housing makt still in the pits

[dalakhani]

Originally Posted by dellinger63

Forget about averages. Averages are ajar because high end properties have decreased in value far less than med-low end real estate both commercial and residential, regardless of location.

This is simply not true. Real Estate is local. a 1,000,000 dollar property in loudon county virginia 3 years ago is now 650,000k. That same 1,000,000 dollar property in downtown DC (30 minutes away and same MSA) is worth 1,100,000. Location, location, location.

Rates of decline are certainly going to vary depending on locality and obviously some localities are actually increasing despite what the rest of the country is doing.

[dellinger63]

Originally Posted by dalakhani

This is simply not true. Real Estate is local. a 1,000,000 dollar property in loudon county virginia 3 years ago is now 650,000k. That same 1,000,000 dollar property in downtown DC (30 minutes away and same MSA) is worth 1,100,000. Location, location, location.

Rates of decline are certainly going to vary depending on locality and obviously some localities are actually increasing despite what the rest of the country is doing.

properties that were 150- 200K 3 yrs ago in each area. How are they today?

[dalakhani]

Originally Posted by dellinger63

properties that were 150- 200K 3 yrs ago in each area. How are they today?

Depends on the area. Again, if you are talking downtown DC, it was rare to find a place that cheap so the ones that were there have at very least maintained value. In Loudon VA? The percentage of drop has mirrored that of the higher end homes. In PW and loudon counties and PG county across the bridge, the 500-700 range has just gotten throttled. From what ive seen, that range has been the hardest hit across the board. Still, it depends on the area.

I had it beat into me not to think of a house
as an investment way back in the Savings and Loan
crisis.
A house is a place to live.

Much better than an apartment in
that you will get something back if
you can pay for it.

People taking other loans against houses
that were way overvalued have learned
a very hard lesson.

[SOREHOOF]

Originally Posted by pgardn

I had it beat into me not to think of a house
as an investment way back in the Savings and Loan
crisis.
A house is a place to live.

Much better than an apartment in
that you will get something back if
you can pay for it.

People taking other loans against houses
that were way overvalued have learned
a very hard lesson.

Have they? If they get a mortgage bailout, I'm afraid they won't. Sometimes the only thing that forces people to live within their means is when they no longer have any means. I had the same thing beat into me.

Originally Posted by SOREHOOF

Have they? If they get a mortgage bailout, I'm afraid they won't. Sometimes the only thing that forces people to live within their means is when they no longer have any means. I had the same thing beat into me.

Lots of houses here foreclosed on.
Some very nice prices available to be
picked up on at the expensive of people
living in places they could not afford.

[SOREHOOF]

A lot of these foreclosures are on 2nd homes that people don't want to dip into their savings or investments to save, or are waiting to see if our benevolent Govt. will throw them a bone. Of course some are primary homes of people who lost their jobs, and I have no problem with helping them out.