Comments on: Question of the Day: Home Prices in Your Area http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 25 May 2012 14:47:08 +0000 hourly 1 http://wordpress.org/?v= By: No Debt Plan http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-347154 No Debt Plan Fri, 15 Aug 2008 02:44:20 +0000 http://allfinancialmatters.com/?p=2756#comment-347154 I'm in a suburb south of B'ham, AL. Prices haven't been affected as much because as far as I know we didn't have a huge run up in prices. Unfortunately we did seem to buy at the top, but we've got a 30 year fixed, and can afford all of the payments. Just wish we had room in the market for growth so it's worth more if we want to move. I’m in a suburb south of B’ham, AL. Prices haven’t been affected as much because as far as I know we didn’t have a huge run up in prices.

Unfortunately we did seem to buy at the top, but we’ve got a 30 year fixed, and can afford all of the payments. Just wish we had room in the market for growth so it’s worth more if we want to move.

]]> By: Erica http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-347101 Erica Thu, 14 Aug 2008 22:34:35 +0000 http://allfinancialmatters.com/?p=2756#comment-347101 Things seem to be holding pretty steady in the Omaha area, at least in the conservatively priced neighborhood (Benson) I live in. I believe there are some community development initiatives that may result in even more appreciation for the whole area. Good stuff. Things seem to be holding pretty steady in the Omaha area, at least in the conservatively priced neighborhood (Benson) I live in. I believe there are some community development initiatives that may result in even more appreciation for the whole area.

Good stuff.

]]> By: Steve Braun http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-346858 Steve Braun Thu, 14 Aug 2008 02:54:16 +0000 http://allfinancialmatters.com/?p=2756#comment-346858 I live in Michigan, home of the "one state recession" thanks to our inept governor's economic and tax policies. The Detroit News ran a story about a foreclosed home in Detroit that recently sold for $1. Yes, that's $1. And it took 19 days to find a buyer. That's not typical but gives you an idea of how bad it is around here. Check out the story at: http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y It's a sad commentary on this region but I also found it to be somewhat humorous. How much abuse can one home take?! Otherwise, in my neighborhood I'd say we've seen a 25% drop from the peak values. Thankfully I'm not upside down because I bought quite some time ago and didn't go crazy with refinancing to extract my paper gains in the form of cash. I live in Michigan, home of the “one state recession” thanks to our inept governor’s economic and tax policies. The Detroit News ran a story about a foreclosed home in Detroit that recently sold for $1. Yes, that’s $1. And it took 19 days to find a buyer.

That’s not typical but gives you an idea of how bad it is around here. Check out the story at:

http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y

It’s a sad commentary on this region but I also found it to be somewhat humorous. How much abuse can one home take?!

Otherwise, in my neighborhood I’d say we’ve seen a 25% drop from the peak values. Thankfully I’m not upside down because I bought quite some time ago and didn’t go crazy with refinancing to extract my paper gains in the form of cash.

]]> By: Preston http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-346853 Preston Thu, 14 Aug 2008 02:38:10 +0000 http://allfinancialmatters.com/?p=2756#comment-346853 In Puyallup (30 miles south or so of Seattle) my home was assessed for a mere $8,000 lower, down a mere 2.5% In Puyallup (30 miles south or so of Seattle) my home was assessed for a mere $8,000 lower, down a mere 2.5%

]]> By: Stacey http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-346833 Stacey Thu, 14 Aug 2008 01:30:27 +0000 http://allfinancialmatters.com/?p=2756#comment-346833 JLP, as you know, still sitting tight in the western suburbs of Chicago, waiting for some showings. 1st month was respectable, but the last 5 weeks have stunk--only 1 showing! So, we're now considering renting our home out...cash flow would be a good thing (but paying off mortgages and getting out of a property is even better!!) We bought our home in '92, so even if we dropped our asking price some more we'd still have "made money." However, we're likely down 20-30K from a 1-2 year-ago levels. Oh well... JLP, as you know, still sitting tight in the western suburbs of Chicago, waiting for some showings. 1st month was respectable, but the last 5 weeks have stunk–only 1 showing!

So, we’re now considering renting our home out…cash flow would be a good thing (but paying off mortgages and getting out of a property is even better!!)

We bought our home in ’92, so even if we dropped our asking price some more we’d still have “made money.” However, we’re likely down 20-30K from a 1-2 year-ago levels. Oh well…

]]> By: Bozo http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-346823 Bozo Thu, 14 Aug 2008 00:53:09 +0000 http://allfinancialmatters.com/?p=2756#comment-346823 Nicole, loans still seem available hereabouts as well. Our kids pre-qualified for a $500K+ loan with a local credit union in one day. The rate was quite good as well, 5.5% with a balloon in 7 years, and less than $2000 in closing costs, points, fees, whatever you call them. And 15% down. Bottom line: loans are available to folks who can pay them back, plus interest. Duh, wasn't that how it was supposed to work? Yours, Bozo Nicole, loans still seem available hereabouts as well. Our kids pre-qualified for a $500K+ loan with a local credit union in one day. The rate was quite good as well, 5.5% with a balloon in 7 years, and less than $2000 in closing costs, points, fees, whatever you call them. And 15% down.

Bottom line: loans are available to folks who can pay them back, plus interest. Duh, wasn’t that how it was supposed to work?

Yours,

Bozo

]]> By: Nicole http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-346801 Nicole Wed, 13 Aug 2008 23:54:05 +0000 http://allfinancialmatters.com/?p=2756#comment-346801 We're north west of Denver. Housing here is doing well! In fact, we're looking to buy right now and most houses are selling before we can look at them. It has absolutely *slowed* since we bought this house in 1999. I guess slowed is relative though. TBH, I believe that houses peaked here more like 2002-2003. I get really sick of hearing doom and gloom when we mention we're looking to move. You can't believe everything you hear on the news. Likewise, I get sick of hearing that no one can get loans anymore. Trust me, we've talked to many mortgage brokers and ALL have tried to push higher mortgages than we're comfortable paying. And ARMs. Still. We’re north west of Denver. Housing here is doing well! In fact, we’re looking to buy right now and most houses are selling before we can look at them. It has absolutely *slowed* since we bought this house in 1999. I guess slowed is relative though.

TBH, I believe that houses peaked here more like 2002-2003.

I get really sick of hearing doom and gloom when we mention we’re looking to move. You can’t believe everything you hear on the news. Likewise, I get sick of hearing that no one can get loans anymore. Trust me, we’ve talked to many mortgage brokers and ALL have tried to push higher mortgages than we’re comfortable paying. And ARMs. Still.

]]> By: Bozo http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-346797 Bozo Wed, 13 Aug 2008 23:47:42 +0000 http://allfinancialmatters.com/?p=2756#comment-346797 While home prices in east Contra Costa County (CA) are tanking (you've no doubt read about Antioch, and a bit further out, Manteca and Stockton, in San Joaquin County), in central Contra Costa (Lafayette, Moraga and Orinda), it seems that the "housing bust" got lost on the way to the office. In neighboring Alameda County, in the City of Alameda, our kids just made what we thought was a fair offer on a nice 2 BR 1 BA and were outbid by an offer at full ask with no contingencies. The house was on the market less than a week. So, it appear "location, location, location" is still the mantra. If you live in a nice neighborhood with little for sale, and good schools, you should be OK. In any event, what with Prop 13, who can afford to sell? Our property taxes are a joke, since we bought in 1978. Yours, Bozo While home prices in east Contra Costa County (CA) are tanking (you’ve no doubt read about Antioch, and a bit further out, Manteca and Stockton, in San Joaquin County), in central Contra Costa (Lafayette, Moraga and Orinda), it seems that the “housing bust” got lost on the way to the office. In neighboring Alameda County, in the City of Alameda, our kids just made what we thought was a fair offer on a nice 2 BR 1 BA and were outbid by an offer at full ask with no contingencies. The house was on the market less than a week.

So, it appear “location, location, location” is still the mantra. If you live in a nice neighborhood with little for sale, and good schools, you should be OK.

In any event, what with Prop 13, who can afford to sell? Our property taxes are a joke, since we bought in 1978.

Yours,

Bozo

]]> By: Joey http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-346750 Joey Wed, 13 Aug 2008 21:44:31 +0000 http://allfinancialmatters.com/?p=2756#comment-346750 If you listen to the local conservative talk radio hosts, home prices are rising in Nashville. However, Nashville home prices were down about 5% year over year in July and home sales are down 27% according to the Nashville Business Journal. If you listen to the local conservative talk radio hosts, home prices are rising in Nashville. However, Nashville home prices were down about 5% year over year in July and home sales are down 27% according to the Nashville Business Journal.

]]> By: Lisa http://allfinancialmatters.com/2008/08/13/question-of-the-day-home-prices-in-your-area/comment-page-1/#comment-346725 Lisa Wed, 13 Aug 2008 19:25:30 +0000 http://allfinancialmatters.com/?p=2756#comment-346725 I'm in Denver. We just had our housed appraised in July. The appraisal said housing prices in our neighborhood have gone down 4.5% compared with July 2007. Interestingly, it said 30% of the homes in our area in the past year were foreclosures or short sales. That seems really high to me. The good news is our house is 26% higher than what we bought it for in 2000, but we've probably spent half that in improvements/updates. We like owning our home, but it's probably not the smartest financial investment. I’m in Denver. We just had our housed appraised in July. The appraisal said housing prices in our neighborhood have gone down 4.5% compared with July 2007. Interestingly, it said 30% of the homes in our area in the past year were foreclosures or short sales. That seems really high to me.

The good news is our house is 26% higher than what we bought it for in 2000, but we’ve probably spent half that in improvements/updates. We like owning our home, but it’s probably not the smartest financial investment.

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