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We all hear in the media how bad the housing sector has become, with a tremendous increase in foreclosures and problems selling homes.
Personally, I don't see it in my personal life. I don't know anyone who has been foreclosed. I haven't heard any of my friends talking of someone they know being foreclosed.
I don't doubt that this problem exists - but is it primarily limited to California, Florida and Nevada - the hardest hit states? Or is it hitting people across the country.
What I want to know is how many of you have been PERSONALLY affected or know someone who's been directly affected?
My brothers and I are about to start trying to sell my Mom's house in Connecticut soon - and I know we'll have to drop the price to move it - so maybe I'll be singing a different tune in the next few months.
I'm sure I've been affected in some way, the value of my house is down from a few years ago, at least one person on our block has lost their home and i know quite a few people that are backwards on their loans. I didn't fall for the hype and saw what was going to happen so i'm still in good shape.
Not only are we affected, but the global financial markets as well. It is a very serious problem; and we shall all be paying for it for a very long time to come.
Real estate values here in the suburbs I live in and near have dropped by at least 20%. This is a good thing, because idiot speculators have made these homes far more expensive than they are worth. But it is not a good thing to sellers, only to buyers.
Good. People deserve it. It is unfair to everyone when the average price of a 3 bd, 2 br home averages around $350,000 in some areas. Such a price is ridiculous and not even close to a homes real value.
we have all been affected because the idiots in washington keep bailing out the banks. there is no foreclosure crisis. crisis is just a word they use on capitol hill to get you to not question the run away spending. 1/2 of 1% is not a crisis.
My area, Raleigh, NC is up for some tremendous pains. Many people are the most in denial as the housing bubble has managed to avoid them for now. Prices haven't fallen, but sales are down 37% from a year ago. As we all know, it just takes some realistic sellers to dump their properties and drag down comps. The cycle is self-fulfilling until we correct ourselves. Triangle real estate is worth 60-70% of what it is now, but that figure gets many angry and defensive outbursts from the folks in the area who think that Raleigh/Durham/CH is recession proof. My house is finally under contract and I feel lucky that I'll get to ride this out from the sidelines instead of from the front.
we have all been affected because the idiots in washington keep bailing out the banks. there is no foreclosure crisis. crisis is just a word they use on capitol hill to get you to not question the run away spending. 1/2 of 1% is not a crisis.
Fannie has $90B in capital and $5T in debt obligations.
f-em. let all the idiots who did the high risk loans go belly up. home ownership isn't a freaking right, but for the past few years, we have viewed it as one. what a joke.
It's actually affecting me in a good way right now. We waited to buy because I thought the prices were way to high and that houses weren't worth what they were selling them for. I ignored the advice that I got from everyone which was that I should just buy because prices would only continue to go up and I needed to start building equity. I resisted and I'm happy that I did. We are looking to buy soon, prices in my area have been cut in half and I'd be better off paying a mortgage rather than renting at this point. I feel for people that must sell their houses in this market and take a loss, but houses shouldn't be treated like stocks, a house is a home and place to lay your head, buying so you can make money has always seemed like a bad idea to me.
You may find it more difficult to buy in this market unless you have a lot of cash.
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