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Nassau/Suffolk - Predicts loss of 6% in housing values over the next two years!

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lorich
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Member since 6/05

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Grammie says "Lora Gina"

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.

Posted 4/13/06 9:12 AM
 
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sunnyplus3
:)

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.

Posted 4/13/06 9:14 AM
 

lululu
LIF Adult

Member since 7/05

9511 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.

Posted 4/13/06 9:20 AM
 

patti08
Happy

Member since 5/05

3893 total posts

Name:
Patti

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!!!!

Posted 4/13/06 11:23 AM
 

lorich
.

Member since 6/05

9987 total posts

Name:
Grammie says "Lora Gina"

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.Chat Icon

Posted 4/13/06 11:35 AM
 

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.

Posted 4/13/06 12:01 PM
 

ODonnell
.

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.

Posted 4/13/06 12:14 PM
 

BrunetteMom
LIF Adult

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.

Posted 4/13/06 12:15 PM
 

lorich
.

Member since 6/05

9987 total posts

Name:
Grammie says "Lora Gina"

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...Chat Icon We'd be renting forever...

Posted 4/13/06 12:23 PM
 

lorich
.

Member since 6/05

9987 total posts

Name:
Grammie says "Lora Gina"

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.Chat Icon

Posted 4/13/06 12:24 PM
 

SweetestOfPeas
J'taime Paris!

Member since 3/06

32345 total posts

Name:

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...Chat Icon We'd be renting forever...

if interest rates keep climbing, the houses will go down in price. it's a historical fact.

Posted 4/13/06 12:34 PM
 
 
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