First time in history, median home price likely to decline

[living4JC]

We think its bad right now, it will only get worse. Soon only the 2% wealthy people will be the only ones living in homes. The rest of us will be living in run down homes with missing windows and doors; or living on the street.

:scratch

And how do you figure this?

[TheOddBall34]

It is to the point were you can not buy a decent size home for your family. A two bedroom these days runs up to almost $200,000 dollars, and for what? I could care less what the place looks like inside as long as there is no mold, and all that other stuff that comes with a damaged home. What is more important to me is space. I perfer darker colored carpets,and in between on the walls it is nearly impossible to have light colors with a house full of kids. Unfortunetly you never see houses with this anymore it seems so I and up having to change it anyway.

[TheOddBall34]

The Trump Tower is being built, and they want a million to two million for condo's. People just have money to blow, and greedy people are ready to take it.

[tml1432]

We fall into this category... we will loose our house in July if we can not sell it first. We bought it for 99k 3 years ago owe 98k put 10k into it and have it listed for 109,500. Who tells the two stupid kids with a baby that they can not afford a house on an adjustable rate mortgage... not the finance company - they gave us almost double that to spend... who tells the first time home buyer that the taxes are not escrowed - what is escrowed to a young kid? Who holds thier hand through it and says it will be fine? The realtor who represents both parties... I just think there is responsibility to be had on all fronts... yes we should have done our homework... but the housing market was hot and the vultures like the heat...

[cryo]

We fall into this category... we will loose our house in July if we can not sell it first. We bought it for 99k 3 years ago owe 98k put 10k into it and have it listed for 109,500. Who tells the two stupid kids with a baby that they can not afford a house on an adjustable rate mortgage... not the finance company - they gave us almost double that to spend... who tells the first time home buyer that the taxes are not escrowed - what is escrowed to a young kid? Who holds thier hand through it and says it will be fine? The realtor who represents both parties... I just think there is responsibility to be had on all fronts... yes we should have done our homework... but the housing market was hot and the vultures like the heat...


You have to read the fine print on the documents (which is hard enough to figure it with that legal language) and do your homework, because these predatory lenders are definitely taking advantage of people these days. Did you have an attorney when you made your purchase? An attorney should have made the language clear, including making it clear the taxes weren't paid by an escrow account. I hope you can sell your house in time.

My neighbor got sucked in by a lender on a refinance scheme into one of those mortgages that allows you to choose a low payment, not realizing his prinicpal loan amount would increase every month he made just the low payment. He ended up using up all the equity in the house, and learned his lesson, because he wants to move, but can't because it doesn't make sense to right now.

We are moving into a new house next week, and I have a great lender that I have used for three purchases and several refinances, but they are very liberal in what they will give us, and we have to be careful, though I like the fact they allow us to decide what we can afford, because we know our financial situation better than a typical, conservative savings and loan does. The irony? I just found out my neighbor used my lender when he bought his house, but for some reason he didn't stick with them for the refinance. That's too bad, because that decision cost him many thousands of dollars.

[trn2him]

We bought our house (3 bedrooms, 2.5 baths 1900 sq.ft fixer upper) 7years ago for $239,000(which was a very low price in our area); it can now be sold for over $500,000. We pay a little over $2000/mo for mortgage, to me that is highway robbery. The only reason we bought was because rent was close to that anyway, so we might as well be able to write off our expense.

The market needs to fall, prices are out of reach for most people. Therefore it doesn't help with the economy.

[cryo]

We bought our house (3 bedrooms, 2.5 baths 1900 sq.ft fixer upper) 7years ago for $239,000(which was a very low price in our area); it can now be sold for over $500,000. We pay a little over $2000/mo for mortgage, to me that is highway robbery. The only reason we bought was because rent was close to that anyway, so we might as well be able to write off our expense.

The market needs to fall, prices are out of reach for most people. Therefore it doesn't help with the economy.

Nice profit! It is usually a very good investment.

[tml1432]

thats what we were hoping to do... buy cheap, remodel and sell on a hot market so we could upgrade with a nice down payment on a new house... we were the people you don't see on those buy low sell high shows on tv...

[sometime soon]

our house is on the market in a area that has just taken off. We have no hur. and no torn. no earthq. no heavy snow we do have some heat hot summer but they are dry. we have a nice home with a .78 ac. and a outstanding view of the snake river and hells canyon but we have been on the market for 2 1/2 months were having a open house this weekend. Were praying:pray if we had gone on the market last year it would already been gone we even have a shop and 3 decks one is 1100 ft and pool. We are tring everything my husband has been transf. to Tacoma and we need to sell before we move. The pool is cleaned and we are in it today. Were not going anywere this summer because of gas prices and I think that has something to do with this market also. But the Lord is good and we well sell just have to have faith.:gaah

[sometime soon]

our house is on the market in a area that has just taken off. We have no hur. and no torn. no earthq. no heavy snow we do have some heat hot summer but they are dry. we have a nice home with a .78 ac. and a outstanding view of the snake river and hells canyon but we have been on the market for 2 1/2 months were having a open house this weekend. Were praying if we had gone on the market last year it would already been gone we even have a shop and 3 deck one is 1100 ft and pool. We are tring everything my husband has been transf. to Tacoma and we need to sell before we move. The pool is cleaned and we are in it today. Were not going anywere this summer because of gas prices and I think that has something to do with this market also. But the Lord is good and we well sell just have to have faith.