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jetfuel4 says

Gregory Gardens Market Update!
Property Address List Price Sold Price BD BA Sq. Ft. Days to Sell
314 Betty Lane $300,000 $309,000 3 1 1040 43
1660 Shirley Drive $316,900 $315,000 3 2 1194 8
137 Vivian Drive $299,900 $325,000 3 1 1042 8
161 Hazel Drive $302,250 $330,000 3 1 1322 15
254 Betty Lane $375,000 $365,000 2 1 1042 91
242 Evelyn Drive $390,000 S390,000 3 1 1112 114
1948 Maybelle Drive $399,900 $400,000 3 1 1040 6
1861 Lucille Lane $389,900 $400,000 3 2 1725 32
1630 Shirley Drive $499,000 $400,000 4 2 1503 8
166 Hazel Drive $415,000 $415,000 4 3 1847 12
36 Mazie Drive $375,000 $419,000 3 1 1484 11
1613 Onley Drive $394,900 $420,000 3 2 1462 7
107 Kathryn Drive $370,000 $420,000 3 1 1195 19
1749 Ruth Drive $470,000 $445,000 3 1 1226 15
208 Doray Drive $449,000 $460,000 3 2 1412 44
294 Belva Lane $449,900 $480,000 3 2 1679 8
31 Vivian Drive $499,500 $478,000 3 2 1522 13
1572 Ruth Drive $489,900 $484,900 4 2 2235 138
324 Maureen Lane $519,000 $500,000 2 1130 15
342 Belva Lane $565,000 $565,000 3 2 1484 21
1931 Ardith Drive $564,900 $580,000 2 1938 3
Gregory Gardens NewsLetter

Meaningless drivel you want taken out of context. One of the tactics used by banks/realtors is to put houses on the market far under market value and draw all interested parties to that house, thus a bidding war is started and the home goes for more, sometimes far more than it would have if sold under normal conditions.

The only drivel is the slurp that drools out of your mouth. Nothing but pure ACTUAL numbers. Don't care about the spin or opinion you idiots put on it.....

it's just a little snap shot zetaboy.....nothing more, nothing less

I guess you could put it this way Zetahead....now instead of everything including pieces of shit getting top dollar, people are getting realistic property valuations....i.e., if it's worth more than asking you get it....if it is not you don't....I don't know, just an observation though I don't have a financial/econ background

Humm...I just read that 100,000 homes in SoCal are in some stage of foreclosure -- LATimes. The high end beach areas of Orange Country are showing the biggest increases in foreclosures, according to another article -- in today's OCRegister print edition.

http://news.yahoo.com/s/ap/20090802/ap_on_bi_ge/us_housing_mid_year_outlook

hahahahahahah......you fucking idiots......hahahahhaahhh.....what was the en vogue song...

never gonna get it.....never gonna get it.....

yep...something for nothing....hhahahahahahahh

@smpr all the folks who are 100% sure that housing is still a long way to bottom…..i have a suggesting for you.
why don’t you short the cme housing futures (http://www.recharts.com/cme.html) and make free money ??

The housing bottom has nothing to do with cme housing future, the cme housing may go up if the more money goes there.

bob2356 says

“well in many areas, houses are going for less than the COST OF RAW MATERIALS TO BUILD THEM.”
In some places houses cost less than a week at disney. Until there is a shortage of unoccupied houses in those places the cost of building isn’t really relevant. Almost half of the houses in the boom years were second homes or investment properties. They weren’t built to supply a fundamental need for shelter. When supply and demand and price and income all are in alignment in the majority of the markets then we will see the bottom overall. This will obviously be at different times for different places, but more places are out of sync than in right now.

How do you find how much it would cost to build a house? I am especially interested for the cost in the Chicagoland area. I assume that the cost in Chicago would be similar to Cleveland but Chicago prices are more than twice as high.

Jetfuel, WillyWanker, and all others willing to call the housing bottom so soon would be well advised to read the most thorough housing market pricing analysis I have found that uses recent data (June 2009).

http://matrix.millersamuel.com/content/6-2009/US%20Home%20Px%20Outlook%2015%20Jun%2009.pdf?ref=patrick.net

Seriously, I trust Deutsche Bank analysts a lot more than I trust random news headlines at Yahoo Finance. In any case, give it a read. They break it down by market area.

Hint: Some markets may be at or close to bottom, others have a long way to go. Trying to apply a national average to individual real estate markets is stupidity. Just because prices have bottomed in some areas of the midwest that never experienced much of a bubble in the first place does not mean it has bottomed in the highly desirable areas on the west and east coasts.

Tenpoundbass says

knightparzival says

Prices are based on supply and demand not some ideal affordability number someone made up. Affordability often comes down to what one is willing to sacrifice to live in an area verses what others beleive they should sacrifice.

and…
Demand can’t exceed affordability, and unfortunately unless you have a nice nest egg, the reality is actually tied to your pay check. Even with a winfall or a nice chunk of change that you saved up for the purchase out right. You’re still bound to the ass holes at City hall raising your property taxes because some dude over paid for the house next to you.
Don’t for get the people that owned before the bubble started, never intended on selling, up sizing or pulling any equity out, that is now burdened with the extra tax imposed because of idiots with more credit than brains next door to them.

What I was getting at is the number 2.5-3x does not imply affordability. The number does not take in to account interest rates, supply, demand, location, income ect... In some areas people have more disposable income and can afford to put a higher % of income in to housing.. Some people will sacrifice more things to be able to be in a good location. For example in DC, a lot of people do not own a car which allows them to use more of there income towards housing. There are a lot of people who will sacrifice disposable income if it means having a 10 minute commute verses a 2 hour commute or if it means living in a safer area.

Some Guy says

Here’s a lovely article calling the bottom in 2006:
http://money.cnn.com/2006/12/05/news/companies/toll_brothers/index.htm
HAHAHAHAHAHAHA!!!!!!!!!!

This is very good. I think in 2011, we will be referring to the current Y! article as this ;-)

Why wasting your time on this forum if you think the bottom is in? Go out and start buying multiple houses now, lol.

AppleAnnie says

Eventually you will be able to buy an apartment on 5th Avenue for 100k but you will need an armed guard with you at all times as the country is becoming a giant ghetto with strret gangs in every city taking over..

I guess you saw this video 2
www.youtube.com/watch?v=4T1RMuoQnKo

The bill is H. R. 2529 the Neighborhood Preservation Act that would allow banks to offer a 5 year or longer
lease of foreclosed properties so they will not be forced to take a loss in the current market.
Why would banks want to be tied to a five year lease if they expect a rapid "recovery" of housing prices in the next year or two?
Why would they want the headache of dealing with hundreds of thousands of tenants for years if they though they could unload these properties any time soon?
Also why would people who have lost jobs want to be tied for five years to areas where there is no prospect of work?
This does not sound like a big rebound in the making. It sounds more like a middle class Section 8 scam.

pinnacle says

The bill is H. R. 2529 the Neighborhood Preservation Act that would allow banks to offer a 5 year or longer

lease of foreclosed properties so they will not be forced to take a loss in the current market.

Why would banks want to be tied to a five year lease if they expect a rapid “recovery” of housing prices in the next year or two?

Why would they want the headache of dealing with hundreds of thousands of tenants for years if they though they could unload these properties any time soon?

Also why would people who have lost jobs want to be tied for five years to areas where there is no prospect of work?

This does not sound like a big rebound in the making. It sounds more like a middle class Section 8 scam.

This is indeed a bummer for us renters. They can keep this thing extended for as long as they want and keep rented out for as much as they want. These foreclosures wont come in market. I think I am destined toe be a renter, only my landlord would be a Bank now, excellent!

interpretame says

dont_getit says “This is indeed a bummer for us renters. They can keep this thing extended for as long as they want and keep rented out for as much as they want. These foreclosures wont come in market. I think I am destined toe be a renter, only my landlord would be a Bank now, excellent!”

Taking out a 30 year loan in order to “buy” a house only means that you’re RENTING THE MONEY FROM THE BANK under the ILLUSION that you’re the home “owner”. Try skipping a few payments and you’ll quickly learn who the REAL property owner is!

Even without the loan, try skipping a few property tax payments, and you'll find out who the true owner is. Nonetheless, that's reality.

Maybe we should let the banks try to lease out the houses. It kind of sucks to keep the inventory levels down, but if they flood the rental market rents go way down, and then you have some powerful and well connected people, property investors, who stand to lose a lot of rent. Trust me, the bank lobbyists might have some clout, but it is nothing like the millions of landlords that own a few rental properties each.

Meanwhile, those of us sitting on the sidelines just need to grab a big bucket of popcorn, sit back, and watch the fireworks. Watch what happens when well connected bank lobbyists meet millions of soccer moms and wannabe real estate investors head on... Also, enjoy the nice cheap rents until the market hits the true bottom.

Yeah, but how many more years is this going to drag everything out???? I was hoping to buy a house next year (to live in) at a not completely insane price.

Nice of you to bash the banks, but they are paying the price…

More like they're being paid the price - 100 cents on the dollar in some instances.

jetfuel4 says

The only drivel is the slurp that drools out of your mouth. Nothing but pure ACTUAL numbers. Don’t care about the spin or opinion you idiots put on it…..

Numbers that say anything you want them too. Lol. I made your pure actual numbers mean something entirely different with just a few sentences. Your a troll. Live under a bridge. Probobly have terrible teeth, and your arguments are meaningless. Prices are dropping in my neighborhood and houses are sitting instead of selling. The unemployment is meaningless, state of the economy is meaningless and your numbers are meaningless. What matters is what houses are selling for and they are still too high here. Therefore, I pay my rent, save my money and still have plenty of time left over to laugh at E tough "internet experts". Throw up some more pure actual numbers for me will ya? I could use the giggle.

The Original Bankster says

interpretame says

The Original Bankster says

zetabeos1 says

P>

I prefer to bash ethnic minorities. its an easy win.

Oh yeah? Try saying something controversial about our curly-sideburned, skullcap-wearing, nuke-possessing Semitic friends with-a-tendency-towards-overcharging-on-interest-rates from the Middle East.

you know Patrick is part Jewish right?

Oy vey!

Some Guy says

interpretame says

H. R. 2529, the “Neighborhood Preservation Act” sounds so STUPID & COUNTERPRODUCTIVE that I have NO DOUBT it will be passed and implemented soon. It certainly seems to comply with the Obama administration’s goals of running this nation’s economy into the ground while saving bankster profits at the same time.

Expect it was co-authored by a Republican.
http://www.sgvtribune.com/business/ci_12973382
I don’t think this would help lower rents. It’s a way to subsidize all the fools who overpaid for their homes by giving them retroactive discounts on their purchase price. They want to rent the houses back to the former owners, and then give them “a chance to buy their house back”. Or if that doesn’t work out, they sell it after 5 years. They’re in for a surprise though - if they keep fucking with the market like this, it’s not going to come back in 5 years.
It’s official - there is now NOTHING the government won’t try to do to keep the goalposts just out of reach for the average American who wants to buy a home.

Indeed, thats what I meant in my previous post. It looks like its not worth it to be responsible for anymore. I feel like going and buying that 1M dump and let the inflation take care of the rest. I will foreclose and rent it back from the bank for much cheaper and worry about buying it after five years for the SAME price. What a fu*** morons.

interpretame says

Some Guy says

interpretame says

H. R. 2529, the “Neighborhood Preservation Act” sounds so STUPID & COUNTERPRODUCTIVE that I have NO DOUBT it will be passed and implemented soon. It certainly seems to comply with the Obama administration’s goals of running this nation’s economy into the ground while saving bankster profits at the same time.

Expect it was co-authored by a Republican.

http://www.sgvtribune.com/business/ci_12973382

I don’t think this would help lower rents. It’s a way to subsidize all the fools who overpaid for their homes by giving them retroactive discounts on their purchase price. They want to rent the houses back to the former owners, and then give them “a chance to buy their house back”. Or if that doesn’t work out, they sell it after 5 years. They’re in for a surprise though - if they keep fucking with the market like this, it’s not going to come back in 5 years.

It’s official - there is now NOTHING the government won’t try to do to keep the goalposts just out of reach for the average American who wants to buy a home.

EXACTLY.
And THAT’S what’s so unnerving about the whole thing (note: as long as ‘unnerving’ is taken to mean; I’m tired of this f*cking BS & I’m full of HATE towards all these f^ckers!), it DOES seem like the U.S. government is purposely trying to HOLD BACK the smalltime average responsible American and tilt the playing field COMPLETELY in favor of ..well, basically of Goldman Sachs et al.
It’s NOT that they’re moving the goal post! It’s that they completely TOOK OUT the ones we score into and then made OUR goalposts TEN TIMES LARGER so that good ol’ Goldman can score ANOTHER beautiful field kick against us from 77000 yards away while WE run around like assholes each time we get the ball because we have no f7cking GOAL to shoot for.

agreed 100%

interpretame says

Some Guy says

interpretame says

H. R. 2529, the “Neighborhood Preservation Act” sounds so STUPID & COUNTERPRODUCTIVE that I have NO DOUBT it will be passed and implemented soon. It certainly seems to comply with the Obama administration’s goals of running this nation’s economy into the ground while saving bankster profits at the same time.

Expect it was co-authored by a Republican.

http://www.sgvtribune.com/business/ci_12973382

I don’t think this would help lower rents. It’s a way to subsidize all the fools who overpaid for their homes by giving them retroactive discounts on their purchase price. They want to rent the houses back to the former owners, and then give them “a chance to buy their house back”. Or if that doesn’t work out, they sell it after 5 years. They’re in for a surprise though - if they keep fucking with the market like this, it’s not going to come back in 5 years.

It’s official - there is now NOTHING the government won’t try to do to keep the goalposts just out of reach for the average American who wants to buy a home.

EXACTLY.
And THAT’S what’s so unnerving about the whole thing (note: as long as ‘unnerving’ is taken to mean; I’m tired of this f*cking BS & I’m full of HATE towards all these f^ckers!), it DOES seem like the U.S. government is purposely trying to HOLD BACK the smalltime average responsible American and tilt the playing field COMPLETELY in favor of ..well, basically of Goldman Sachs et al.
It’s NOT that they’re moving the goal post! It’s that they completely TOOK OUT the ones we score into and then made OUR goalposts TEN TIMES LARGER so that good ol’ Goldman can score ANOTHER beautiful field kick against us from 77000 yards away while WE run around like assholes each time we get the ball because we have no f7cking GOAL to shoot for.

LOL.

prices are way out of whack. With poeple still losing jobs and unemployment so high,housing will keep dropping for ever till it reaches 10% of todays value. Wait till 2020 when prices will make sense.

Don't buy the hype of recovery..the down turn will start again. US lost trillions in housing. it will take forever to recover.Just because the mortgage is less than the rent does not mean you should pull the trigger. houe prices will go down to 10% of todays value (atleast in bay area -- cupertino, palo alto..etc)

WillyWanker,

You're the typical school yard bully. It makes you feel better to mock others. I do believe however, there were many like you in Detroit a few years back;) I think they're humbled now though. Just maybe, we're in for some serious sh#t here in CA. There's a lot of nasty in the news these days.
Do you have a place to go when TSHTF, mommy's house perhaps?

fudakas says

WillyWanker,
You’re the typical school yard bully. It makes you feel better to mock others. I do believe however, there were many like you in Detroit a few years back;) I think they’re humbled now though. Just maybe, we’re in for some serious sh#t here in CA. There’s a lot of nasty in the news these days.

Do you have a place to go when TSHTF, mommy’s house perhaps?

Wow, I'm impressed! I guess I must have touched a raw nerve. Good on that!

renter for ever_san jose says

Don’t buy the hype of recovery..the down turn will start again. US lost trillions in housing. it will take forever to recover.Just because the mortgage is less than the rent does not mean you should pull the trigger. houe prices will go down to 10% of todays value (atleast in bay area — cupertino, palo alto..etc)

OK, THAT'S funny. 10%??? Why not say they will drop by 100%? Free houses in Palo Alto. Keep dreaming.

It should only take a few months to see if this is a dead cat bounce (Is this a trendy term right now or what?) or if prices really will start to rise. I have my money on the former, literally. If the latter is true, I guess most of us will have to eat crow but I'm confidant that the cheerleaders are in for quite a downturn. I'm only dreading that when prices start to drop again, they will find some new angle to play and annoy us some more instead of scurrying off under a rock.

"EXACTLY. I would say that we are at the bottom right now" TOB : are you kidding ? !!
People said the same thing during depression and then there was the nose dive. I might be exaggerating by saying 90% correction but 50% is guaranteed. how can housing recover with so many people losing jobs and so much debt.
I'll buy in 2016 when decent homes in palo alto are 400k.
The realtors and cheer leaders will always say that "this is the time to buy" !

Most people just have no brains and are only able to see a future that is a primitive extrapolation of the present.

More like basic interpolation based on un-editorialized raw economic data.

Even an absolute optimist with blinders would have a hard time not spotting some storm clouds, the most menacing ones being taxes and stagflation in the coming years. Facts aren't open to interpretation. Unless you are a lawyer.

It seems safe to say that the middle class will enjoy a lot of taxes (never mind what you heard Obama say during his campaign) and a lower - or at best, static - standard of living throughout the next decade. Housing cannot remain immune to any of this fallout.

RE: riff-raff renters: Not always, but usually, with a boilerplate lease agreement, you are required to submit to a criminal/credit check - two things not required for an FHA loan, which is glorified renting.

Renting and Owning are 2 completely different things. I do not know how people can so easily confused the two.
1. When you Own, you have interest/stakes in the actual property. If the property goes up in value your networth goes up, and vi. vi. You cannot sell a property you are renting.
2. When you buy a property a % of what you are paying goes to principle. Unless you are using your house as a savings account in 15 to 30 years you own the place. Once you own the place, all you pay is taxes, maintenance and HOA fees which in almost all cases are going to be a LOT less then what you would have to pay in rent for the equivalent home.
3. When you own a home, inflation will most likely increases your net worth. When you are renting a home unless you your salery is inflation based, inflation will normally have a negative inpact on your net worth

d3 says

Renting and Owning are 2 completely different things. I do not know how people can so easily confused the two.
1. When you Own, you have interest/stakes in the actual property. If the property goes up in value your networth goes up, and vi. vi. You cannot sell a property you are renting.
2. When you buy a property a % of what you are paying goes to principle. Unless you are using your house as a savings account in 15 to 30 years you own the place. Once you own the place, all you pay is taxes, maintenance and HOA fees which in almost all cases are going to be a LOT less then what you would have to pay in rent for the equivalent home.
3. When you own a home, inflation will most likely increases your net worth. When you are renting a home unless you your salery is inflation based, inflation will normally have a negative inpact on your net worth

Some points you left out:
1a. When you own a home, if the property goes down in value, your net worth goes down. And since it is leveraged money, it can easily lead to financial ruin. You do not have to worry about selling or being foreclosed on when you are renting.

2a. A huge % of your mortgage payments early on are interest on the loan (assuming 30 yr fixed) which is not toward the principal, so this is essentially like renting where your money goes to someone else and not towards the property.

FYI, All my comments above were sarcastic. i am actually sick and tired of the irrational apathy in this bust just like i was tired of irrational exuberance during bubble.

Some Guy says

I’ve heard of Caesar Salad, but Roman Noodles…?

I think that's spaghetti.

Home prices will be going a lot lower as treasury yields begin to rise for years to come, thus increasing mortgage interest rates. This is a no-brainer.

Ok, I'm gonna try something, before I say something intelegint:

HAHAHAHAHAHAHAHAHAHAHAHA..........

HA

Housing won't be the same for 10 years. Maybe never. Well, almost never, but the return of real estate "pricing" will not be the same as real estate "value".

We will have higher prices, but I don't feel that the value of real estate will be rising. What happens when the currency fails? Will we be able to afford to pay each other enough?