It looks like the house market is not going to rebound as fast as originally thought
 

It looks like the house market is not going to rebound as fast as originally thought in the US. A while back people where saying summer 2009... I don't see any more specific predictions but the general consensus is that it will not happen as soon now. What are your thoughts? (I want prices to drop more. They haven't dropped much in Indiana.)

We haven't seen the bottom yet. I don't see good times until 2012

At the prices many homes have been reduced to in the states i am surprised there isn't more buying. I only wish i could get prices like that here.

you need 20% down to buy, people dont save in the US they simply cant because they upped their lifestyles using credit lines and credit cards, the only reason housing went up is because you could buy it with 0 down

:thumbsup

Prices are now getting to a level, that one of my renters already gave me notice that in January he will be buying a home, as prices have come down enough that he now qualifies. I just don't know if he has the 5% or even 10% needed for a $130K home.

in other words he cant afford the rent and hes going to live in mommys basement

You actually don't have to have 20%. Although prices are really nice right now, consumer confidence is killing the market. Prices still could continue to drop and people don't know if they are going to have jobs in 2009.

Things are similar here in Canada, maybe people don't spend to the extent as they are in the States but its possible to buy a home with zero down here too. Although sub-prime mortgages don't exist. I was checking out homes in texas, I think it was. 89k for a three bedroom 2 bath with 2 car attached garage. Nothing special but that would go for at least 225k here.

im buying a second property in the spring so I hope it stays down into the summer

:2 cents:

Wanting the prices to drop more is sheer stupidity. They did not drop much in Inidana, because they were not that over priced.. Take a look at property in Sandiego to see what OVER priced is.

2k sqaure foot home nothing special 4 to 600k WTF for???

Easy. No one wants to live in Indiana except Baddog. People actually want to live in San Diego.

Indeed. We are great consumers. For people living in the United States who are responsible it is a double win. The sheep power the economy along and we benefit twice as much as them by being responsible. However, sheep need regulated and Bush didn't do that well. Now I have problems like 1) China over taking the US as the world's #1 super power much sooner than it could have and 2) inflation.

Exactly correct, the ease of money being borrowed created an artificial housing demand, which in turn spurred supply, so you have excess inventory. There was no real true demand for housing, just a lot of buying power.

Yes yes fuck face. Places that were the most overpriced are suffering the most now. The places that are the most desirable to live in were the ones most over priced (not Indiana). Why is wanting further decline bad for me?