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2careless · 14 March 2009, 12:14 PM

http://www.news.com.au/business/mone...013951,00.html

US$3k for a house? Are they for real?

Cato · 14 March 2009, 12:32 PM

My wife and I are in the market right now for a home. Those ridiculously cheap homes are in very bad areas. Here in California, there is no home that is that inexpensive. Here in Southern California specifically, homes are still over valued by 50%. Homes that should be $500,000 are priced at $1,000,000. Many sellers cannot accept less since they owe more then what the true value is. So there are many of us buyers who have to fight over what is trickled out from the banks in terms of foreclosures.

Carolina · 14 March 2009, 12:35 PM

I've seen a flashy news story about this, but it seems to refer to a couple of severely depressed areas of the country that have been in decline for a long time - and the house is in extreme disrepair. I would imagine there are couple of those in every city. Not to say that the housing market is not in decline, but those prices are not the norm.

I haven't seen those bargains where I am, otherwise I may have bought a couple!

Lisa · 14 March 2009, 12:38 PM

Our other house has been on the market since December with nary a nibble. Though I attribute that to the sloppy neightbors and their mean dogs more than anything else, our Realtor tells us things are a little slow. Still, we don't see homes listing and selling for any less than they did a year ago. Oklahoma doesn't seem to be hit quite as hard as other areas of the country.

redshirt1957 · 14 March 2009, 12:43 PM

Right now there is 13 months of inventory. In 1982 there was 33 months of inventory. Seven counties in the USA have 25% of all foreclosers currently. While things are bad, don't believe the news. Hell, I work for the news.

swissautopro · 14 March 2009, 12:45 PM

Things are drier than a bucket of sand around here. There is a lot of refinancing going on, but, so far, no bump in sales activity to speak of. However, there are a lot more lookers, which leads to sales. We are hopeful, as we have several houses and some land on the market right now.

diversified · 14 March 2009, 01:57 PM

Same in the northeast, every appraisal I've done is either a home equity or refi with nothing in the way of sales, however, the good news is for the past 2 years I've been doing 3-5 foreclosure appraisals a week in a little sparsely populated ,rural county, now for the past 3 months I'm only doing 1 foreclosure appraisal a week. It's starting to look like the bottom of this cycle is just about here.

Carolina · 15 March 2009, 10:17 AM

Quote:

Originally Posted by diversified

Same in the northeast, every appraisal I've done is either a home equity or refi with nothing in the way of sales, however, the good news is for the past 2 years I've been doing 3-5 foreclosure appraisals a week in a little sparsely populated ,rural county, now for the past 3 months I'm only doing 1 foreclosure appraisal a week. It's starting to look like the bottom of this cycle is just about here.

That is good news.

14 March 2009, 12:14 PM	#1
2careless "TRF" Member Join Date: Dec 2007 Location: Melbourne, AU Watch: Pepsi Posts: 4,370	Is US housing market in such depressed state? http://www.news.com.au/business/mone...013951,00.html US$3k for a house? Are they for real?

14 March 2009, 12:35 PM	#3
Carolina "TRF" Member Join Date: Jul 2007 Location: North Carolina Watch: it, Bubba! Posts: 6,271	I've seen a flashy news story about this, but it seems to refer to a couple of severely depressed areas of the country that have been in decline for a long time - and the house is in extreme disrepair. I would imagine there are couple of those in every city. Not to say that the housing market is not in decline, but those prices are not the norm. I haven't seen those bargains where I am, otherwise I may have bought a couple! __________________ . .Member #5380 .

14 March 2009, 12:45 PM	#6
swissautopro "TRF" Member Join Date: Dec 2008 Real Name: Mike Location: South Carolina Watch: 3.3M 1655 Mk I Posts: 2,384	Things are drier than a bucket of sand around here. There is a lot of refinancing going on, but, so far, no bump in sales activity to speak of. However, there are a lot more lookers, which leads to sales. We are hopeful, as we have several houses and some land on the market right now. __________________ "A little sleep, a little slumber, a little folding of the hands to rest, and poverty will come upon you like a bandit, and scarcity like an armed man." Proverbs 24 "It is better to remain silent and be thought a fool, than open your mouth and remove all doubt." Unknown "Better to be a nobody and yet have a servant than pretend to be somebody and have no food." Proverbs 12

14 March 2009, 12:32 PM	#2
Cato Banned Join Date: Oct 2008 Location: Land of the Lost Watch: 116610LN Posts: 2,201	My wife and I are in the market right now for a home. Those ridiculously cheap homes are in very bad areas. Here in California, there is no home that is that inexpensive. Here in Southern California specifically, homes are still over valued by 50%. Homes that should be $500,000 are priced at $1,000,000. Many sellers cannot accept less since they owe more then what the true value is. So there are many of us buyers who have to fight over what is trickled out from the banks in terms of foreclosures.

14 March 2009, 12:38 PM	#4
Lisa "TRF" Member Join Date: Sep 2007 Location: oklahoma city Posts: 15,741	Our other house has been on the market since December with nary a nibble. Though I attribute that to the sloppy neightbors and their mean dogs more than anything else, our Realtor tells us things are a little slow. Still, we don't see homes listing and selling for any less than they did a year ago. Oklahoma doesn't seem to be hit quite as hard as other areas of the country.

14 March 2009, 12:43 PM	#5
redshirt1957 "TRF" Member Join Date: Sep 2007 Real Name: Bubba Location: Bitsyville! Watch: Blue YM today! Posts: 10,053	Right now there is 13 months of inventory. In 1982 there was 33 months of inventory. Seven counties in the USA have 25% of all foreclosers currently. While things are bad, don't believe the news. Hell, I work for the news.

14 March 2009, 01:57 PM	#7
diversified "TRF" Member Join Date: Jan 2008 Real Name: Jim Location: State College PA Posts: 1,694	Same in the northeast, every appraisal I've done is either a home equity or refi with nothing in the way of sales, however, the good news is for the past 2 years I've been doing 3-5 foreclosure appraisals a week in a little sparsely populated ,rural county, now for the past 3 months I'm only doing 1 foreclosure appraisal a week. It's starting to look like the bottom of this cycle is just about here.

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