Thread: Housing Market

If unemployment doesn't lower then I don't the see the housing market recovering any time soon. 5 + years I would say. I plan on buying something in the next 2 or 3 years.

I don't know but a couple of real good friends of mine outside of Kansas City bought a 5 bedroom house and got is super cheap. I'm thinking about moving there and crashing with them and finishing college.

2 years is our plan. We were going to start looking to buy at the end of this year but I don't think we will be living in Florida permanently. Unless I get a job offer I can't refuse.

Housing in theory is local but unfortunately right now its a national problem.

Facts:

• 43 million people are on food stamps up from 41 million last summer

• "Official" unemployment is 9.x% and "real" unemployment/underemployment is 17+%

• Over 1 million homes were actually foreclosed in 2010 while over 3 million homes were somewhere in foreclosure process at the end of 2010.

• As of last summer 2010, 7 million homes were 90 or more days behind which means they need to be in foreclosure.

• Banks are estimated to already have 3-6 years in shadow foreclosure inventory that they are intentionally withholding from the market in order to prop up the values of the foreclosures they have for sale.

• Foreclosures are selling for .10-.40 on the dollar and you can get a mortgage for 3.75-4.5%, yet they still can't get rid of foreclosures.

10-20-30(?) million people need to either find a job or find a better job and repair their funked up foreclosed/short sale credit reports before there will ever be decent demand for retail housing again.

That said, in most areas there is at least 10 more years of housing be a cluster f*ck IMO.

Originally Posted by Big Pimpin

Housing in theory is local but unfortunately right now its a national problem.

Facts:

• 43 million people are on food stamps up from 41 million last summer

• "Official" unemployment is 9.x% and "real" unemployment/underemployment is 17+%

• Over 1 million homes were actually foreclosed in 2010 while over 3 million homes were somewhere in foreclosure process at the end of 2010.

• As of last summer 2010, 7 million homes were 90 or more days behind which means they need to be in foreclosure.

• Banks are estimated to already have 3-6 years in shadow foreclosure inventory that they are intentionally withholding from the market in order to prop up the values of the foreclosures they have for sale.

• Foreclosures are selling for .10-.40 on the dollar and you can get a mortgage for 3.75-4.5%, yet they still can't get rid of foreclosures.

10-20-30(?) million people need to either find a job or find a better job and repair their funked up foreclosed/short sale credit reports before there will ever be decent demand for retail housing again.

That said, in most areas there is at least 10 more years of housing be a cluster f*ck IMO.

Finally some good news!

There are def some great deals out there. I have my eye on a community that is under construction. They are building 30 luxury singe family homes. They only have 11 built. This has been going on for almost 5 years now. They started at 700K. now they are down to 425K. Of course if you want a bigger model then you pay more. I'm going to wait until 29 are built. Or if one goes up for sale in the mean time. Try to snake one for 350K. That would be sweet.