 6+ before anyone had even seen the place....
 

IronWing

No Lifer
Jul 20, 2001
71,268
30,774
136
Around here the banks are finally releasing their shadow inventory. Prices are still lower than in 2000 but there does seem to be a bottom. For my neighborhood the end result of the bubble appears to be a shift from owner occupied housing to rental units with absentee landlords. An increase in property neglect is already evident.
 

Markbnj

Elite Member <br>Moderator Emeritus
Moderator
Sep 16, 2005
15,682
14
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www.markbetz.net
agreed. people dont realize that $150k house actually costs you $260k if its mortgaged. try spending that much on an apartment...

and, your apartment never needs improvement!

True, but your rent goes into a pit and disappears forever. At least my mortgage payments are increasing my equity in something that has a value. For me the bottom line is: you're going to pay x dollars a month for a roof over your head. Isn't it better to have a portion of those dollars go to equity?
 

wirednuts

Diamond Member
Jan 26, 2007
7,121
4
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True, but your rent goes into a pit and disappears forever. At least my mortgage payments are increasing my equity in something that has a value. For me the bottom line is: you're going to pay x dollars a month for a roof over your head. Isn't it better to have a portion of those dollars go to equity?

youre putting x dollars into a roof over your head that will need to be replaced two or three times throughout your ownership.

not to mention all of the other costs when owning a home.

i owned for 10 years. lost everything because the rest of the neighborhood went to crap. if i had just rented, i would be roughly $50k richer right now.

that is a good point though. owning a home is a lot more fun. and if everything goes right it can be profitable... just dont expect it to be.
 

Cuda1447

Lifer
Jul 26, 2002
11,757
0
71
New construction in my area has been rising in price steadily since November. Inventory is down everywhere and it certainly looks like the market is turning around.
 

cheezy321

Diamond Member
Dec 31, 2003
6,218
2
0
People have talked about 'shadow inventory' and banks not putting homes on the market for what, 5 years now?

The whole 'shadow inventory' theory has never come to fruition....
 

OlafSicky

Platinum Member
Feb 25, 2011
2,364
0
0
Banks are sitting of a thousands of houses even if the market goes up and they start selling .. could be trouble.