Yahoo tells me half of California is in forclosure but my bank says the Real Estate Market there is up between 3 and 7 percent. 3 Bdrms in San fran are over a million.
2007-07-31 18:07:00 · 5 answers · asked by Anonymous in News & Events ➔ Media & Journalism
a million is a row house and still going up. Who is buying?
2007-07-31 19:13:16 · update #1
Cnn/Robin reports the housing market for this country is the highest it's been with the banks scrambling to figure out what to do. To many people getting credit where credit isn't deserved and then failing. The banks have been to easy.
California and Nevada (Las Vegas) has been noted as the worst in the country for failing loans, people reaching out to far. Many homes on the market due to failure.
Banks (Federal) trying to resolve the situation by tightening loans but, market flooded with homes now that can't be sold.
My own Grand daughter loving a home they saw, they can't afford the one they have, always struggling with payments, insurance, taxes and assessments, got a loan before selling first home with no problem, now they have two homes they can't afford.
One has been in default for fifteen months now, who's fault is this? Poor management of the loans by the banks have made it to easy.
I remember when it took 20% or more down, a clean record for three years and a job insured and guarenteed for five years, to get a home. People bought and didn't move, sometimes the house stayed in the family for generations. Now people move around like changing thier socks.
2007-07-31 19:44:10 · answer #1 · answered by cowboydoc 7 · 0⤊ 0⤋
It is hard to tell because I think things are going to be presented based on who is trying to benefit, so to speak.
I would just say, if you are looking to invest or buy a house in the area, buy on a fixed interest rate and shop around for a good lender. 1/2% can make a big difference. What is getting a lot of people is the adjustable rates that are fluctuating with the economy. Good luck. =)
2007-07-31 18:28:40 · answer #2 · answered by katchris 2 · 0⤊ 0⤋
Well, if you're among the SUPER wealthy who can AFFORD to buy multi-million dollar homes, the Housing Market in California DOES look pretty good... -But if you're just an "average" Joe (or Joanna), looking you buy something that isn't going to bankrupt them into poverty- well, a $250,000 home just ISN'T in their "future"- any time soon. :(
2007-07-31 18:30:30 · answer #3 · answered by Joseph, II 7 · 0⤊ 0⤋
Are you planning on moving there? I heard it is falling into the ocean, and all those fires, no rain, I think I would stay where I am at.
2007-07-31 19:06:22 · answer #4 · answered by flannelpajamas1 4 · 0⤊ 0⤋
Good question...
Research more about news on foreclosure to have more info.
2007-07-31 18:28:35 · answer #5 · answered by roche_leonor 5 · 0⤊ 0⤋