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MrEd
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This is more gloom and doom bull****. First of all there is a mixed market in this area. The sun just yesterday printed an article showing that homes priced at $250,000 or lower are selling. The slow market consists of higher priced homes. The only areas that I know of which are considered declining markets are Prince Georges, Montgomery and Frederick counties. This doesn't have much of an effect on Baltimore. Higher priced rehabs in Canton and Federal Hill are not moving. Most of these properties are owned by speculators who thought they knew the market better than they really did. There are only so many people who want to pay $400,000 and more to live in a small house in a congested, noisy neighborhood.
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interested reader
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Prices still need to fall (20%-30%) to get the volume stats back up. With so many "upside down" sellers they are still hoping to get a check, not write a check, at settlement. In this situaiton, prices fall, little by little ... not as fast as they otherwise would.
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Truth
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The expert says things will pick-up in the second half of 2008. That's BS and I'll bet the professor gets some money consulting for the Real Estate industry.
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Stack
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Truth wrote: The expert says things will pick-up in the second half of 2008. That's BS and I'll bet the professor gets some money consulting for the Real Estate industry. It will pick up as soon as every media outlet in the country stops constantly bringing it up. Of course people won't buy houses when they're being told it's a horrible idea.
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President Camacho
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Stack wrote: <quoted text>
It will pick up as soon as every media outlet in the country stops constantly bringing it up. Of course people won't buy houses when they're being told it's a horrible idea. Yea, right. Maybe they can get this pig to fly again, like they did for most of this decade. The truth is that most people have become so accustomed to being lied to about how great housing is, that now they don't know what to believe. The truth: housing sucks, and will for awhile. Perhaps quite awhile.
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jeffro
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Buying a house right now is a horrible idea, they are still over priced by 30% in Maryland. Rule of thumb, one weeks pay covers your mortgage. Japan had the same deal, 10 years later housing values collapsed in some places 70% the average rate was 50%. It took a steady 8 years in declines to correct their market.
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Judge it!
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