2007-08-15 20:29:31 · 9 answers · asked by Just a guy 1 in Business & Finance ➔ Renting & Real Estate
Oh yeah, like a rock (kinda like the old truck commercial slogan)
2007-08-15 20:34:37 · answer #1 · answered by CalFan 3 · 0⤊ 1⤋
There's really not that many foreclosures compared to the number of houses...
The foreclosures are a big story only because... we have the highest percentage of the population OWN (usually with a loan) their homes rather than renting in the history of the nation.
The bigger pressure driving home prices down is the fact that in some areas they are "overbuilt" ... more houses built than people can buy.
Also... the new minimum wage law will com into play... thats inflationary... and will cause unemployment... which will lead to... more floreclosures, higher interest rates.. slower housing market...
I'd say.. wait a year to buy a house... maybe two.
After things settle down... housing prices will skyrocket.
2007-08-16 03:38:42 · answer #2 · answered by Anonymous · 0⤊ 1⤋
That is the trend, my friend.
For how long and how much...it's anybody's guess.
House prices have enjoyed steady increases over a long period of time.
People get cocky, expecting it will last forever.
We heard things...like..."They ain't making any more land".
With the glut in unsold new homes, and the for-sale signs decorating lawns...this could be a new long term trend in the making.
Even if the Federal Reserve should drastically reduce interest rates, to practically zero as it was five years ago, I still think the bloom is off the rose.
2007-08-16 03:37:15 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Yes, because there are not enough buyers for what's on the market.....and so many good people can't afford to hold onto their slice of the American Dream. In my region the housing market has been depressed for some time.
2007-08-16 03:37:45 · answer #4 · answered by Zombie Birdhouse 7 · 0⤊ 1⤋
Yeah. My dad works in loan processing and they've been laying people off because new home loans have decreased so much. And they've been told to expect even more cut backs. People have been listing their homes for a lot of money still but that will change when they see that no one is buying because loans are becoming harder to get.
2007-08-16 03:37:35 · answer #5 · answered by kari 3 · 0⤊ 1⤋
Yes, housing sales are still brisk, but definitley slowed down since last year, when people got double their asking price, now some people can't even get their asking price.
2007-08-16 03:37:00 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Where I live House vaules are skyrocketing, selling for almost double what they are worth. It s crazy
2007-08-16 03:36:35 · answer #7 · answered by yula d 3 · 0⤊ 1⤋
I think they will in the States.
2007-08-16 03:35:47 · answer #8 · answered by Mellie 3 · 0⤊ 1⤋
no
2007-08-16 03:35:04 · answer #9 · answered by chaotic630 1 · 0⤊ 2⤋