Housing bounce

#26
#26
lawgator1 said:
At the risk of minimizing my own op, I am sure some part of the optimistic reaction to these numbers by industry folks is a desire to suggest to fence-sitters that the bottom is behind us and they better get in now.

Can't say it's a bad strategy.
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Wife closed a deal last week. It took a while to close becuase the sellers were defaulting on a gov't loan they got for $5k initially to buy the home. Well, the gov't not only forgave that loan which stipulations indicated they shouldn't, they gave the defaulting seller another $1k to help with closing costs. So, although sales may be increasing my guess is gov't cost is increasing to help close all of these short sales. So, get ready to pay via taxes soon.
 
#27
#27
hohenfelsvol said:
Wife closed a deal last week. It took a while to close becuase the sellers were defaulting on a gov't loan they got for $5k initially to buy the home. Well, the gov't not only forgave that loan which stipulations indicated they shouldn't, they gave the defaulting seller another $1k to help with closing costs. So, although sales may be increasing my guess is gov't cost is increasing to help close all of these short sales. So, get ready to pay via taxes soon.[/QUOTE]

but only if you are the 1% right?
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#28
#28
lawgator1 said:
At the risk of minimizing my own op, I am sure some part of the optimistic reaction to these numbers by industry folks is a desire to suggest to fence-sitters that the bottom is behind us and they better get in now.

Can't say it's a bad strategy.
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you can't hit bottom with the government propping up bad paper via Freddie and Fannie and encouraging even more lending to less than credit-worthy applicants
 
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#29
#29
Survey out today reports that 55% of all homes in metro Atlanta are underwater. Un-friggin-real.
 
#30
#30
GAVol said:
Survey out today reports that 55% of all homes in metro Atlanta are underwater. Un-friggin-real.
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Yes but last month it was 55.1% - that my friend is a bounce and a move in the right direction.

happy days are here again...
 
#31
#31
My RE agent said I was her first customer in a long time that wasnt going to be cutting a check at the closing
 
#34
#34
Weezy said:
I guess that means I should keep waiting.

(in the ATL)
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Depends on whether you're buying or selling. I can't imagine a better environment for buying a home than the one we're in right now.
 
#35
#35
VolsNSkinsFan said:
My RE agent said I was her first customer in a long time that wasnt going to be cutting a check at the closing
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What % of selling prices are home down since 2008 in the ATL. market?

I know of a home that was bought in my little east TN town in 2007 for 130K, it ended up be foreclosed on and was sold again this year for 95k.
That's a big hit
 
#36
#36
It depends on the area but I would say for a normal area (not in the best school district) about 20-30%

Homes that were 300K are struggling to get 225K and in Alpharetta, homes that were 600K are now in the low 400K

I recently read an article about a guy who bought a 4br in Alpharetta for 650K and turned down an offer in 09 for 550K b/c he would have lost 100K and I was thinking to myself that now he is down at least another 100K
 
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#37
#37
GAVol said:
Depends on whether you're buying or selling. I can't imagine a better environment for buying a home than the one we're in right now.
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When 55% are underwater, it sounds like it's due for some more regression. I read that as artificial demand.

I reality, I'm not buying because I can't afford it. Not as if I have a choice. Although my definition of afford differs from some folks (20% down).
 
#38
#38
VolsNSkinsFan said:
It depends on the area but I would say for a normal area (not in the best school district) about 20-30%

Homes that were 300K are struggling to get 225K and in Alpharetta, homes that were 600K are now in the low 400K

I recently read an article about a guy who bought a 4br in Alpharetta for 650K and turned down an offer in 09 for 550K b/c he would have lost 100K and I was thinking to myself that now he is down at least another 100K
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luckily, my zip is only down 5%, but like you said, most ATL areas are down minimum 20%.........read where 75% of the inventory on the market are forclosures or horrible location as in right next to 285 or 400 or on of the interstatesor in severely depressed areas, the inventory of homes that people actually WANT to buy is very low
 
#39
#39
VolsNSkinsFan said:
It depends on the area but I would say for a normal area (not in the best school district) about 20-30%

Homes that were 300K are struggling to get 225K and in Alpharetta, homes that were 600K are now in the low 400K

I recently read an article about a guy who bought a 4br in Alpharetta for 650K and turned down an offer in 09 for 550K b/c he would have lost 100K and I was thinking to myself that now he is down at least another 100K
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Good luck with selling your home.

That is some huge hits being taken. It would be a terrible feeling realizing your home is valued at $200,000 less than purchasing price and may be going down more.

I feel sorry the people that could afford their homes and now making payments on a home that is worth 70% of purchase price. It would be tempting to just walk away.
 
#40
#40
TT you and VolsnSkins appear to be good money men.

Can the US survive being 15 trillion in debt and rising and the housing market in this bad of shape?

IMO, we are headed for some very tough times.
 
#41
#41
Gramps said:
TT you and VolsnSkins appear to be good money men.

Can the US survive being 15 trillion in debt and rising and the housing market in this bad of shape?

IMO, we are headed for some very tough times.
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simple answer is NO.........major pull back in 2013 imo......we are in deep doo doo, especially if BHO is re-elected (I know that you support BHO but his economic policies are KILLING the business climate in America, add to that the cloud of Obamacare and it is a sad outlook, sorry)
 
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#42
#42
CBO put out a report yesterday that says we are going over the cliff Jan 1 if the tax breaks are not extended......you simply can not tax people any more when they are already scared about the future, not even the ultra-rich 1%
 
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#43
#43
Gramps said:
What % of selling prices are home down since 2008 in the ATL. market?

I know of a home that was bought in my little east TN town in 2007 for 130K, it ended up be foreclosed on and was sold again this year for 95k.
That's a big hit
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The same survey found that on average, values in ATL have taken a 40% hit.
 
#44
#44
Weezy said:
When 55% are underwater, it sounds like it's due for some more regression. I read that as artificial demand.

I reality, I'm not buying because I can't afford it. Not as if I have a choice. Although my definition of afford differs from some folks (20% down).
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I don't blame you one bit. It's not like there's going to be a sudden turnaround. Inventory is so high that there will be plenty of time to get into a home even after the market turns.
 
#45
#45
GAVol said:
The same survey found that on average, values in ATL have taken a 40% hit.
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It is an investors market for sure, most of the houses that are that discounted/undervalued are in areas that people will ONLY rent, so a landlord is king right now in ATL
Didn't the same article say that only like 15 or 20% are behind on payments even when that far underwater? That is "toughing it out".
 
#46
#46
T-TownVol said:
It is an investors market for sure, most of the houses that are that discounted/undervalued are in areas that people will ONLY rent, so a landlord is king right now in ATL
Didn't the same article say that only like 15 or 20% are behind on payments even when that far underwater? That is "toughing it out".
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I think that's right.

Even outside the metro area it's rough. I'm in Macon and put 20% down on my home 8 yrs ago. Im nowhere near underwater, but I refi'd last year and the appraisal was barely high enough to keep me out of PMI 8 yrs later.
 
#47
#47
GAVol said:
Depends on whether you're buying or selling. I can't imagine a better environment for buying a home than the one we're in right now.
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As I posted above, and T reiterated. Its an investors market right now. If you got some cash on hand there are deals at every level of the market to buy in.
 
#48
#48
GAVol said:
I think that's right.

Even outside the metro area it's rough. I'm in Macon and put 20% down on my home 8 yrs ago. Im nowhere near underwater, but I refi'd last year and the appraisal was barely high enough to keep me out of PMI 8 yrs later.
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One of the first houses I even purchased was in River North there in Macon. Was a pretty nice course 20 years ago, how is it now?
 
#49
#49
T-TownVol said:
simple answer is NO.........major pull back in 2013 imo......we are in deep doo doo, especially if BHO is re-elected (I know that you support BHO but his economic policies are KILLING the business climate in America, add to that the cloud of Obamacare and it is a sad outlook, sorry)
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I agree we are in a world of hurt.

I don't support Obama and I will not be voting for him.
I can see where some of my post may make you think that. I am an independent and have voted for members of both parties
I was not a big fan of Reagan or Bush 2.
I think Romney and Obama both are terrible candidates.
 
#50
#50
Gramps said:
I agree we are in a world of hurt.

I don't support Obama and I will not be voting for him.
I can see where some of my post may make you think that. I am an independent and have voted for members of both parties
I was not a big fan of Reagan or Bush 2.
I think Romney and Obama both are terrible candidates.
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Thanks for the clarification.
Romney being 1,000% better for business/economy is his only votable quality for me.
 
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