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iGas

Diamond Member

Today, the local newspaper indicated that housing price has dropped 14.7% year over year ending January. And, it also mentioned that the US housing market has finally reached it turning point.

Its it true that house price has hit bottom in your area (US/Canada)?

What is the total percentage dropped has your area endured?

PS. I want to buy a house but for now holding off and hopefully get into the market once it hits bottom here in Canada.

 
Currently - interest rate and housing prices at their lowest simultaneously, correct?

People around here are saying home prices can still drop, probably until early next year. We're considering a new place also but even if prices are low, you never know about still having a job after.
 
Originally posted by: iGas

Today, the local newspaper indicated that housing price has dropped 14.7% year over year ending January. And, it also mentioned that the US housing market has finally reached it turning point.

Its it true that house price has hit bottom in your area (US/Canada)?

What is the total percentage dropped has your area endured?

PS. I want to buy a house but for now holding off and hopefully get into the market once it hits bottom here in Canada.
Click to expand...

They may want to get that info to wall street.
 
My wife and I just bought a new house. We got a great rate and the market here seems to have hit the floor. Prices have started going back up and, according to the closing attorney, the numbers of closings are going up as well. Now, our area (Northern Alabama) wasn't hard hit because this area is heavily NASA/Military contractors so YMMV.
 
I live in central IL. Prices have actually remained steady, if not going up a fracture of a percent the last few years. One thing that has changed is the time on market before sale though. What would normally take a month to move is now taking 3. What took 3 could take 6 or longer.

But we never experienced the insane appreciation that other markets did or completely flood the place with new contruction either. And if it was new construction, it was all really high end stuff - $250k+. So existing homes in the 100k-200k didn't get slaughtered by new construction.
 
Nobody knows if it's the price floor for sure ...
It Appears that prices may be going back up, but we really won't know for sure unti peak real estate season (may and june), and even then, it may just be a temporary thing .... the market is still very volatile and we won't know if it's "getting better" until a few months after it's truly started getting better.

 

Mortgage rate is far from lowest in the last 3-4 years here because the lenders aren't loaning below prime rates. The mortgage broker at my bank told me to hold off on any purchase for now because her feeling is that the banks at some point will have to start loaning below prime to kick start spending.

 

PS. New 1400-1500 sqf, 2-3 beds house with 2 baths start at $550K in my town, therefor a percent or 2 drop is a welcoming sign.

 
Market in my area/neighborhood seemed to bottom out around the end of summer/early fall last year. Out of curiosity, my wife just recently spoke with a couple area builders and a few realtor friends. They all mentioned that home prices have pretty much remained the same for the last 6 to 8 months.

So maybe they haven't bottomed...they just haven't moved in a while....I dunno.

I think we got our house for a good price at a good rate.
 
Originally posted by: iGas

Mortgage rate is far from lowest in the last 3-4 years here because the lenders aren't loaning below prime rates. The mortgage broker at my bank told me to hold off on any purchase for now because her feeling is that the banks at some point will have to start loaning below prime to kick start spending.
Click to expand...

WHAT!?!?

 
The property actually has continued to go up around my area. I bought the house in 2006, and a similar sized (within 100sqft) house with a less desirable piece of property sold for 17% more just down the street. That being said...I live in a popular downtown area where available property is very limited. I think the property has gone down a good bit in the outlying suburbs.
 
Originally posted by: BarneyFife
I wonder what the foreclosure rate is on people who buy foreclosures.
Click to expand...

That's pretty low, at least from my experience. It really depends on when the original foreclosure was purchased. I work for a foreclosure firm, and very few of the foreclosed properties from the late 90's - early 00's have returned (I'd say about 30 of the several thousand). Ever since then, the overwhelming majority of foreclosures have gone back to the bank, the owners/tenants evicted, and the homes sit there empty. The condition of the homes, the dying job market, the reluctance of banks, the massive underwater value of these properties - too many negative factors preventing the foreclosures going to an individual at auction.
 
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