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I have more hope that in 2009 I will be able to buy a reasonably priced house because of what happened yesterday on these boards. I've only been reading these boards for a few months but to me yesterday was a sign of a seller realization that there is no chance of housing appreciation in the near future. I think he (the troll) represents most sellers frustration and loss. I believe that it will finally go back to the way things should be. A median income family can buy a 3 bedroom 1 bath in a nice neighborhood with similiar houses for around $1000 month. I could be wrong. I'm wrong alot.
if you left it up to the people, they would overspend
the banks won't let them overspend this time
takes a while for a big correction
but it will happen
it will go like this
people will think there is a bottom
they will start buying
then it tumbles some more
on, and on, until it bottoms
and it will bounce on the bottom for a long time
anyways
good luck
Hello Waiting4Ever,
Could you please elaborate more on this part, "people will think there is a bottom, they will start buying, then it tumbles some more"? What will cause it to fall even further?
I am thinking it means...
the uniformed crowd ( blue collars, not educated, etc..) will fall for the ads like the NAR on the radio saying 'All markets are different / its a buyers market' or their local REA saying its a buyers market. Scare tactics about rates rising or missing the window for FHA loans etc etc.. The people that fall for this are the first wave that will / are believe a bottom is here.
look at it like a stock chart
when the tech market crashed
it didn't just crash overnight
a stock
went down a lot
went up a little bit
went down a lot
went up a little bit
etc, etc, etc
until it reached bottom
you can think of it like a ball
drop it
it bounces 5 ft
then bounces 4 ft
then bounces 3 ft
bounces a little less
bounces a little less
bounces a little less
then rolls on the floor
thats bottom
hope that helps explain a little better
thats how all markets work, from a chart perspective
up or down
always follows the same pattern
just as a bouncing ball will do
it would be a weird ball
if you dropped it and it just stuck to the floor
but that describes Bear Stearns over a 3 day period
so weird things do happen
anyways
good luck
You all are pissing in the wind if you think you'll be able to buy at 1990 prices...The government is doing everything they can to inflate our money to justify this housing mess.
Move along sheep.
tldtms
feel for ya, but not too much
ask the govt for some food stamps, while you're at it
anyways
you should have sold in 2005
tld - tfs whatever
WHo said 1990? 1999 very possible though. Suck the HEloc much during the boom? tfs.
hassan: natural market forces (we have the highest number of vacant homes in 50 years)combined with the current tidal wave of foreclosures will cause prices to continue to drop
supposedly, the human brain is very easily conditioned. just after two or three instances of the same event occuring, the brain automatically expects the event to happen again. so the market crashes, comes up a little bit- people prematurely think the worst is over but then the market falls again. this happens a couple times and even the cheeriest will expect and fear the next drop and then no one will be buying. at all.
and, strangely enough, if you look at all crashes, that is the exact what happens. examine the stock market crash oct 29 to 33, the nasdaq crash till now, tulips, arabian horses, south sea trading company and the list goes on and on. They drop, recover, drop again with more vengeance...
1998 prices are likely in many areas.
''"Then I bought a 250k house for 400k."'
LMFAO. These idiots need to now the hard way.
tldtms,
I sold last July and made 210k. I then rented and prices in my old neighborhood have dropped 100k. No one's ever accused me of being a genius, but even I figured out where things were headed. I saved a lot of money, and I don't even post on zillow all day.
Currently, the right play in most areas is to rent and wait.
And they said Bubble Sitting was a foolish and risky gamble. Who's crying now.
... and, it's free and anonymous
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The wave is cresting and you better have dropped in.
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Note: These are predominately second homes, many bought on panic (never going to be able to afford a shore house if I don't do it now) and speculation. Thank goodness for this correction, I was starting to believe them until I read Aldreth.
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