Housing market is stabilizing

Chapdog said:
actually rates are down big time. u can get a 30year fixed for 5.75 or so. 15year for 5.25.

refinancing going to come back strong once rates fall further.
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we're refinancing to 5.75 at no cost (allegedly)
 
LadyT said:
we're refinancing to 5.75 at no cost (allegedly)
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if u pay your bills you should have no trouble getting a loan for 5.75 zero down zero penalties.

now if you have shitty credit then why the fuck should you get a good deal like that.
 
Chapdog said:
i disagree. i think this is merely a correction. the demand is still there.
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The demand for housing will remain in the long run. It is the short run that is the problem. You mention that the 30 year is low again. The problem is that those with ARMs and I-only's are not qualifying for the 30. Nor are they going to be getting the current ARM rates upon their reset because many now have negative equity in their homes.

As you mentioned, the effects will vary greatly based on where you live. Some areas are indeed recovering. Others have yet to feel the pain that is coming.

Overall though, we are not out of this yet. Nor is the housing market recovering on average in the nation right now.
 
Well I just signed a 12 month lease, so for selfish reasons, I hope the market falls more. I plan on buying in about a year..
 
Superfreak said:
The demand for housing will remain in the long run. It is the short run that is the problem. You mention that the 30 year is low again. The problem is that those with ARMs and I-only's are not qualifying for the 30. Nor are they going to be getting the current ARM rates upon their reset because many now have negative equity in their homes.

As you mentioned, the effects will vary greatly based on where you live. Some areas are indeed recovering. Others have yet to feel the pain that is coming.

Overall though, we are not out of this yet. Nor is the housing market recovering on average in the nation right now.
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correct and well said.
 
Prices for a new Home around $250,000 in my area are down about $25,000 in the last six months since I bought.
I agree with more to come, but remember recessionista's
housing was up 75% in the last several years, being down 5 to 15% is not bankrupting any existing homeowners.
 
so 10% certainly won't put you in personal recession
95% of the rest of the country are well off too, not as rich as you but not near recession.
 
Im fine and will probably be able to weather much of what is going to happen. This is the thing about realestate bought at the right time. Its realitive to the exsisting economy at the time. Everyone needs housing and unless you buy at a historic time high like the last couple of years when you pay it off and then sell it you will have something worth a great deal in the exsisting economy at the time.

You bought at the wrong time.

I lucked out on when I bought but I would not have bought no matter what in the last two years.

I told everyone I knew not to buy or take money out of their house if they already owned.
 
Topspin said:
Prices for a new Home around $250,000 in my area are down about $25,000 in the last six months since I bought.
I agree with more to come, but remember recessionista's
housing was up 75% in the last several years, being down 5 to 15% is not bankrupting any existing homeowners.
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LOL. Unless they were stupid enought to buy when the market was at its highest point and now they want to sell because they can't afford the ARM that's now up to 9%.
 
LadyT said:
LOL. Unless they were stupid enought to buy when the market was at its highest point and now they want to sell because they can't afford the ARM that's now up to 9%.
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Ohh you mean the ones that Chap loved a year ago for boosting the economy and his real estate value ?
 
I bought at the exact right time. My office is moving to this awesome city and I will live here a long time.
 
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