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Lord Snooty · 05-02-2007, 10:56 AM

*Sigh*

From the Dayton Daily News.. (isn't that in OHIO...?)

Housing slump means both hazards and opportunities
February 15, 2007

A few years ago, Clark read a story about people who camped out at housing developments for days, waiting to buy lots. People were willing to pay whatever the developer charged them for a lot.

Well, that was then and this is now. The market has softened in many places. Even in Atlanta, where there is no bubble, there is a huge amount of unsold inventory.

In addition, the mortgage market is in complete turmoil right now. Lenders are filing for bankruptcy almost daily. They had allowed mortgage standards to fall apart and basically anyone could get a mortgage for a while. Now, those people — who bought more house than they could afford — are having their homes foreclosed.

All of that means that we can expect at a lot of sluggishness in the housing market. There could be some real deals for opportunists, especially for people looking to buy condos and distressed real estate. In Miami, for example, smart buyers are going to get a great deal on condos.

If you're considering buying a foreclosure, don't buy on the courthouse steps unless you know real estate well. You want to buy from the REO (real estate owned) Department at banks. There is too much risk buying pre-foreclosure or at foreclosure.

If you're going to do it anyway, find out if there is one loan or two on the property. You don't want to pay for two loans.

Also, if you're selling your home, don't compare your home price what a neighbor sold his for six months ago. All you can do is go buy what's happening in the market now
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I'm sure we can all find information and opinions to back our points of view but as you say yourself....

"I don't care what the prognosticators say. There is no "National Crash" because home markets are not national, they are regional."

But the mortgage market is national isn't it..? backed by national banks and institutions?

But then you don't care what the prognosticators say because...well, because they are prognosticators and they are just miserable people...right... and it's all going to be fine in the end.. So do you never listen to prognosticators? They are right sometimes...

I heard that soooo many times during the last two recessions I have been through and I know it brought small comfort to the guys handing their keys back who tried to sue their lenders for getting them in to mortgages they couldn't handle and now we see the same thing happening again.. What short memories some people have....!

I won't post again on this as it's getting tedious and we clearly have different views. I respect your right to hold the view you do but I suspect your experience and mine my have coloured our opinions very different colours.

05-02-2007, 10:56 AM	#21 (permalink)
Lord Snooty Upright Location: MA	Sigh From the Dayton Daily News.. (isn't that in OHIO...?) Housing slump means both hazards and opportunities February 15, 2007 A few years ago, Clark read a story about people who camped out at housing developments for days, waiting to buy lots. People were willing to pay whatever the developer charged them for a lot. Well, that was then and this is now. The market has softened in many places. Even in Atlanta, where there is no bubble, there is a huge amount of unsold inventory. In addition, the mortgage market is in complete turmoil right now. Lenders are filing for bankruptcy almost daily. They had allowed mortgage standards to fall apart and basically anyone could get a mortgage for a while. Now, those people — who bought more house than they could afford — are having their homes foreclosed. All of that means that we can expect at a lot of sluggishness in the housing market. There could be some real deals for opportunists, especially for people looking to buy condos and distressed real estate. In Miami, for example, smart buyers are going to get a great deal on condos. If you're considering buying a foreclosure, don't buy on the courthouse steps unless you know real estate well. You want to buy from the REO (real estate owned) Department at banks. There is too much risk buying pre-foreclosure or at foreclosure. If you're going to do it anyway, find out if there is one loan or two on the property. You don't want to pay for two loans. Also, if you're selling your home, don't compare your home price what a neighbor sold his for six months ago. All you can do is go buy what's happening in the market now -------------------------------------------------------------------------- I'm sure we can all find information and opinions to back our points of view but as you say yourself.... "I don't care what the prognosticators say. There is no "National Crash" because home markets are not national, they are regional." But the mortgage market is national isn't it..? backed by national banks and institutions? But then you don't care what the prognosticators say because...well, because they are prognosticators and they are just miserable people...right... and it's all going to be fine in the end.. So do you never listen to prognosticators? They are right sometimes... I heard that soooo many times during the last two recessions I have been through and I know it brought small comfort to the guys handing their keys back who tried to sue their lenders for getting them in to mortgages they couldn't handle and now we see the same thing happening again.. What short memories some people have....! I won't post again on this as it's getting tedious and we clearly have different views. I respect your right to hold the view you do but I suspect your experience and mine my have coloured our opinions very different colours. Last edited by Lord Snooty; 05-02-2007 at 10:58 AM..