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Wow what a credible source a persons personal blog!!! LOL
And your NAR 'not so smart' drivel is more of a credible source? lol
"Wow what a credible source a persons personal blog!!! LOL"
It is a blog that is true. We are very lucky to have blogs. They have saved, hmmm... I'd say thousands of people from buying homes during the beginning of the greatest housing price crash in history.
He did predict what is going on now in housing and the economy over 2 years ago (that's when I chanced on site).
The really smart folks will be saving their money for 2012 or maybe 2013, when years of grinding losses will have stripped the assets of everyone who bought real estate with the idea of retiring on the proceeds.
Wow. With that kind of insight and smart, why spend one second posting on zillow. I would think you'd be zillionaire by now.
"The really smart folks will be saving their money for 2012 or maybe 2013, when years of grinding losses will have stripped the assets of everyone who bought real estate with the idea of retiring on the proceeds."
you mean throwing their money away on rent for five years when they could have paid off a third of their house in that time and been close owning a home free and clear
[content removed by moderator for being a personal insult]
"Wow. With that kind of insight and smart, why spend one second posting on zillow. I would think you'd be zillionaire by now."
Plarusa, you sound a little shaken.
Is that about when your interest only loan recasts?
"they were converted to fixed loans at the first opportunity"
Good move.
"ARMs are great products when used properly."
This can be true when house prices are going up, which they are not going to do for a very very long time.
You guys have to remember that real estate is LOCAL. We have areas in the DC area tht have already turned the corner. My zip code in Arlington, VA saw price appreciation during the last 12 months exceed 16%. It varies from neighborhood to neighborhood.
"My zip code in Arlington, VA saw price appreciation during the last 12 months exceed 16%."
Let me guess, that's the median price right?
Oh, now you've done it!
1501 GEORGE MASON DR #22
ARLINGTON, VA 22204
List Price: $164,900
Prior Sale: $284,900 11/10/2005
Listing Date: 12/20/07
-42.1%
3627 FOUR MILE RUN DR
ARLINGTON, VA 22206
List Price: $249,900
Prior Sale: $395,000 4/11/2006
Listing Date: 12/22/07
-36.7%
4055 COLUMBIA PIKE
ARLINGTON, VA 22204
List Price: $500,000
Prior Sale: $720,000 03/02/2007
Listing Date: 12/11/07
-30.6%
2008 QUEBEC ST
ARLINGTON, VA 22204
List Price: $395,000
Prior Sale: $560,000 10/31/2006
Listing Date: 12/07/07
-29.5%
5565 COLUMBIA PIKE #315
ARLINGTON, VA 22204
List Price: $206,000
Prior Sale: $290,000 4/17/2006
Listing Date: 12/04/07
-29.0%
Year Sales Active Listings Ratio Median Sold Price
2007 149 985 6.61 $474,900
2006 221 1,007 4.56 $510,900
2005 230 781 3.40 $549,450
4055 COLUMBIA PIKE
ARLINGTON, VA 22204
List Price: $500,000
Prior Sale: $720,000 03/02/2007
Listing Date: 12/11/07
-30.6%
You mean some bought this house in March 07 for $720,000 and has it listed now for $500,000?
Adam, can you check this out through your MLS? Hell, I might buy it.
Arlington is toast. If counties only 20 miles away are seeing drops of over 50%, it will inevitably bleed into the most attractive areas around here. All those condos that sprung up in Balston aren't going to be worth squat in a couple of years.
You guys have to remember that lending is NATIONAL. All talk about real estate being local is true up to a point, but the drop to 1% interest rates had a similar effect across the country: places that would have gone down stayed flat instead, while areas that would have grown normally boomed instead. Now that the punchbowl has been removed, we're in for a period of retrenching. We pulled at least 4 years worth of buyers forward by not requiring downpayments. Now first time buyers have to save up money and rent while they're doing it. That first sale would have led to 2-3 other sales up the food chain. The same scenario plays out in Boise and Sacremento, you're just talking more dollars per square foot in Sac-town. All areas are going to drop, some will bottom before others, but like all real estate declines the bottom will be a long flat one. We won't see 2005 pricing again in many areas until 2015. Adjusted for inflation, some areas will NEVER see 2005 pricing again.
Mike, it looks like it is already under contract.
"Adjusted for inflation, some areas will NEVER see 2005 pricing again."
True words, and if that panzy Bernanke keeps this up,
"Adjusted for inflation, some areas will NEVER see 2005 pricing again."
They will. Real estate DOES appreciate. Less than one percent over inflation, but it does. So, it's only a matter of time.
". My zip code in Arlington, VA saw price appreciation during the last 12 months exceed 16%"
Step back a minute and ask ...
have income gone up 16%....
did we have wage inflation ....
did we have anykind of inflation which pushed
people incomes up to justify increases in homes.
No No No.... RE over the long run appreciations or to be frankly blunt keeps up with inflation.
Stop with this stupid idoitic nonsense that somehome 16% increase is good for your
local economy. Your freaking jobs are on the line when your employers cannot afford to keep
you because your home costs more. Oil went from $40/brl to near $100/brl... yea! oil apprciated in valley, do you see many dancing in the street over that! Our economy isnt going anywhere when you have boom bust mentality like the one today!!! We are not getting stable growth !!!!
The appreciation I referred to in Arlington, VA is the AVERAGE price appreciation, not the median.
The zip code I am referring to is 22207. You guys are cracking me up. I would love to hear why you think Arlington is getting ready to burst.
Because everything else around it is.
The appreciation I referred to in Arlington, VA is the AVERAGE price appreciation, not the median.
The average price means nothing as well; if all the $1M houses sell for $700K, with fewer sales at the low end, the average soars; even though the high end prices dropped $300k!
Adam, I hope you're still here in six months when I resurrect this thread and we can have a retrospective about who was right.
... and, it's free and anonymous
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"The housing market won't turn around in 2008--or 2009, 2010, 2011, either."
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"The really smart folks will be saving their money for 2012 or maybe 2013, when years of grinding losses will have stripped the assets of everyone who bought real estate with the idea of retiring on the proceeds. At that bottom, everyone will be disgusted with real estate, both residential and commercial, and no one will be dumb enough to sink dead money into an asset class which continues to decline in value year after year."
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