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August 18, 2008 at 3:14 PM in reply to: Peter Schiff: Housing prices will go back to 2000 or lower… #258742August 18, 2008 at 3:14 PM in reply to: Peter Schiff: Housing prices will go back to 2000 or lower… #258784
(former)FormerSanDiegan
Participant[quote=kewp]Again (and I promise, for the last time), that person could if they so desired list that house for below current comps, sell it quick and walk away with a pile of money.
How many of these folks you think it will take to lower the comps to ’01 levels everywhere? Not many at the rate things are currently going.
[/quote]Whether they sell or not is irrelevant. Folks who bought in 2001 (or even 2002 for that matter) or before with decent mortgage terms and no equity extraction can easily rent their property out for positive cash flow (at least in the central SD areas I follow). These folks could eventually own their property, primarily at the expense of renters.
ParticipantJust watch the NODs and REOs in the area, once they start going down (a pattern not one or two months) that is the time to buy.
Prices are likely to have risen before NODs and REOs decline. These are lagging indicators. NODs start to decline after prices start rebounding.
But, it’s certainly not a bad idea to wait until then. You will definitely have a better chance of avoiding any depreciation.FWIW, when we first bought in ’96 there were tons of crappy REOs. It was a great time to buy from regular sellers though because they had to compete with REO pricing, but owner-occupied houses tended to be in much better condition.
ParticipantJust watch the NODs and REOs in the area, once they start going down (a pattern not one or two months) that is the time to buy.
Prices are likely to have risen before NODs and REOs decline. These are lagging indicators. NODs start to decline after prices start rebounding.
But, it’s certainly not a bad idea to wait until then. You will definitely have a better chance of avoiding any depreciation.FWIW, when we first bought in ’96 there were tons of crappy REOs. It was a great time to buy from regular sellers though because they had to compete with REO pricing, but owner-occupied houses tended to be in much better condition.
ParticipantJust watch the NODs and REOs in the area, once they start going down (a pattern not one or two months) that is the time to buy.
Prices are likely to have risen before NODs and REOs decline. These are lagging indicators. NODs start to decline after prices start rebounding.
But, it’s certainly not a bad idea to wait until then. You will definitely have a better chance of avoiding any depreciation.FWIW, when we first bought in ’96 there were tons of crappy REOs. It was a great time to buy from regular sellers though because they had to compete with REO pricing, but owner-occupied houses tended to be in much better condition.
ParticipantJust watch the NODs and REOs in the area, once they start going down (a pattern not one or two months) that is the time to buy.
Prices are likely to have risen before NODs and REOs decline. These are lagging indicators. NODs start to decline after prices start rebounding.
But, it’s certainly not a bad idea to wait until then. You will definitely have a better chance of avoiding any depreciation.FWIW, when we first bought in ’96 there were tons of crappy REOs. It was a great time to buy from regular sellers though because they had to compete with REO pricing, but owner-occupied houses tended to be in much better condition.
ParticipantJust watch the NODs and REOs in the area, once they start going down (a pattern not one or two months) that is the time to buy.
Prices are likely to have risen before NODs and REOs decline. These are lagging indicators. NODs start to decline after prices start rebounding.
But, it’s certainly not a bad idea to wait until then. You will definitely have a better chance of avoiding any depreciation.FWIW, when we first bought in ’96 there were tons of crappy REOs. It was a great time to buy from regular sellers though because they had to compete with REO pricing, but owner-occupied houses tended to be in much better condition.
Participant[quote=FormerSanDiegan]FNM is down about 17% today. Crikey![/quote]
Closed today down 22%.
Participant[quote=FormerSanDiegan]FNM is down about 17% today. Crikey![/quote]
Closed today down 22%.
Participant[quote=FormerSanDiegan]FNM is down about 17% today. Crikey![/quote]
Closed today down 22%.
Participant[quote=FormerSanDiegan]FNM is down about 17% today. Crikey![/quote]
Closed today down 22%.
Participant[quote=FormerSanDiegan]FNM is down about 17% today. Crikey![/quote]
Closed today down 22%.
ParticipantFNM is down about 17% today. Crikey!
ParticipantFNM is down about 17% today. Crikey!
ParticipantFNM is down about 17% today. Crikey!
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