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What does anyonw know about foreclosure.com? Are listings accurate? Has anyone joined this website?
Thanks for all the awesome discussion. I feel so much better being a renter. Loved Patricks' comment that home owners are subsidizing my housing costs.
Dear SantaCruzan - you might want to post your question on the most recent thread. This thread hasn't been posted to in a week.
I checked out a few listings at foreclosure dot com when I was looking to buy. The properties were out of date. Also, when I contacted several of the contact people given on the website for a particular house, the people had no idea what I was talking about.
I think it's a good time to be a renter. Give it another year or two and, in my opinion, you'll know why the smart money isn't buying housing right now.
Thanks Escaped from DC. I will check the other thread. This is so fascinating to read. A friend keeps insisting the weather is good in the BA so of course people will buy. Seems too simple.
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These numbers are for the 1 million person county/suburb to the west of DC . . .
2005 2004
sales (sept.) 2,377 2,760 [DOWN 13.88%]
sales price 543k 440k [up 23.41%]
active listings 6,693 3,540 [UP 89.07%]
If anybody out in Cali can find year over year inventory numbers for a city/county please post in this thread. It will be interesting to see where Cali is relative to NY and DC.
For everybody else, and especially Randy H, Prat, and Peter P, when does the steady 23% rate of increase (yoy) top out? Generically, then, what is the lag between balooning inventory and flattening/declining prices? Further, how "sticky" are prices going to be this time around? Whereas realty is conventionally sticky on the way down, I don't think that convention is going to apply this time - there are too many new elements, such as 30% speculative/2nd home saturation in the market, high indebtedness with short burn times in many households, and so on.
Drew (Escaped from DC)