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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: CNNMONEY: Homes sit longer on the market
Posted by Beth1210
Posted by Meaghan729
Posted by Colleen9304
Posted by Selden78
realy do you think the value will drop ??
I don't think value's will drop but I don't think they will inflate at the rate they had been. Home sales are up 4.5% from last month...so people are still selling and buying.
I also think it's hard to gauge the market - wrt what's been sitting and for what reason. A lot of people are waiting for that "magic #"...and if they don't get it, thy're not moving. They're not serious seller's...and they're clogging up the inventory, imo.
that was new home sales, for the entire country.
Existing home sales decreased 1.2% in May.
I didn't think the 4.5% number could be correct
# of sales increased, but prices were lower (and that doesnt factor in the "freebies" the builders are given that isnt in the sales price - like upgrades to the kitchen, a poll, etc)
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Posted 6/28/06 12:17 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: CNNMONEY: Homes sit longer on the market
Posted by Colleen9304
From what I understand, CA has it a lot worse than we do...so we should be grateful 
If people are buying, who deems it "over valued"?
I agree.. It has gotten out of hand though but like everything what goes up must come down.
Prices will even out and there will be a lull. Also since people arent getting the big bucks anymore they will hold out and then its the supply and demand game.
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| Posted 6/28/06 12:19 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: CNNMONEY: Homes sit longer on the market
Posted by Colleen9304
From what I understand, CA has it a lot worse than we do...so we should be grateful
If people are buying, who deems it "over valued"?
sorry. but I am so NOT greateful 
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| Posted 6/28/06 12:24 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: CNNMONEY: Homes sit longer on the market
Posted by Beth1210
Posted by schnapy
I know the rates have increased but not by much. Will we see houses that are 200k again in the near future? I would be afraid to see that????? 1
I don't houses are going to drop that much- that would destroy the economy
if a $400K house dropped to $200K- the economy would be destroyed- not forever but for a while
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| Posted 6/28/06 12:29 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: CNNMONEY: Homes sit longer on the market
Posted by Beth1210
Posted by Beth1210
Posted by schnapy
I know the rates have increased but not by much. Will we see houses that are 200k again in the near future? I would be afraid to see that????? 1
I don't houses are going to drop that much- that would destroy the economy
if a $400K house dropped to $200K- the economy would be destroyed- not forever but for a while
Id be afraid even for a while.... Def would wreak some havoc on out economy...
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| Posted 6/28/06 12:30 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: CNNMONEY: Homes sit longer on the market
If the interest rate keeps rising, then the prices will come down. You really can't have both. A buyer can't afford BOTH. It's easier to afford a $450K house when the interest rates are low. Not so easy when the interest rates increase......................
A $450K house at 6% over 30 years is a $2697.98/mo payment
A $450K house at 8.5% over 30 years is $3460.11
That's a $762.13/mo difference at a 2.5% increase.
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| Posted 6/28/06 12:31 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: CNNMONEY: Homes sit longer on the market
Posted by schnapy
Posted by Beth1210
Posted by Beth1210
Posted by schnapy
I know the rates have increased but not by much. Will we see houses that are 200k again in the near future? I would be afraid to see that????? 1
I don't houses are going to drop that much- that would destroy the economy
if a $400K house dropped to $200K- the economy would be destroyed- not forever but for a while
Id be afraid even for a while.... Def would wreak some havoc on out economy...
DH is always telling me...sure, it would be great for housing prices to drop to where we could afford it, but then again...he's a car salesman. If the economy takes a turn...we're not making any money either... Catch 22 in my world.
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| Posted 6/28/06 12:32 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: CNNMONEY: Homes sit longer on the market
Posted by schnapy
Yeah so how can they say LI is overvalued at 44%. I think all of NY is overvalued.
NY METRO area including Westchester is overvalued...NOT all of NY.
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| Posted 6/28/06 12:34 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: CNNMONEY: Homes sit longer on the market
Posted by MikesWife
If the interest rate keeps rising, then the prices will come down. You really can't have both. A buyer can't afford BOTH. It's easier to afford a $450K house when the interest rates are low. Not so easy when the interest rates increase......................
A $450K house at 6% over 30 years is a $2697.98/mo payment
A $450K house at 8.5% over 30 years is $3460.11
That's a $762.13/mo difference at a 2.5% increase.
I agree but if the interests spike to 9% in lets say 2 months then houses crash we have a problem...
Thats all Im saying...
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| Posted 6/28/06 12:35 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: CNNMONEY: Homes sit longer on the market
Posted by lorich
Posted by schnapy
Posted by Beth1210
Posted by Beth1210
Posted by schnapy
I know the rates have increased but not by much. Will we see houses that are 200k again in the near future? I would be afraid to see that????? 1
I don't houses are going to drop that much- that would destroy the economy
if a $400K house dropped to $200K- the economy would be destroyed- not forever but for a while
Id be afraid even for a while.... Def would wreak some havoc on out economy...
DH is always telling me...sure, it would be great for housing prices to drop to where we could afford it, but then again...he's a car salesman. If the economy takes a turn...we're not making any money either... Catch 22 in my world.
Excatly
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| Posted 6/28/06 12:35 PM |
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Eva Luna
Be kind...life's hard!
Member since 8/05 4750 total posts
Name:
God, bless & heal my DH, JenG's DH Rob & DebG
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Re: CNNMONEY: Homes sit longer on the market
Posted by lorich
Posted by schnapy
Yeah so how can they say LI is overvalued at 44%. I think all of NY is overvalued.
NY METRO area including Westchester is overvalued...NOT all of NY.
Aw Lori...I love your avatar...I chose leave it...and proud!! 
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| Posted 6/28/06 4:14 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: CNNMONEY: Homes sit longer on the market
Posted by Colleen9304
Posted by Selden78
realy do you think the value will drop ??
I don't think value's will drop but I don't think they will inflate at the rate they had been. Home sales are up 4.5% from last month...so people are still selling and buying.
I also think it's hard to gauge the market - wrt what's been sitting and for what reason. A lot of people are waiting for that "magic #"...and if they don't get it, thy're not moving. They're not serious seller's...and they're clogging up the inventory, imo.
I agree!
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| Posted 6/28/06 4:20 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: CNNMONEY: Homes sit longer on the market
Posted by dandr10199
Posted by Colleen9304
Posted by Selden78
realy do you think the value will drop ??
I don't think value's will drop but I don't think they will inflate at the rate they had been. Home sales are up 4.5% from last month...so people are still selling and buying.
I also think it's hard to gauge the market - wrt what's been sitting and for what reason. A lot of people are waiting for that "magic #"...and if they don't get it, thy're not moving. They're not serious seller's...and they're clogging up the inventory, imo.
I agree!
the 4.5% was NEW homes.
Existing homes sales decreased in may (1.something%)
and remember that more people financed their homes with untraditional mortgages than ever before.....
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| Posted 6/28/06 4:26 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: CNNMONEY: Homes sit longer on the market
Posted by Meaghan729
Posted by schnapy
Posted by Beth1210
Posted by schnapy
I know the rates have increased but not by much. Will we see houses that are 200k again in the near future? I would be afraid to see that????? 1
I don't houses are going to drop that much- that would destroy the economy
But I think some people believe that... They will plateau out and level off.
it wouldnt destroy the economy - people shouldnt be using their houses an investment - its a home, first and foremost. if you want to get a rental as an investment, than fine. Your primary residence shouldnt be your entire nest egg.
it would have a pretty significant impact on it though, dont you think? you are completely correct and people SHOULDNT be doing this but the truth is many (actually probably most) people arent financially saavy and ARE doing this. the other thing is the economy has been helped tremendously over the past few yrs bc ppl use their homes like ATMs and cashout equity to finance other purchases so this will have a huge impact on consumer spending too.
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| Posted 6/28/06 8:14 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: CNNMONEY: Homes sit longer on the market
Posted by Meaghan729
Posted by dandr10199
Posted by Colleen9304
Posted by Selden78
realy do you think the value will drop ??
I don't think value's will drop but I don't think they will inflate at the rate they had been. Home sales are up 4.5% from last month...so people are still selling and buying.
I also think it's hard to gauge the market - wrt what's been sitting and for what reason. A lot of people are waiting for that "magic #"...and if they don't get it, thy're not moving. They're not serious seller's...and they're clogging up the inventory, imo.
I agree!
the 4.5% was NEW homes.
Existing homes sales decreased in may (1.something%)
and remember that more people financed their homes with untraditional mortgages than ever before.....
very true. people continue to stretch to afford homes with these products and as rates go up, mtge co's compete by coming up with new products (eg 50yr mtges) to get monthly payments down so ppl will continue to buy.
as for comments some have made about the stock market, while i agree that the housing market is due for a correction, it is not like the stock market in that everyone cant just wake up tomorrow and sell their homes so it's more of a gradual correction, not a "crash" or a "pop".
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| Posted 6/28/06 8:16 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: CNNMONEY: Homes sit longer on the market
Posted by Salason
Posted by Meaghan729
Posted by schnapy
Posted by Beth1210
Posted by schnapy
I know the rates have increased but not by much. Will we see houses that are 200k again in the near future? I would be afraid to see that????? 1
I don't houses are going to drop that much- that would destroy the economy
But I think some people believe that... They will plateau out and level off.
it wouldnt destroy the economy - people shouldnt be using their houses an investment - its a home, first and foremost. if you want to get a rental as an investment, than fine. Your primary residence shouldnt be your entire nest egg.
it would have a pretty significant impact on it though, dont you think? you are completely correct and people SHOULDNT be doing this but the truth is many (actually probably most) people arent financially saavy and ARE doing this. the other thing is the economy has been helped tremendously over the past few yrs bc ppl use their homes like ATMs and cashout equity to finance other purchases so this will have a huge impact on consumer spending too.
definitely true....people with maxed out HELOCs that were at 4% are now paying 8% two years later.
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| Posted 6/28/06 9:28 PM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: CNNMONEY: Homes sit longer on the market
Posted by Beth1210
Posted by Selden78
I think people are asking for 2 much $$ for the homes and no one can afford that hight price right now
and people fear that the prices are going to drop even more- and then they (the buyer) is going to be stuck with a house worth less then what they paid for it
this things go in cycles- just like the stock market made a correction 4/5 years ago- the real estate market will also
I've been saying that to DH for some time now. That the bubble would burst, and that all these people who paid an insane amount of $ for their house will be stuck because they'll owe more than what their house is worth.
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| Posted 6/28/06 10:45 PM |
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