Housing prices starting to come down
 

Seeing this all over the news....hopefully it goes down for the next year so i can buy up the foreclosures :P

is this a bad news for real estate investors?

Good news as you can get great deals and it will go up again

Its been going down for the past few months. The high end market is really showing lagging.

I feel sorry for all the dreamers that bought loads of condos on spec.

Funniest thing of all on Nov 1, Trump is putting a 43,000 sq ft. mansion up for sale at $125 Million.

:1orglaugh :1orglaugh :1orglaugh

I saw that one too:
http://www.palmbeachdailynews.com/ne...ToddJ1020.html

damn trumps place is huge.

yep this bubble burst will make the dot com bubble look like a frogs fart coming out of a pond Versus a mushroomcloud from the Manhattan project!

i guess it's normal to go little bit down before jump high up again

Not sure that I agree there Joe. There are certain big differences..... for one thing houses are real property, not just a cool concept, and everyone needs to live somewhere. It will flatten out, with a short dip when all the pre-construction condos all hit the market end of this year, and into next year, but houses aren't suddenly going to become worthless :2 cents:

They aren't going down everywhere. Keep in mind this is all geo related. Some areas spiked very high so fast they are just ripe for a decline. Other areas grew slowly and still are :)

I would agree and and add this Mike to justify my claim.

ARM's
no doc loans and unscruuplious ( never calimed to be a writer LOL) Mortgage brokers

fals creative no money down loans to bosst the home sales market

to much creative financing allowed to make these values seem real for too long .

for example remember the credit card companys several years back were giving everyon credit cards to inflate their numbers? then wham they got butrned and had to eat more debt so they revised their criteria again ?

I think this has happened ten fold on housing loans in the last 7 yrs or so and is gonna really become apparent as these ARMs come due and the refinance values are not there to support that method.

Don't forget that a small dip or even a mere stagnation in growth in the value of property has a much larger effect on the economy as a whole than virtually any other area of business, because it directly and extremely strongly influences consumer trust and consumer spending.

I'm looking at one in the hopes to get 100% no down with an 80/20 @ $200k over 30 at 7% /10%

Yep that's true. Maybe I'll buy a house next year :)

That's true in terms of the effects on consumer confidence, but in terms of personal fortunes lost, the damage won't be as bad as the tech bubble losses in the stock market.

yeah think again, california prices up all over.

imposible to even buy here.

Now THAT is very true. In certain areas of the country that is going to bite people in the ass. If you have an option ARM, and you have only been making the 1% payment, you are going to get hit.

Diminished consumer confidence and spending is only the first step. Those things will ultimately almost inevitably lead to recession if they are big enough, and thus cause even worse damage than the tech bubble burst did.

I guess we will just have to wait and see.... and hope for the best.

Check it out http://www.gofuckyourself.com/showthread.php?t=530870

yep... and thats making alot of californians come to vegas to buy, which drives up our market. My house value had almost doubled in under three years because of it :thumbsup