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- p x, "1111nnnnnhhhhhhggggg"
- Contributions:120
I agree that it is kind of confusing the way that it is worded.
It is difficult to assess if which scenerio is most true. 10% drops vs 45% drops. I have seen homes drop 10% before they are sold, but then again I have seen homes drop 25% from the original asking price before they are sold. I have to admit that I haven't seen any home drop by 45-50% from the original asking price.
If he says that 10% is the most that it will drop, I would have to disagree. If he is saying 45-50% I would say that he is wrong, at least for the time being. I think the number will and should be more like 20-25%. This would be a reasonable average drop in price value.
It is difficult to assess if which scenerio is most true. 10% drops vs 45% drops. I have seen homes drop 10% before they are sold, but then again I have seen homes drop 25% from the original asking price before they are sold. I have to admit that I haven't seen any home drop by 45-50% from the original asking price.
If he says that 10% is the most that it will drop, I would have to disagree. If he is saying 45-50% I would say that he is wrong, at least for the time being. I think the number will and should be more like 20-25%. This would be a reasonable average drop in price value.
- CORONA NICK
- Contributions:2218
A drop indeed.... Im in Riverside county and I see more and more brown lawns all the time.
- Space Acer
- Contributions:625
"by 45-50% from the original asking price"
I guess Pedro wasnt here in Northern California when prices dropped 15% in 1972, 25% in 1982 and 34-40% in 1991 (Peaking in 1988). Many in fact didnt see prices breakeven until 10 years later in 1999. We are up nearly 500% in under 10 years now.. Have you ever seen prices go up that much considering we have little to no inflation over the past 5-10 years?
Maybe we should recall the RE bubble in Japan and its correction aftermath?
A 50% correction is very feasiable in No California, make no mistake about it.
It will that much just to get back to normal long term trends, just it took the stock market to correct to get back to normal long term trends back in 2000-2003. Watch and see as it unfolds.
I guess Pedro wasnt here in Northern California when prices dropped 15% in 1972, 25% in 1982 and 34-40% in 1991 (Peaking in 1988). Many in fact didnt see prices breakeven until 10 years later in 1999. We are up nearly 500% in under 10 years now.. Have you ever seen prices go up that much considering we have little to no inflation over the past 5-10 years?
Maybe we should recall the RE bubble in Japan and its correction aftermath?
A 50% correction is very feasiable in No California, make no mistake about it.
It will that much just to get back to normal long term trends, just it took the stock market to correct to get back to normal long term trends back in 2000-2003. Watch and see as it unfolds.
- Agent Smith, "WillSell4U"
- Contributions:71
When an analyst say there will be a 10% drop, that means in reality, it will just be a 5% drop. When someone says there will be a 50% drop, it means at most we are likely to have just a 25% drop. It is in the stat sheet. Go look them up. The doomers always tend to over-exaggerate on their numbers.
- Space Acer
- Contributions:625
Agent Smith, I will ask you that same question ... Were you in Northern California when prices peaked in 1988 and dropped 35-40% by early 91 and stayed flat for 10 years? Do you recall the high speculation of the 80s in the housing market? The oversupply by builders? The savings and loans scandal?
- Space Acer
- Contributions:625
Does all this sound oddly similar to todays RE market!
- Agent Smith, "WillSell4U"
- Contributions:71
Yeah, and those same houses, if they were to just live it out for another 10-15 years, they would have seen their house appreciated by more than 4 times what that home was worth.
House prices will always go up regardless. It just takes time thats all.
House prices will always go up regardless. It just takes time thats all.
- Space Acer
- Contributions:625
Actually it takes lots of inflation... I see you dont understand economics... sad for you.
" they would have seen their house appreciated by more than 4 times what that home was worth."
Have you ever seen in US RE History prices go up 4x in 10 years ? Ever ?
You can look to the inflated tech stock market for your answers.
Its a bubble! and when we hit 50% decline ... it will never come back in your or my life time. We will not have the hyperinflation of the 70s. So count that out. Realtors bearly understand economics. The typical results run counter to what they have been taught all these years. Its all about selling and very little to do with truth...
" they would have seen their house appreciated by more than 4 times what that home was worth."
Have you ever seen in US RE History prices go up 4x in 10 years ? Ever ?
You can look to the inflated tech stock market for your answers.
Its a bubble! and when we hit 50% decline ... it will never come back in your or my life time. We will not have the hyperinflation of the 70s. So count that out. Realtors bearly understand economics. The typical results run counter to what they have been taught all these years. Its all about selling and very little to do with truth...
Hi abt2b, I mean Space Acer.
- Space Acer
- Contributions:625
Your barking up the wrong tree, If you think im someone else.
- Agent Smith, "WillSell4U"
- Contributions:71
Once the iraq war is over, all the house prices will go up AND THAT my friend, is the historical truth.
- CORONA NICK
- Contributions:2218
If you have 3 to 4 percent inflation, and your house apreciates 3 to 4 percent... do you see that as your house worth more??
- Agent Smith, "WillSell4U"
- Contributions:71
After the iraq war is over, that means there will be a surplus of buyers looking to buy a home. It is just common sense that people will buy a home when the country has come to a stable state.
- Space Acer
- Contributions:625
"After the iraq war is over, that means there will be a surplus of buyers looking to buy a home"
How many already have a home or a job? Consider there is a surplus of 2M homes and growing ... all the people only total 100K or so.....
So how will that impact the market?
How many already have a home or a job? Consider there is a surplus of 2M homes and growing ... all the people only total 100K or so.....
So how will that impact the market?
- Agent Smith, "WillSell4U"
- Contributions:71
Go look up The 'baby boomers'. You will be surprised just how much of an impact they have on the economy.
- Space Acer
- Contributions:625
The population growth is flattening... baby boomers aint are moving to cheapers states in order to stretch their savings. No secret there.
- optasia
- Contributions:134
Prices here in Riverside are going down! Houses on our street have gone from $405,000 down to $318,000! This is a great zip code too! It is very interesting to watch the process.
There are brown lawns on just about every other street and many blocks have several deserted homes!
There are brown lawns on just about every other street and many blocks have several deserted homes!
- Space Acer
- Contributions:625
But but But ...
There is shortage of land...
There are deep pocket foreigner keep prices up...
There is a booming economy with no layoffs...
RE always go up, up and up away...
Buy now or forever be priced out...
There a million things realtors said to make many believe
California prices will never drop and buy now...
And now, just like in early 90s prices are tanking...
Truth or Dare!
There is shortage of land...
There are deep pocket foreigner keep prices up...
There is a booming economy with no layoffs...
RE always go up, up and up away...
Buy now or forever be priced out...
There a million things realtors said to make many believe
California prices will never drop and buy now...
And now, just like in early 90s prices are tanking...
Truth or Dare!
- CORONA NICK
- Contributions:2218
Truth.... dang, I just got a brown lawn right across the street from me, I hope it rains again soon, cuzz it rained last week....lol
- Agent Smith, "WillSell4U"
- Contributions:71
Space Acer, are you a home owner? Why do you keep trolling me?
"aint are moving"
It's time for someone to return to grammar class! Isn't that how people speak in the trailer park?
It's time for someone to return to grammar class! Isn't that how people speak in the trailer park?
- Agent Smith, "WillSell4U"
- Contributions:71
Sergeant Alpine, will you be my sidekick? You seem to love hanging around me.
- Agent Smith, "WillSell4U"
- Contributions:71
you can be my robin.
I'll be batman.
I'll be batman.
Sure, of course I will. Why don't you change your profile picture to a police badge so that we can start forming our own anti-bubble blogger police force? You can have any rank you want.
- BossGuy
- Contributions:304
we can start forming our own anti-bubble blogger police force?
anti-bubble is so passe... it went out the door when Learah left the NAR.
You will like my next post...
anti-bubble is so passe... it went out the door when Learah left the NAR.
You will like my next post...
- Telli
- Contributions:2
No one in Southern California will argue that prices are not going down. We all see it. They may argue how far they will fall though. Either way, I think myself and most buyers prefer not to try and catch a falling knife. Better to buy in when we know we'll have equity in 2 years rather than a mountainof debt, even if we lose a little appreciation in the process.
- Angelique01
- Contributions:2031
I agree, Telli.
Agent Smith is right in my hood. He's trying to drum up business because he knows very well that not a thing is selling around here.
- LongIslandBubble
- Contributions:2793
Peter Schiff predicts that house prices in California are going to fall below the national average before they recover.
Hello. Agent Smith has not been on Zillow for 3 months. Let's respond to RECENT posts.
Willsmith agent. Your logic is so ridiculously flawed it's not even funny. You must not be a very succsesful agent. And thank God for that because this is the beautiful byproduct of this bubble: weeding out the wannabe uneducated ignorant agents. Good riddance.
35% drop in LA?
The Daily Bulletin. “The long-anticipated ‘adjustment’ in housing prices hit the Inland Empire with a vengeance last month, with CAR reporting Tuesday that year-over-year home prices fell 7.4 percent in Riverside/San Bernardino.”
“They fell even further in the High Desert, off 13.7 percent from August 2006. The median price of a home in Riverside/San Bernardino was $377,130 in August, while the High Desert slipped to $287,390.”
“Economist John Husing of Redlands said none of this was really that unexpected, and that the overall effect of it probably wouldn’t be as bad as some people think. ‘In the decline of the mid ’90s, we saw a 35-40 percent drop in prices,’ he said. ‘I think when all of this is done, we’ll see prices 10 percent lower and then they’ll stay there for a while.’”
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