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lorich
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Member since 6/05 9987 total posts
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Grammie says "Lora Gina"
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Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
MSN Article
Nassau/Suffolk, N.Y.: Otherwise known as Long Island, this market is No. 2 in the country on real estate consultant John Burns' list of locations facing a potential housing bubble. (Modesto, Calif., has the top spot.) Similarly, Fortune predicts a loss of about 6% in housing values over the next two years.
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Posted 4/13/06 9:12 AM  |
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Prudential Douglas Elliman Real Estate
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sunnyplus3
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Member since 11/05 8749 total posts
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
I've read articles saying Naples Fl was #1, places in Cali in the top spots & Long Island about #15, but the percentage was still the same.
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| Posted 4/13/06 9:14 AM |
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lululu
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Member since 7/05 9510 total posts
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
Overall if you are buying a house long term a 6% loss really isn't that bad.
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| Posted 4/13/06 9:20 AM |
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patti08
Happy
Member since 5/05 3893 total posts
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Patti
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
For homeowners, unless you are planning to sell your house in the next few years this really isn't an issue.
It's great news for future homebuyers!!!!
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| Posted 4/13/06 11:23 AM |
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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: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
Posted by patti08
For homeowners, unless you are planning to sell your house in the next few years this really isn't an issue.
It's great news for future homebuyers!!!!
Definitely! I hope it holds true for those of us (me) who cannot afford a home right now...and are planning on growing the downpayment.
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| Posted 4/13/06 11:35 AM |
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lucyloo
nope
Member since 1/06 9758 total posts
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
They've been saying the "bubble is going to burst" for so long. I'm glad we didn't try to wait this out... I couldn't handle another day living with my parnets.
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| Posted 4/13/06 12:01 PM |
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ODonnell
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Member since 9/05 5983 total posts
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
For anyone waiting to be able to afford a house, 6% is not a huge loss. On $500K it's unfortunately only $30K, which equates to only dollars of a difference in a 30-year mortgage. Bear in mind that interest rates will more than likely be higher in 2 years too.
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| Posted 4/13/06 12:14 PM |
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BrunetteMom
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Member since 8/05 1480 total posts
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
Posted by ODonnell
For anyone waiting to be able to afford a house, 6% is not a huge loss. On $500K it's unfortunately only $30K, which equates to only dollars of a difference in a 30-year mortgage. Bear in mind that interest rates will more than likely be higher in 2 years too.
I agree. I was thinking the same thing. 6% is really pennies when you look at it. Not to say that 6% isn't something, but to me it's in NO way a housing bubble.
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| Posted 4/13/06 12:15 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: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
Posted by BrunetteMom
Posted by ODonnell
For anyone waiting to be able to afford a house, 6% is not a huge loss. On $500K it's unfortunately only $30K, which equates to only dollars of a difference in a 30-year mortgage. Bear in mind that interest rates will more than likely be higher in 2 years too.
I agree. I was thinking the same thing. 6% is really pennies when you look at it. Not to say that 6% isn't something, but to me it's in NO way a housing bubble.
In our situation we're not "waiting for the bubble to burst"...we're financially unable to buy one now (debt need to save for dp, etc.), but it's better than nothing...especially with interest rates rising...you can always refinance. (and yes we know it costs to do that...) Can you imagine if prices stayed the same with increase in rates... We'd be renting forever...
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| Posted 4/13/06 12:23 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: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
Posted by dita
They've been saying the "bubble is going to burst" for so long. I'm glad we didn't try to wait this out... I couldn't handle another day living with my parnets.
That's great for you...not everyone has the option to live with their parents. You were one of the lucky ones.
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| Posted 4/13/06 12:24 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
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Re: Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!
Posted by lorich
Posted by BrunetteMom
Posted by ODonnell
For anyone waiting to be able to afford a house, 6% is not a huge loss. On $500K it's unfortunately only $30K, which equates to only dollars of a difference in a 30-year mortgage. Bear in mind that interest rates will more than likely be higher in 2 years too.
I agree. I was thinking the same thing. 6% is really pennies when you look at it. Not to say that 6% isn't something, but to me it's in NO way a housing bubble.
In our situation we're not "waiting for the bubble to burst"...we're financially unable to buy one now (debt need to save for dp, etc.), but it's better than nothing...especially with interest rates rising...you can always refinance. (and yes we know it costs to do that...) Can you imagine if prices stayed the same with increase in rates... We'd be renting forever...
if interest rates keep climbing, the houses will go down in price. it's a historical fact.
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| Posted 4/13/06 12:34 PM |
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