Home prices fell in December in most US cities

iVillage Member
Registered: 04-07-2002
Home prices fell in December in most US cities
9
Tue, 02-28-2012 - 1:51pm
This just astounds me.

 nwtreehugger  

iVillage Member
Registered: 03-18-2000

Here in CT the large houses that were expencive have lost their value the most but houses in my neighbourhood have stayed constant. Most of us have been putting money in our homes.... Replacing windows, roofs, adding/extending rooms & such.

http://www.zillow.com/local-info/CT-home-value/r_11/

 


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iVillage Member
Registered: 08-30-2002

My region has seen huge declines in property values, but they were incredibly, artificially inflated. In large part due to Bay Area buyers buying 2nd, vacation homes with adjustible rate mortgages. In the Bay Area a 300K house was nothing. So the same house, with land



iVillage Member
Registered: 03-18-2000
"I'd love to be able to call a landlord when something is broken and needs fixing and just be able to pay my rent and have the weekends free"

If, for some reason, I was on my own I'd rent. Our house has a lot of upkeep too much for me to handle alone.... or I'd have to pay someone.

 


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iVillage Member
Registered: 04-07-2002
We had some of the same problems up here. Many Californians (mostly SoCal), saw how inexpensive housing was up here...so a rush began. Towards the end, a seller would put their home on the market & buyers would get into bidding wars! The seller usually ended getting quite a bit more than they even asked for. The problem was that the homes/property weren't worth it. And we had too many 'flippers' up here too. Our home hasn't dropped a great deal in comparison to many - most of which should have been valued 300-500,000 but were sold for 900-1M. Now those that paid twice the value, can't get their money back. Many took huge losses & others are just trying to hang on. There's one house just a few blocks from us that they bought at around $400,000 & almost completely tore it down to 'remodel' it. It's been on the market for over 3 yrs now (the builder rents it out) & they're still asking close to $1M & it isn't worth it.

 nwtreehugger  

iVillage Member
Registered: 04-08-2008

I'm in the Greater Vancouver area and we are still in a bubble. Someone did up a powerpoint presentation that was going around email saying "spot the crackhouse"...and it was 1M homes intermixed with crackhouses. I missed quite a few!

http://www.crackshackormansion.com/

I live 20 mins from Vancouver but it's not much better here. DH and I had $500K to spend on a home and all we could afford was a townhouse. That was in 2006, now we could probably get a really old fixer-upper but it's still too high for wages. I am wondering how folks are affording these homes! I worked 3 jobs throughout my 20s and it still took some lucky picks in investments to get us here...

What pops the bubble though? If it's survived this long, there has to be that needle/prick to pop it...what would that be? High gas prices reducing household budgets? Increased unemployment from reduced exports?

iVillage Member
Registered: 08-30-2002

I don't know if Vancouver has ARm's, adjustible rate mortgages. But that is part of what popped our bubble. People would get into more house than they could afford, with an ARM. They would get a low fixed interest the first 3, 5 or 7 years, with the idea that they would refinance before it adjastible, but things didn't happen as planned. They would be living in a 300K house, making $750 a month payments, then the payments would adjust to double or triple that. Then someone would lose a job, they couldn't qualify for refi at a fixed rate..... they couldn't afford their 3K a month payments, foreclosures and shortsales began.......



iVillage Member
Registered: 05-03-2011
We had the same problem in Las Vegas. The value of my home has declined probably 60%.
iVillage Member
Registered: 04-07-2002
@passion8te - Are you Vancouver, BC or Vancouver, WA?

 nwtreehugger  

iVillage Member
Registered: 03-18-2000
Mon, 03-05-2012 - 10:02am
Las Vegas sadly is one of the worst hit places. Many are just walking away from their homes.

 


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