Why are the prices of houses falling in CO? (transplants, renters)

[jazzlover]

There is plenty of blame to go around for our present situation and perilous future. Political leaders from one end of the political spectrum to the other are not willing to confront the harsh realities of where we are. None dares suggest that the future is going to require great sacrifice from the public, and likely a substantial decrease in material living standards for Americans, possibly lasting for generations. For any modern U.S. politician, that would amount to political suicide. And maybe that shows where the blame really lies. If we Americans will not support leadership that will truly confront our problems (and not just try to further their own agenda from it), and we Americans are not willing to admit that we must quit living beyond our means--both financially and in terms of the resources we consume--we really can not blame our leaders, now can we? As the old saying goes, "People usually get the government they deserve." Instead of blaming whomever is in power (on the left or the right), we should look inward to ourselves--that is where both the problems and the solutions lie.

[Brett4]

I'm in a reverse situation. I have $25K-$30k for a down but My credit took a hit due to a divorce. With all of the homes on the market you would think sellers would jump at carring a mortgage with that knid of down. I don't know if the realtors just don't want to present this offer or what but I'm having a hell of a time trying to buy. Funny thing is that on a few homes that I inquired with the realtors about they never got back to me and now I see the same home priced $30k less than when I had inquired. If the seller would have carried They would have sold at a higher price than what they dropped it to and who knows how long it will remain on the market still. Well at least I'm not upside down on a place so maybe I should send thank you notes to the realtors that didn't feel I was worth their time.

[CosmicWizard]

Jazzlover wrote:

If we Americans will not support leadership that will truly confront our problems (and not just try to further their own agenda from it), and we Americans are not willing to admit that we must quit living beyond our means--both financially and in terms of the resources we consume--we really can not blame our leaders, now can we? As the old saying goes, "People usually get the government they deserve." Instead of blaming whomever is in power (on the left or the right), we should look inward to ourselves--that is where both the problems and the solutions lie.

This is one of the best entries I've read on the entire city-data forums....ever.

It's a hard pill to swallow that somewhow we deserve the bushman and his buddies in crime, but we really do. If we the people, put ourselves in debt individually, why shouldn't the government behave in the same manner? Only when we the people, change from the inside out will we have a government reflecting those changes. We must start living within our means in all the ways you stated.

blessings....Franco

[Nadine]

Originally Posted by jazzlover

There is plenty of blame to go around for our present situation and perilous future. Political leaders from one end of the political spectrum to the other are not willing to confront the harsh realities of where we are. None dares suggest that the future is going to require great sacrifice from the public, and likely a substantial decrease in material living standards for Americans, possibly lasting for generations. For any modern U.S. politician, that would amount to political suicide. And maybe that shows where the blame really lies. If we Americans will not support leadership that will truly confront our problems (and not just try to further their own agenda from it), and we Americans are not willing to admit that we must quit living beyond our means--both financially and in terms of the resources we consume--we really can not blame our leaders, now can we? As the old saying goes, "People usually get the government they deserve." Instead of blaming whomever is in power (on the left or the right), we should look inward to ourselves--that is where both the problems and the solutions lie.

AMEN. nicely said. better than Keeping up with the Jones, Passing the buck, Putting on the dog. many old sayings have good sense if one only thinks about it.

[formercalifornian]

Originally Posted by Brett4

I'm in a reverse situation. I have $25K-$30k for a down but My credit took a hit due to a divorce. With all of the homes on the market you would think sellers would jump at carring a mortgage with that knid of down. I don't know if the realtors just don't want to present this offer or what but I'm having a hell of a time trying to buy. Funny thing is that on a few homes that I inquired with the realtors about they never got back to me and now I see the same home priced $30k less than when I had inquired. If the seller would have carried They would have sold at a higher price than what they dropped it to and who knows how long it will remain on the market still. Well at least I'm not upside down on a place so maybe I should send thank you notes to the realtors that didn't feel I was worth their time.

I'm a little confused by your post. Do you have an agent working on your behalf, or are you presenting offers yourself? Are you pre-approved for a loan? I cannot for the life of me understand why you are being ignored.

[OutOfSoCal]

Originally Posted by formercalifornian

I'm a little confused by your post. Do you have an agent working on your behalf, or are you presenting offers yourself? Are you pre-approved for a loan? I cannot for the life of me understand why you are being ignored.

sounds like hes trying to finder a seller that will carry the paper. Most are selling because they are not in a position to do so. They are more then likely on the brink of foreclosure.

[formercalifornian]

Originally Posted by OutOfSoCal

sounds like hes trying to finder a seller that will carry the paper. Most are selling because they are not in a position to do so. They are more then likely on the brink of foreclosure.

That was my thought, too, but he never quite came out and said it. There has to be more to the story.

[hello-world]

Originally Posted by jazzlover

There is plenty of blame to go around for our present situation and perilous future. Political leaders from one end of the political spectrum to the other are not willing to confront the harsh realities of where we are. None dares suggest that the future is going to require great sacrifice from the public, and likely a substantial decrease in material living standards for Americans, possibly lasting for generations. For any modern U.S. politician, that would amount to political suicide. And maybe that shows where the blame really lies. If we Americans will not support leadership that will truly confront our problems (and not just try to further their own agenda from it), and we Americans are not willing to admit that we must quit living beyond our means--both financially and in terms of the resources we consume--we really can not blame our leaders, now can we? As the old saying goes, "People usually get the government they deserve." Instead of blaming whomever is in power (on the left or the right), we should look inward to ourselves--that is where both the problems and the solutions lie.

i agree we need to look into ourselves, as well as into the people behind some of the empty and oversimplified words, jingles, and promises - basically into the worlds we find ourselves within and that we find within ourselves rather than being sold on the superficial. the latter seems the way to find the path to "immediate gratification" which seems to tend to debt and discomfort of various kinds so regularly that you might hope we'd learn from that... "if it sounds too good to be true, it might very well be." "ZERO DOWN!" "ZERO INTEREST!" "LOOK LIKE A MODEL WITH THIS SIMPLE DIET!" "VEGAS, BABY!" lol

[tccat63]

We all have our own opinions, I own 6 real estate residential properties, and believe that the economic trend, outsourcing, politics and wars are causing companies to cut down and operating more lean. But one of the biggest factors to this house slump is directly caused by poor administration of loans by lenders. There are scenarios of loans given to completely unqualified borrower's ( some also undocumented immigrants!) or some loans 80/20 where the buyer puts zero down, bought a house at a peek and 3 years later (now) the house is worth a bit less (up side down) and needs some updating, so therefore the owner is likely to pack his bags and default.
Being European born, I must say that in most European countries lenders are very reluctant to lend 100%, In Italy most people pay cash or at least 50% cash and the rest loan. That prevents foreclosures keeping the market super strong.
This huge foreclosure epidemic has happened in London UK in the late 80's early 90's, where people would just pack and forget about it and in some instances the house's value dropped 30-40%! Big disaster! Fortunately Denver overall is not so bad, Sure it depends where when and how did you buy your property.

[hello-world]

Originally Posted by tccat63

We all have our own opinions, I own 6 real estate residential properties, and believe that the economic trend, outsourcing, politics and wars are causing companies to cut down and operating more lean. But one of the biggest factors to this house slump is directly caused by poor administration of loans by lenders. There are scenarios of loans given to completely unqualified borrower's ( some also undocumented immigrants!) or some loans 80/20 where the buyer puts zero down, bought a house at a peek and 3 years later (now) the house is worth a bit less (up side down) and needs some updating, so therefore the owner is likely to pack his bags and default.
Being European born, I must say that in most European countries lenders are very reluctant to lend 100%, In Italy most people pay cash or at least 50% cash and the rest loan. That prevents foreclosures keeping the market super strong.
This huge foreclosure epidemic has happened in London UK in the late 80's early 90's, where people would just pack and forget about it and in some instances the house's value dropped 30-40%! Big disaster! Fortunately Denver overall is not so bad, Sure it depends where when and how did you buy your property.

greed and credit "plastically" allowing for it...for a little while. immediate gratification without accountability. it's the "american dream", right?

interesting how alan greenspan claims the american housing market could likely lose 20% of it's value and that there's a nearly 50/50 chance (and still rising) of recession now, though this is still cast by american media as "that's all" or "not a threat of recession"...yet foreign media is already calling it a recession and "cause for serious concern".