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Old 07-30-2008, 06:01 PM
 
Location: Lakeland, Florida
4,391 posts, read 9,489,298 times
Reputation: 1866

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Just curious if any of you that live in St. George area think that the prices of homes will decline more or if they have hit rock bottom. We are either buying a house there in September or waiting until some time next year. I guess it's sort of a gamble in what to do
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Old 08-01-2008, 07:00 PM
 
Location: Southern Utah
78 posts, read 291,535 times
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I think they are pretty close to rock bottom, but there is also room for prices to drop considerably more. I don't think we have seen quite the end of it here. I do know that homes sit forever and people get desperate to get rid of them.
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Old 08-01-2008, 07:04 PM
 
Location: Lakeland, Florida
4,391 posts, read 9,489,298 times
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I have seen so many homes that have the "short sale". I am coming there in August to look but I am thinking I might wait until the first part of the year to purchase. The real estate lady I am working with doesn't feel it has hit the low yet either. I just don't understand how there are so many people losing homes...it must be that variable interest that was so appealing a few years ago.
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Old 08-01-2008, 07:09 PM
 
Location: Southern Utah
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That's exactly what it was...."Get into a home with no down, no credit check, etc. etc." They got into an ARM mortgage and now that the payments are ballooning they can't afford it.
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Old 08-01-2008, 08:25 PM
 
Location: Lakeland, Florida
4,391 posts, read 9,489,298 times
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Yes I guess its all catching up with everyone now. I feel bad for those people. Someones loss is another ones gain...but it's still sad. The real estate agent said people are just walking away from homes and many new construction homes are half built or left standing empty, which would account for all the "short sales"
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Old 08-01-2008, 09:08 PM
 
Location: Southern Utah
78 posts, read 291,535 times
Reputation: 25
There have been many many construction related businesses having to close their doors, or else they have laid off the majority of their workers and are running skeleton crews. There are lots of half finished homes and sub divisions, etc. It's everywhere...even up north in the Lehi area where my in laws live there are tons of empty homes.
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Old 08-01-2008, 11:24 PM
 
Location: Imaginary Figment
11,449 posts, read 14,475,331 times
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I'd wait. It's not like it's going to go back up anytime soon.

Time is on your side.
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Old 08-02-2008, 08:49 AM
 
Location: Lakeland, Florida
4,391 posts, read 9,489,298 times
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How long should I wait? I guess its anyones guess?
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Old 08-02-2008, 10:18 AM
 
Location: In The Outland
6,023 posts, read 14,077,551 times
Reputation: 3535
Don't get suckered into an adjustable rate. Rates are low enough as well as prices. Now or later would be a good time to buy. If you're job is secure and you can make the payments without putting yourself on the edge then you are in a good position to buy at your leisure.
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Old 08-02-2008, 01:44 PM
 
Location: Lakeland, Florida
4,391 posts, read 9,489,298 times
Reputation: 1866
I guess that explains why there are half finished subdivisions and why homes are dropping 30 to 40 thousand dollars. One home we were interested started out at 195,000 four months ago, went to 175,,000 then 163,000, 158,000 and now it's at 150,000...makes you wonder how much more it will go. We will for sure get a fixed rate, never been interested in the ARM. I would rather wait then get one of those.
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