Houston economy and housing prices

[chris_ut]

I just talked to an agent that sells in my area and she said that even though she is able to get decent offers on houses the bank appraiser is lowering appraisal prices across the board and people are having to sell at a loss.

[jfre81]

Originally Posted by chris_ut

I just talked to an agent that sells in my area and she said that even though she is able to get decent offers on houses the bank appraiser is lowering appraisal prices across the board and people are having to sell at a loss.

Too bad HCAD probably won't pay that any mind.

[usc619]

Originally Posted by jfre81

Too bad HCAD probably won't pay that any mind.

DON'T GET ME STARTED!

[Jesse69]

Originally Posted by chris_ut

I just talked to an agent that sells in my area and she said that even though she is able to get decent offers on houses the bank appraiser is lowering appraisal prices across the board and people are having to sell at a loss.

If people sell at a loss here they probably could buy another house somewhere else sold at a loss too; in the end housing prices go down for everyone and... HOUSES BECOME MORE AFFORDABLE!

I'm all for declining house prices because they cost too much! I hate house flippers and investors that make money by making houses more expensive and unaffordable!

[starkeshia]

Originally Posted by jfre81

Too bad HCAD probably won't pay that any mind.

Exactly...take a look at this summary of appraised values by ZIP code. They raised property taxes for every ZIP code in the county this year by like a billion percent.

Oh crap...what are those negative percentages doing there?!?

Did they actually lower taxes for some people? What were they thinking? Don't they know they're supposed to be constantly raising taxes?

[desertsun41]

Originally Posted by Jesse69

If people sell at a loss here they probably could buy another house somewhere else sold at a loss too; in the end housing prices go down for everyone and... HOUSES BECOME MORE AFFORDABLE!

I'm all for declining house prices because they cost too much! I hate house flippers and investors that make money by making houses more expensive and unaffordable!

How can you say that? I mean I sorta know where your coming from because I was once 18 and dreaming of my first home too. But I never blamed others for making a living and thereby causing the prices going up.

If a home is an over priced turkey then no one will buy it. If it is priced right then it will sell. If it is under priced then it will get multiple offers. The market determines the price of homes, not any person, business or company.

Well your wish has come true. Home prices have fallen in almost all of the entire country. And look outside our little barely affected area here. Look at the deep depressions of Las Vegas, Pheonix, Miami, Detroit and So Cal. where prices have fallen as much as 70%. Who do you think is eating that loss? Look at the recessions of the north east and north west. Job losses in the millions. If you work in the construction industry you are very likely to be unemployed right now. Does falling home prices still sound peachy to you?

Millions of people have lost their homes due to job loss, medical problems and rising interest rates from crappy loans. These same millions of people are hard working decent people and now are stuck with credit so bad from losing their homes that no one even wants to rent to them. Sometimes no one even wants to hire them.

All these foreclosures from those who have just walked away from their homes. All those empty homes just sitting there that are next door to you and your family and friends houses which now cause those homes to also lose even more value.

Is all this good so that some young people can now afford to buy a home on an $8/hr wage? Im very pro homeownership for everyone but falling home prices is the main cause of the sad state of affairs this country is in right now.

[jfre81]

Originally Posted by starkeshia

Exactly...take a look at this summary of appraised values by ZIP code. They raised property taxes for every ZIP code in the county this year by like a billion percent.

Oh crap...what are those negative percentages doing there?!?

Did they actually lower taxes for some people? What were they thinking? Don't they know they're supposed to be constantly raising taxes?

I counted 10 ZIPs with lower appraisal rates, all of which look to be squarely in subprime territory which probably means a lot of foreclosures. I see more >10% increases than anything.

[usc619]

Originally Posted by jfre81

I counted 10 ZIPs with lower appraisal rates, all of which look to be squarely in subprime territory which probably means a lot of foreclosures. I see more >10% increases than anything.

Ditto!