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"Learning to Love Falling House Prices"

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Spleng

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"Optimism has been all but extinguished from the U.S. housing market."

"With no end in sight to falling prices, perhaps we should look on the bright side. Indeed, there are three good reasons why sliding prices are not such a bad thing."

"Falling house prices are usually seen as wealth destruction. But they can also be seen as wealth transfer. The next generation of homebuyers will benefit from our loss."

"It would no longer be any surprise if prices remained stagnant for a decade - "

Or far longer.
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June 19 - San Francisco
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Spleng

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Cheerleaders have a lot of studying to do,
but they will be better off in the end.
Learn well.
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1 Yes

June 19
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Walty804

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this kind of cheer leading...

this is really saying its a buyer market spleng...you lil under cover cheer leader you!
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June 19
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space_acer

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* Employers are encouraged to leave jobs where they are.

* Local governments will stop using bubble prices (property tax) to expand spending and avoid bankruptcies/cutting city services down the road.

* Encouraging actual savings by the public.


 
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June 19
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space_acer

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"Falling house prices are usually seen as wealth destruction."

You cant destroy what was never there to begin with. 
To stick a million dollar price on a Bay Area shack which sold
for $100K  is insane.  

 
  

 


 
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June 19
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Spleng

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"this is really saying its a buyer market spleng..."

Hardly,  gotta wait a generation.

"The next generation of homebuyers..."

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June 19
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Spleng

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"which sold for $100K  is insane."

Yeah a long way down still to go,  I'm seeing a lotta REOs around but they are being offered at prices that are still way to high.   Especially considering the rising unemployment... house prices are going to crash hard from here.
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June 19
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Randy_H

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Just FYI, we're in escrow and close on Thursday if all goes through.  Details later, but I will say we're talking about mid 90s prices in one of the nicest neighborhoods in Marin; I'm talking about paying just over half what people were paying 2-3 years ago.  Deals like this haven't been very frequent, but we finally were able to be there and ready when one popped up.

But I don't want to jinx it.  Nothings a done deal until it's a done deal.
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2 Yes

June 19
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sunnyview

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My fingers are crossed for you! Thanks for popping in to whisper the secret to your online peeps ;)
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June 19
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Lady Chattel

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Congrats Randy.  I am with you, when the deal is right we will pounce and no sooner and not because of some cheertard hyperbole.
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June 19
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space_acer

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"Details later, but I will say we're talking about mid 90s prices in one of the nicest neighborhoods in Marin"

Mid 90s prices ! Yahhooooo!!!!  thats doing it right Randy! SWEEET!

 

 
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June 19
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aapostrophe

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wow, randy- good luck!

i'm with you, LC-  i've got the down payment bank account burning a hole in my mind, but Richmond's got a ways to go yet.

 
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June 19
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Randy_H

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Thanks guys.  Mark this down as another great benefit of being a renter.  Having no home to sell on the other side, and being able to literally make a deal go offer-to-close in 10 days has an enormous value when it comes to trying to shake out a real deal.

That said, nothing's closed till it's closed, so with that I'm seriously done jinxing myself.  Have a great weekend everyone.
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June 19
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Walty804

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randy- good for you. you are the buyer of the new frontier. patients will always reward!
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June 19
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Good luck Randy
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June 20
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nvchaz

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Yeah, good going Randy.

When I bought, I was castigated as an idiot and a fool. Glad you got a better reception.

Real estate is local and there are good deals to be found!
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June 20
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Space_Truss

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cvaz, was it related with your purchase or yourself in general ?
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June 20
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NTETS, "Caveat Emptor"

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just goes to show, its not the decision of buying, it was you all along
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June 20
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Best wishes, Randy!

We are also scheduled to close this Thursday.  Must be a good day.  8)
Likewise, not going to talk about details until the deal is done.

As an aside - I have a quick question for my Pro friends here.  The seller's title company wants us to wire the funds to them on the day of closing instead of using a cashiers check.  That seems pretty screwy to me and not something that I am at all interested in.  Jkonstant, since you are in the FL hood, can you tell me if the wire stuff is kosher around here or not?  This is a short sale, and I know that the bank has given the title company some specific instructions about wiring the sale proceeds to them, but I don't see why the cashiers check won't do from our end.
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June 20
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Roberto Ribas, "azrob"

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k101: Arizona switched from cashiers checks to wired funds several years back. Now, if you want to use a cashiers check, it has to be about a week in advance of close. Apparently, a few to many cashiers checks turned out to be bogus. also what happens if the bank funding source filed bankruptcy after writing the check?

Don't stress it just set up a wire the day of close from your bank. the fees are small if any, and it is secure.
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June 20
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Hey, thanks Rob!  That eases my mind.  8)
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June 20
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Lady Chattel

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When we purchased in 2004 we wired the money the same as Rob says, it was pretty secure overall and made the whole thing much easier. 


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June 20
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Thanks, LC.  It has been quite some time since we were on the buy-side, and its our first cash deal.  I guess times are a-changin.  Our concern stemmed more from lack of familiarity with the title company than the wire process itself.  Hub will do a quick review of them with the better business bureau (just cuz we are anal like that) and I am sure we will be good to go.
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June 21
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Check your MLS for updates - price reductions often.  When an REO makes a Big price reduction, they are letting everyone know they are ready to deal.
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June 21
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K101

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Come to think of it, when we sold our house in MA in mid-2007, the buyers' bank gave us a cashier's check.  I guess that's why we found the wire request odd.  Typical for MA to be a bit behind the times...
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June 21
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jkonstant

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K101:

When we closed in March we brought a cashiers check though a wire was an option. We closed on a Friday and the wire from our lender did not actually arrive until the following Monday morning. I am not crazy about seller selection of title company being standard (not required) in Florida though. It should be fine. Good luck and congratulations.
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June 21
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K101

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Thanks JK!(Sorry for the OT tangent, Spleng).
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June 21
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White Picture

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As written "Day by day, the lover by the lover leave me, like the water leave the small river go to the sea, the remain of me is the lonely in the darkness"
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June 21
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A little good news...
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June 25
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K101

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Okay -  We closed on our short sale today and I am basking in the post-closing micro-brew buzz.  I'll post details and (eventually) some pics when I am more coherent.

I hope things went well today for you too, Randy.
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June 25
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Congratulation K101,  8)
Can I use your symbol?
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June 25

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