Drop?

How about free fall?

This is news?

one of our neighbor's home appraised at $129,000 last year at this time - they were thinking about selling soon and were appraised at $81,000 this past week.

it's a lovely, well-kept, three+ year old, approximately 2,000 sq. ft. on an acre.

thankfully, they can ride this out as they have alot of equity in their home.

one of our neighbor's home appraised at $129,000 last year at this time - they were thinking about selling soon and were appraised at $81,000 this past week.

it's a lovely, well-kept, three+ year old, approximately 2,000 sq. ft. on an acre.

thankfully, they can ride this out as they have alot of equity in their home.

why'd that post twice?

81K???? that wouldn't buy a tool shed here.

Nanc, just curious: what part of the country do you live in?

I can only say finally.....

HOORRRAAAAYYYY!!

Home prices have been way out of wack for several years now.

It's funny people are crying about home values dropping...

No one complained when prices were rising at unsustainable levels. Did anyone have pity on home buyers?

Good news for anyone planning on purchasing a home. One person's loss is another's gain.

Not here. Prices up 5%.

doc - northwest arkansas. former californistinian.

THis is good news. My son and his wife are buying their first home. They have settled on a nice 1400 ft^2 3/2/2 with new roof and plumbing and a nicely landscaped yard. 3 years ago it would've been in the $120s range. They got it for $85k and seller agreed to pay for closinig costs. They will be closing in a couple of weeks.

I am thinking very seriously of buying an investment property to augment my income. I have one rental home. At these prices another one is feasible.

Why do people complain about low house prices? For every seller who loses, there is a buyer who wins.

Why do some people hate home buyers?

Why do people complain about low house prices? For every seller who loses, there is a buyer who wins.

Well, those sellers arent making stupid amounts of money anymore. No one cares about someone else's good money break..

No one cares about someone else's good money break..

Well, nobody here on the left gives a shit. Which is fine except they all pretend to.

goatman - buy into developed properties if you can - the price on those are down from between $35,000-50,000 to $9,000-10,000 here.

p.s. doc - our forty acres we bought for $29,000 over ten years ago saw a high of $3,000 per acre a couple of years ago - now, i imagine it's worth less than we paid for it!

What would prices be without foriegn buyers and people able to take their house off the market?

His is the beginning of something very big, brought to you by laisse-faire free market shiesters. Soros, Buffet, Greenspan are all warning that the recession is just beginning. You ain't seen nothing yet.

Looks like homes are going on sale in lots of places. It is good news for the buyer.

No one complained when prices were rising at unsustainable levels. Did anyone have pity on home buyers?

Morons show up everyday.

The stupidity of some and to think this is an officer in the bush military....that does explain the problems.

YEAH!

Bush didn't preside over "The Largest Increase in Home Owernership" just for nothin' ----- its just someone elses fault it fell apart BEFORE January 09!

My friends all bought homes in the last five years and are panicking because they bought for the short term and can't get their houses sold... and they ALL made fun of us for continuing to rent.
I feel for their position as they stand to lose well over $100K or more, but the market is looking better for me all the time.

I don't know what TF Eberly is talking about.

Hag,

I'm not referring to compassion for folks who have lost. I'm referring to people who can't stand it when someone gets ahead because they are envious pricks.

I'm referring to people who can't stand it when someone gets ahead because they are envious pricks.

Posted by eberly

I don't know if I'd go that far, Eb.... Envy comes in all political stripes.

Even though I saw the writing on the wall when my friends started buying, they definitely behaved as if I was some kind of idiot for not doing the same and I started to believe that maybe they were right. So yeah, I was a little envious... Thankfully not envious enough to put myself in the position they are in now.

Money,

Shame on you. Get a fucking life you idiot.

This is just another downturn in the cycle. I am old enough to have seen a few.

Soros, who gives a shit what this lunitic has to say?

This is just another downturn in the cycle.

A look at the debt and leveraging side of the ledger tells me this economy is sinking into a Great Depression far worse than the 1930. Wages static. Home prices collapsing. Bonds and stocks going nowhere. Take those nominal prices and deduct 10% for inflation gives a better idea of what you are losing in purchasing power. Anybody who bets on a recovering economy in the short term is making a serious mistake.

Anybody who bets on a recovering economy in the short term is making a serious mistake.

Posted by Ray at 2008-05-27 06:52 PM



On this, Ray is correct.


14 months.






Soonest.

His is the beginning of something very big, brought to you by laisse-faire free market shiesters.

Laissez-fair free market economies don't have central banks with license to create money out of nothing. This Great Depression is being brought to you by the reckless criminals in Washington. The very people whom most of you will foolishly look to to repair the damage.

14 months.

Soonest.

Ten years soonest.

goatman - buy into developed properties if you can

nanc: Exactly what do you mean? Properties that are established, or properties that are in subdivisions? Any idea how rents are affected?

You ain't seen nothing yet.

Thanks for the insight, chicken little.

"No one complained when prices were rising at unsustainable levels. Did anyone have pity on home buyers?"

Morons show up everyday.

The stupidity of some and to think this is an officer in the bush military....that does explain the problems.

Typical runnysore retort. Call the poster a moron and stupid, but fail to offer a rational reason or lucid rebuttal why the poster's position is wrong.

*yawn*

"You ain't seen nothing yet.

Thanks for the insight, chicken little."

Posted by goatman

Chuckle.
I bought one house on credit in 1971; $1 down, $177/mo.

Two roommates paid $200/mo in rent.

Anyone who has any debt is overextended.
And that was true in Franklin's time.

"This Great Depression is being brought to you by the reckless criminals in Washington. "

Of course. It doesn't have anything to do with predatory capitalists, lenders, speculators, etc. Government made them do it!

That's $200/mo each.

Of course. It doesn't have anything to do with predatory capitalists, lenders, speculators, etc. Government made them do it!

Posted by nullifidian

No government can devalue its currency for any length of time without wrecking the market economy. Cheap money brought to us by the Federal Reserve encourages debt and speculation. You're too stupid to argue with. Move to Venezuela.

And they paid for all the utilities and maintenance as I was working for KVRL TV (Ch 26, which still sucks) and KLOL (Which didn't swallow) in Houston except for weekends. Unfortunately living in a shithole like Houston in 1973 was a was a waste of time if you couldn't pull down at least $500K.

In 2008 it's incomprehensible to me why anyone would live there.

This is great news! Now more people can buy homes than before. Its like getting a raise. Just imagine lower prices and low interest rates at the same time.

I think I will buy 2 if the price gets any lower.


Bee Swell

P.S. and I still get to write the mortgage interest off my taxes!

"The very people whom most of you will foolishly look to to repair the damage."


Where's John Galt and Howard Roark when you need them? Only these uber-capitalist Superheroes can save us now!

"There are a thousand hacking at the branches of evil to one who is striking at the root."

And they are all irrelevant.
-Ambassador Kosh

I bought one house on credit in 1971; $1 down, $177/mo.

Two roommates paid $200/mo in rent.

In the '70s my friend and I would buy a pound of pot for $100, sell 10 one oz lids and have 6 oz for ourselves to smoke.

"Well, nobody here on the left gives a shit. Which is fine except they all pretend to."
Posted by eberly at 2008-05-27 05:18

YEAH!

But is the above before or after the "Buy You with What I Have in my Front Pocket" introduction?

Any way, did you see how cheap you can buy butch ---- fucking sofa change! When I first read his entry I was wonderin' that there was no way it came with The Trailer ----- That or it was(The Trailer) next to a rock quarry!

"n the '70s my friend and I would buy a pound of pot for $100, sell 10 one oz lids and have 6 oz for ourselves to smoke."

Posted by goatman

Acalpulco Gold was $40 a pound in 1970.

I smoked that pound with a Federal Judge.
Fresh tops in a paper bag.

And you just explained why you are an IT boy on an oil rig and I was making Willie famous being chief engineer of KOKE FM in 1974-75.

Then I made the decision to escape Radio Prison.

So many people became rich selling t-shirts to idiots a reasonable social structure would have euthanized.


Then they elected Reagan.

Now it's too late for this pathetic joke of a species.

In the '70s my friend and I would buy a pound of pot for $100, sell 10 one oz lids and have 6 oz for ourselves to smoke.

Ahh the good ol' days. Now its 300 an ounce. Although, you probably didn't get a rainbow of fruit flavor either. :)

And you just explained why you are an IT boy on an oil rig and I was making Willie famous being chief engineer of KOKE FM in 1974-75.

Exactly. They did not give engineering jobs to people in high school. Thanks for the incredible insight, zat.

And I'm sure that Willie Nelson is forever indebted to you for making him famous. He could never had done it without you, I'm sure.

Where's John Galt and Howard Roark when you need them? Only these uber-capitalist Superheroes can save us now!

Posted by nullifidian

When a nation goes bankrupt, even God can't save it.

""US new home sales rose unexpectedly in April"
www.breitbart.com

Home Prices Fall at Record Rate

Ok, which one is it?

KBM"

Jesus H. Christ, KBM. Really? You can't wrap your mind around the possibility that SALES can rise at the same time that PRICES fall? Are you one of JonRyker's students?

Ok, which one is it?

Both. Sales rose, prices fell. I would guess that the falling prices were the impetus for the rising sales.

"Now its 300 an ounce."


Posted by IraqiBukkake

Where do you live?
That's expensive!
You must be buying it from your high school teacher or a cop.

I was making Willie famous being chief engineer of KOKE FM in 1974-75.

Willie signed on with Atlantic records in 1973 and released "Shotgun Willie" that same year. He was wildly popular in Texas before that. Tell us more about how you made him famous, zat.

Ask Joe Gracey, or Willie, moron.

I asked them. They said they never heard of you.

If Willie hadn't had that venue at KOKE, which was a technological joke before my roommate got there, the Billboard Magazine Trendsetter of the Year Award would never have happened.

Fortunately for those hicks, I had become fed up with union broadcast engineering in markets larger than Houston and returned to Austin.

My roomie, who was chiet at KRMH and KOKE, was confronted with a group of directional AM stations, which required a dedicated engineer in those days, before the idiot Reagan eliminated the First Class Radiotelephone License. (I made 100 on the test first pass.)

So I took over the CE duties at KOKE.

Some of those clowns have become filthy rich selling t-shirts.

Joe and I are still in touch.
You're welcome to ask him.

He lost his larynx to throat cancer; Ironic; Best Pipis I Ever Heard.

Pipis = > Pipes.

"US new home sales rose unexpectedly in April"
www.breitbart.com

Home Prices Fall at Record Rate

Ok, which one is it?

Posted by KBM

The headline doesn't tell you that home sales are down significantly from previous years.

"The improvement in overall new home sales marked the highest level of sales since February, but sales have tumbled sharply from the market's red-hot days in late 2005 and early 2006 when over one million new homes on a seasonally adjusted basis were being bought each month."

Secondly, they count a sale when buyer and seller sign a contract. That doesn't mean the buy got his loan. Banks have tightening up considerably.

Treat the headline as spin.

Kimmie Rhodes' producer and partner Joe Gracey was born at an early age

And what age was he born? LOL

"I asked them. They said they never heard of you."



Posted by goatman


Sure you did.
There's a faulty printer on deck -88.

You're welcome to ask him.

OK. Send me his phone number or email address and tell me your real name so he'll know who I am talking about and I will do as you request.

you won't? How convenient. The cloak of anonymity is great to have when you make outrageous claims like you made Willie Nelson famous.

I'm referring to people who can't stand it when someone gets ahead because they are envious pricks.

Posted by eberly


I'm sure you derive a great deal of personal satisfaction believing people are envious of you, Eberly.

"and tell me your real name so he'll know who I am talking about"

Failing to pay any attention at all flag.

Explains the worthless, failed life.

Kimmie Rhodes' producer and partner Joe Gracey was (sic) born at an early age

And what age was he born?

LOL

Oh jesus fucking christ, Goatman. You are such a prig. Just because you have led a useless life and spawned offspring who will lie to you doesn't mean everyone else has. You sound just like the asshole who wouldn't believe 101Chairborne served.

Explains the worthless, failed life.

Well, now that the debate has devolved into idiotic name calling and innuendo, we can stick a fork in it. Nice move, zat.

Besides, you have a phone call. It's Willie calling you up to thank you again for making him famous. After that I'm sure you have some final touches to put on your 46th patent. LOL

I'm sure you derive a great deal of personal satisfaction believing people are envious of you, Eberly.

I don't think I have ever given specifics as to my financial success. What would be the point?

Goatman - you best run along. The printer in the employee lounge needs more toner. On the double!

Oh jesus fucking christ, Goatman. You are such a prig. Just because you have led a useless life and spawned offspring who will lie to you doesn't mean everyone else has. You sound just like the asshole who wouldn't believe 101Chairborne served.

More juvenile innuendo. Great most, montboor.

BTW, my disbelief is based on zat's own numbers. He said he made willie famous in '74 and '75. Willie was already famous before that.

My disbelief in zat's claims is also from other claims he has made in the past that could not possibly be true such as his claim he bought a bunch of Microsoft stock in the '70s and that he remembers when the first silicon crystal was made, even though he was only three then.

Quit jerking that "i hate goat" knee, monteboor.

Where do you live?
That's expensive!
You must be buying it from your high school teacher or a cop.

Nah...

I can get brown for cheap...but I'm not really interested in that. Super Silver Haze is more my flavor.

The printer in the employee lounge needs more toner.

BTW, monteboor: Thanks for paying $4/gal gas. Toner cartridge changers like me make over 6 digits a year. I couldn't make that kind of money without idiots like you.

You're welcome, Goat. And since I pay more in taxes than you earn in salary, you're welcome for that too. Cheers.

And no, I won't give you my real name and social security number so you can check it out with the IRS. You're just going to have to trust me on this one, kid.

Goat is always free to ask Joe, or Willie, and don't lie about it.

You never asked anyone.

You make me disgusted to be a Texan.
And I had fami8ly at San Jacinto and family who built the Monument.

What a bunch of idiots. Anonymous bloggers arguing over their anonymous achievements. lol.

Anonymous bloggers arguing over their anonymous achievements. lol.

"My father made outrageous claims like he invented the question mark"

-Dr. Evil

You're welcome, Goat. And since I pay more in taxes than you earn in salary,

How do you know?

LOL

You're just going to have to trust me on this one, kid.

The integrity of your past posts don't exactly elicit a plethora of trust from you, m'boor (or is it m'bore? Both are applicable)

You never asked anyone.

Says the guy who bought Microsoft stock in th '70s. LOL

And I had fami8ly at San Jacinto and family who built the Monument.

I noticed a few days ago that this story has changed, too. Up until then, it was your wife who had family there. Now it is your own family. Not that this can't be true, but funny you never mentioned it before. I was only your wife's family that you mentioned were at San Jacinto.

fami8ly => James Patterson

Look him up.

William (the conquerer) I. Look him up.

Ray has hit the nail on the head, RE normally runs in 10 to 15 year cycles. SO WHAT???? Unless you bought your property as an investment, you'll be OK in the long run.

Ray two things that are NOT inflating are home prices and wages.

And for all our dr left blaming GW, you are wrong. RE moves in natural cycles, and as anybody in north jersey knows, having seen property drop from the previous crae/high of the late 80's.....values didn't come back till the late nineties.....

LOL! Florida and California. You are getting the honesty test!

Home prices were inflated when they increased but there was no complaint. Now that home prices are really seeking their TRUE value in the market place we find weeping, wailing and gnashing of teeth.

What we have here is the market place working at the ultimate. If you invested in a house for the short term it is just like the stock market and short term investing, and you are probably bitching loudly. If you purchased it for the long term then the same thing applies, except you understand and are smiling because you are OK.

Live it up and accept the reality of the truth. Housing will settle down when the housing market finds its own level, much like water. Accept it and go on.

Be well

Farmer,

As much as I agree with you there is a underlying problem.

Millions of people bought homes at the higher inflated price and now those homes are way undervalued, therefore those people are not able to refinance or utilize any equity which stagnates these people in the economy.

Millions of people bought homes at the higher inflated price and now those homes are way undervalued, therefore those people are not able to refinance or utilize any equity which stagnates these people in the economy.

So? Why should I (as a buyer) give a fuck? They werent giving a fuck about me the last two years. Now that it isnt in their favor, all of a sudden it's a bad thing. Bullshit, I say it's the market at it's best, but then again, libs hate that..

"So? Why should I (as a buyer) give a fuck?"

Hey, if you can get a great deal now go for it, like you say you should have no guilt about it. You didn't create the housing bubble or burst it.
However, seperate from feeling sympathy for folks who used somewhat poor judgement is the fact that our economy is teetering on disaster and even though you buy now at what you believe is a good price (remember the people losing homes now also thought they were getting good deals) how will you feel in six months if the prices continue to plunge as some say they will. Then it won't matter when we were sucked into the crashing market because we will all probably be unemployed. That is why you should care, because of your own self-interest.

I am aggressively looking to buy condos in NYC from the fools who can't pay their mortgages. There are some great deals if you take the time to look.

Real Estate is a long term investment so I am not worried as long as their are renters there is income coming in the door.

"So? Why should I (as a buyer) give a fuck?"

This isn't about you, but typical moron thinks about himself.

Part of securing a loan is getting equal value for the price paid, well, that didn't happen and those who bought were not at fault.

The value of the home is not a buyer beware issue no matter how much you think it should be.

And again, we can see why the military is so fucked up, this guy is an officer.

MONEYWAR!

FARMERJOHN here. I am having a real problem with the fact that if I purchase something that somehow I am not responsible for agreeing to the price I pay, regardless of the asking price. I certainly understand millions of people bought at inflated prices as you suggested above but, I had a choice here too, as did all those others who purchased. And, we accepted that responsibility when we signed on the dotted line, duped or not, because we are or should have been responsible adults. I think anyway?????????

I am in the same boat here in Iowa. My home was bought for $80,000 and I will do well to sell at $65,000 BUT, I have accepted that fact in this market. After figuring in the equivalent rent I would have paid over the past 8 years, I figure I have about broken even. Therefore I have not lost much if anything.

On the other hand, were I to dwell on the fact I could have made several thousand dollars on this home, I would be upset.

Regardless, I certainly do understand where you are coming from brother. Hope you understand and see my madness here too though. And, as I see it, all the others fell and fall into this same trap. We win some and we lose some.

Farmer,

Who appraises your home? Who set the appraisal process? Your home still has the same demand so what is stopping the price? Could it be financials?

The one person in least control of the whole process is the one person you choose to castigate.

I understand living up to the signature of responsibility, but these people were duped and you know it.

What happened to those people who said the value of their home was 100,000 and so the individual signed the papers to buy the home at 98 thousands and now it is only worth 78 thousand. These people made decisions on people who are certificated by the government to give fair value estimates for making such decisions.

Most of these people are not looking to leave, they just want a chance to correct what was clearly a scam supported by the financial agency and the government organizations. Buying a house is not buying stocks on wall street, but some would say this is not true.............hmmm, how many of those people live in the normal waged society.

MONEYWAR:

Fair enough.
Thanks.
Continue to keep me honest brother.

Millions of people bought homes at the higher inflated price and now those homes are way undervalued, therefore those people are not able to refinance or utilize any equity which stagnates these people in the economy.

Posted by moneywar

And I should bail their asses out because they did something stupid?

Most that bought high, did so with the thought in mind that they were going to strike it rich. When you gamble and win, do you share your new found wealth? When you gamble and loose you expect me to help you.

"Most that bought high..."
Posted by Sniper

Many? Sure. Most? You have no way of saying that.

Have you ever heard the sales pitches of those mortgage brokers?

Did you know that even well qualified buyers were steered directly to subprime mortgages without even a mention of the fact that they could get a mortgage with less risk?

I'm all for stupid paying its own bills, and the stupid here are the one's who thought they were buying for a quick ROI, but many of these people were taken advantage of based on their inexperience with mortgage lending.

Until we institue an intelligence floor for home ownership, we have to help out those who got taken advantage of.

SO I guess we should also bail out first time car buyers who get suckered by sleezy car salesman. Where will the bail outs stop. The fact is that it is their own fault for not taking the time to talk to several mortgage brokers and doing the own research. There is this wonderful thing called the internet.

hag, the face that these people were taken advantage of is their fault. They have no business making the largest financal commitment of their life while they are stupid.

It damn sure isn't my fault that they made stupid decisions and it isn't my responsibility to bail their sorry asses out. If you tink it's yours to correct, feel free to do it with YOUR money, not mine. Find the stupidist person you can and write him a great big check.

re: "Find the stupidist person you can and write him a great big check."

Nice try, dude.