Zillow Advice: Buying a Foreclosure - so i am in escrow, but getting very scared because of the market, and also because i feel i'm http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ Zillow Advice | Zillow Real Estate I felt this way about a bid ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ I felt this way about a bid I placed on a home...until I didn't get it.&nbsp; Now I wished I would have come in a couple thousand more.&nbsp;The market probably does have another leg down.&nbsp; Is that what you are concerned about or did offer on a house you really didn't want?&nbsp; This may not be the best time to buy, but it is certainly not the worse.&nbsp; Do you want it at this price?&nbsp; Your home is a personal use asset not an investment.&nbsp;&nbsp;&nbsp; If you are getting cold feet you probably have an out on an inspection. Wed, 26 Aug 2009 00:08:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-26T00:08:00Z I'm unsure of what you mean ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ I'm unsure of what you mean by 'price action'. Larger homes are being left because they are expensive to keep. The outlying areas are cheaper, only harder on the car expenses.<br/><br/>and... 20 or 30 what? Years? I do believe we are looking at 15 years or longer before homes sell at the previous high... 20... 30... who knows, but it'll be a while.<br/><br/>15 years ago, 1994, was in&nbsp;a bottom of a recession. <br/><br/>In 1999, the regulations on the banks were removed, permitting the banks to be owned, and own, other industries/companies. These prior regulations were determined to be the major cause of the Great Depression and were put in place in the 1930's&nbsp;to protect our economy. Our current crash is directly caused by deregulating the banks which was a dem/rep bipartisan move primarily due to heavy bank lobbying.<br/><br/>The only comparison I can give for <a href="http://www.zillow.com/local-info/">house values</a> is during the Great Depression, since that is the only other researchable time in usa history with deregulated bank data. Tue, 25 Aug 2009 22:04:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-25T22:04:00Z Is it my imagination or do ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ Is it my imagination or do a lot of you here on the on the bulletin board think that the price action of homes will be what it has been for the last 15 or so years? if so, why do you feel this way selling their larger homes.&nbsp; Moving to condos or smaller homes in outlying areas away from work centers.<br/>&nbsp;Will come as no surprise to many of you, but it is my opinion that the House price action will be slowly going down or at best staying still, say 20 or 30 before the next baby boom comes along and we have eight economic driver pull us forward. Tue, 25 Aug 2009 21:30:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-25T21:30:00Z In Calif you have a 'the ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ In Calif you have a 'the dog sneezed and I want to back out' clause for the first 17 days in escrow. You will get 100% of your money back if you want to. I'm not sure the real name of the clause in your contract, but that's what I call it! lol<br/><br/>Here's how I look at it, and I bought last year. I don't expect 'equity' for 15 years. I do expect a fixed payment; whereas my rent was constantly increasing. Therefore, I believe my 'paper loss' will eventually be recovered. If not, it still doesn't matter, because after 30 years I'll be 'rent free'. lol<br/><br/>Lastly, in the early 70's my dad had a horrible time finding a bank with money left to loan. The <a href="http://www.zillow.com/Mortgage_Rates/">interest rate</a> was high. It was the ONLY bank in all of Cleveland, Ohio (not a small town, but BIG!) that was still loaning money. Pretty much only cash buyers were buying, the rest were locked out.<br/><br/>You BELIEVE that the prices will drop further, but will banks be able to <a href="http://www.zillow.com/mortgage/">loan</a> when they do? Will the interest rate be 5% fixed like now, or over 15% and variable like in the 70's?<br/><br/>Good luck on your house and your decision. Life is a gamble, and the biggest gamble is a home purchase, but definitely NOT the riskiest purchase over the long run. Tue, 25 Aug 2009 19:43:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-25T19:43:00Z Don't buy now. Wait till ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ Don't buy now. Wait till the price go up a bit then even if you pay more you will feel better. After all it is the "feelings" that make you happy. Mon, 24 Aug 2009 20:25:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-24T20:25:00Z for anyone interested in ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ for anyone interested in the foreclosure data scource<br/>here is the link<br/><a href="http://www.responsiblelending.org/search/search.jsp?query=foreclosure+by+state" rel="nofollow">http://www.responsiblelending.org/search/search.jsp?query=foreclosure+by+state</a><br/>it will have state by state foreclosure projections &nbsp;and explain sources and methods for foreclosure projections. its a non profit org. Wed, 19 Aug 2009 22:59:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-19T22:59:00Z As for the "love it or leave ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ As for the "love it or leave it" arguement, 25% of the household walking away from their houses in less than 4 years sounds worse than the divorse rate to me!<br/><br/>And just because they don't "love" California, does not mean they will "leave it".&nbsp; They would need a job!&nbsp; And many will choose to rent or share.<br/><br/>But things would get better a lot faster if California succeded from the Union and stopped subsidizing the rest of the states!&nbsp; California would still be the 6th largest economy in the world.&nbsp; Perhaps California could even anex Mexico, getting California back to its roots and re-uniting families that the Gold Rush U.S. "theft" created?&nbsp; Then there would be plenty of labor for all the new industry that California would provide to the world, and no more need for people to sneak across the borders, or any need for some huge electronic fence project.<br/><br/>Remember, the U.S. claimed the Berlin wall indicated they were not a "free country"? &nbsp; That is the real reason we are building the wall; the U.S. is not a "free country".&nbsp; We have to lock people in and use propaganda to keep them here, and to keep others from coming in to document the truth.&nbsp; As the U.S. keeps claiming, "there is no such thing as a free lunch", the freedom of the "wealthy" comes from forcing low income teenagers overseas to be bombed and mutilated with no health care and no compensation.<br/> Wed, 19 Aug 2009 03:34:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-19T03:34:00Z West Covina prices and values ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ West Covina prices and values are still declining, and will be for a while.<br/><br/>I'm glad that 8 million <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosure</a> estimate in 4 years in Califoria was revised!&nbsp; There are approximately 35 million people in California, about 11 million "households", about 6 million "owner occupied" housing units.<br/><br/>8 million <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosures</a> would have been more than every owner occupied home!<br/><br/>1.5 million foreclosures is more reasonable, but that is still one of every four!&nbsp; Ok, I suppose they mean they are spread out over the 4 years, and that they will sell in an average of 6 months, but that still means 1 of every 32 ownership units will be on the market at any point in time, which is about 3% of the units.&nbsp; Normally about 7% of the units are on the market at any point in time, so this means about 1/2 of the market will be foreclosures.&nbsp; And in this area, the Zillow "sold" data indicates only about 3.5% of the total inventory is sold per year.&nbsp; Thus 3% of the units is close to a full year's supply of total sales.<br/><br/>I don't know if the 1.5 million foreclosure estimate is close or not, but regardless of what it is, it will continue to drive prices down, as well as unemployment statistics and state and local government budget cuts.<br/><br/>How much, I wouldn't wager to guess, but it will be more than the $8k government "first time buyer" incentive.<br/> Wed, 19 Aug 2009 03:08:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-19T03:08:00Z What are you trying to be ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ What are you trying to be Roberto, Mr. Backwards tonight?&nbsp; Or expand on your thoughts, as I think she is asking looking for some help, so that is what I was and you normaly do also trying to do. Wed, 19 Aug 2009 02:45:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-19T02:45:00Z you should NEVER be in love ... http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ you should NEVER be in love with any home ever... get a grip of the nonsense on here... Wed, 19 Aug 2009 01:54:00 GMT http://www.zillow.com/advice-thread/so-i-am-in-escrow-but-getting-very-scared-because-of-the-market-and-also-because-i-feel-i%27m/268332/ 2009-08-19T01:54:00Z