2007-10-23 13:37:49 · 3 answers · asked by Gwapings 1 in Home & Garden ➔ Other - Home & Garden
i mean property
2007-10-23 13:38:47 · update #1
Well a few years ago property in our area was selling for typically 5% above asking price. When you see a buying frenzy like that you should get a hint that something isn't right. In this case buyers were getting interest only loans and adjustable rate mortgages for house they really could not afford. The thinking was that house prices would continue to climb and that they could turn around and sell the house at a profit in a few years before the real payments kicked in. Now many of those people are facing financial ruin and must dump the houses. Builders have a glut of new homes that they also need to unload. I suspect the worst is over and we will see stabilization over the next few months. It will probably be a few years before house prices start to climb again. The good news is that it's a good time to buy. Just be careful and don't buy more than you can afford. Interest only and adjustable rate mortgages are for idiots.
2007-10-23 14:38:11 · answer #1 · answered by R P A 5 · 0⤊ 0⤋
Sorry but the value of my property didnt go down it went up! Just so the city could get more taxes from me!! Just like everyone else in town here.
2007-10-23 14:05:13 · answer #2 · answered by grebcrystal 3 · 1⤊ 0⤋
Simple. - People are out of money and
credit is overextended.
Interest rates are high.
It's the end of a 'boom` cycle.
It'll take a few years to turn around.
Wait for it.
2007-10-23 13:54:41 · answer #3 · answered by Irv S 7 · 0⤊ 0⤋