When will the housing market turn around?

air90 · 02-08-12, 11:21 PM

hi there, what's the connection here?

mh217 · 02-09-12, 12:19 AM

a couple of years tops..its already becoming worth it to buy cause rents are so high and wont ever come down.

HoulihansTX · 02-09-12, 03:27 AM

Its a buyers market, but no one has the money to buy. Irony?

mh217 · 02-09-12, 03:40 AM

anyone who hasnt lost their job is still fine, the stockmarket has recovered the losses, if no one is buying its because credit is a little tough but mostly because they think prices can go lower..plenty of people have money to buy.

itchypickle · 02-09-12, 09:59 AM

Our fearless leader Obama is announcing this week the next wave of $25 Billion to be thrown to Citi,Ally, Wells, and BofA to try and write down some of the principles on the defaulted loans. Total waste again though. The actual market for homes isn't quite near bottom but that doesn't mean much since even the most qualified people now have a hard time getting the mortgage approved and these guys already HAVE a home mostly so it's again...a waste.

It's not going to get any better even at the low % rates until the major banks go ahead and take the hit...refit and recover in a year...and then start over the right way with a traditional mortgage model.

crustyme · 02-09-12, 10:07 AM

us housing market was 'ground zero' for the world economic meltdown.

experts think 30+ years before prices return to pre-bush 'american dream downpayment act of 2003' years when he gave away homes like free candy.

unluckysob · 02-09-12, 10:24 AM

country will never recover from 8 years of george w. bush---after 9-11 attack when we needed strong leadership the most---we had gwb

milwaukee mike · 02-09-12, 10:37 AM

real estate prices in japan went down 87%

the rest of our economy has pretty much followed japan (stock market crash, unemployment, zero interest rates, deficits, etc) so why wouldn't real estate continue to follow?

Monitor-Tan · 02-09-12, 11:06 AM

Originally posted by milwaukee mike

real estate prices in japan went down 87%

the rest of our economy has pretty much followed japan (stock market crash, unemployment, zero interest rates, deficits, etc) so why wouldn't real estate continue to follow?

Yes we are following Japan's footsteps..

Once when Japan had the largest banks in the world, we wanted one just as big if not bigger. Everyone said pointing towards numbers and stats that it won't sustain and it'll crumble.. What do we do, of course we try to one up them..

Now Japan's economy and real estate well just about everything went down the shitter taking a big hit..

Hm.. I wonder who's next when we followed or tried to one up that same country in banking industry..

Waterstpub87 · 02-09-12, 03:07 PM

Originally posted by crustyme

us housing market was 'ground zero' for the world economic meltdown. experts think 30+ years before prices return to pre-bush 'american dream downpayment act of 2003' years when he gave away homes like free candy.

Way too much of an over simplification of the crisis. Prices in houses were too high, and came down. Housing will most likely return to reasonable prices in the next few years. They might bubble up in the future, don't expect it to. The age of no money down house flipping is most likely over for awhile. Private Label mortgage backed security issuance is still down, and loans need to conform to be issued by fannie and freddy. Without securitization, banks will be more reluctant to write risky mortgages. We have natural resources, and hopefully will learn from Japan's mistakes.

BigdaddyQH · 02-09-12, 03:36 PM

The markets are going to crash again, and this time, there will be no Federal Money to bail them out. What we have today is verysimilar to this time in 2009, before everything came crashing down. Beware. Our current economy is built on total and false pretenses. The dollar and euro is worthless, as is the japanese Yen. You had better be invested in the right currencies and stocks or you are going to be much worse off in 6-9 months that you are now.

CarpeDime · 02-09-12, 03:52 PM

no need to worry

obama will be gone very soon, and whoever takes his place, newt or mitt or rick, will slash taxes down to the bone for job creators which will in turn cut the deficit and produce jobs and we will be fine

well except for the lazy whiners who wont want the jobs slashing taxes will produce but will still expect to be paid anyway

but for everyone else things will be great

PhillyFlyers · 02-09-12, 04:02 PM

The housing market won't turn around until the bad debt is liquidated. That won't happen unless Ron Paul is elected.

Waterstpub87 · 02-09-12, 04:12 PM

Originally posted by PhillyFlyers

The housing market won't turn around until the bad debt is liquidated. That won't happen unless Ron Paul is elected.

Lol, and how is Ron Paul going to liquidate all the underwater and defaulting mortgages. The way you talk he is the 2nd coming. I like the man's principals, but he isn't the financial Moses.

ChalkyDog · 02-09-12, 04:16 PM

The housing market wen't back to normal when the economy crashed. Before then, it was an unrealistic mess.

If for turnaround, you mean go back to the time where everyone had equity. Well, hopefully never - because that means we are in another unsustainable housing bubble.

PhillyFlyers · 02-09-12, 04:19 PM

Originally posted by Waterstpub87

Lol, and how is Ron Paul going to liquidate all the underwater and defaulting mortgages. The way you talk he is the 2nd coming. I like the man's principals, but he isn't the financial Moses.

First of all, he is the only candidate even willing to take on the bad debt. He is the only candidate that would cut $1 trillion in real spending his first year in office.

Under Paul's plan we would have a balanced budget by his 3rd year in.

No other plan even comes close.

I'm not trying to make it sound like he's the second coming. Just take a look at the facts for yourself. His plan is online. Then take a look at the other candidates. It's not close.

Waterstpub87 · 02-09-12, 06:58 PM

Originally posted by PhillyFlyers

First of all, he is the only candidate even willing to take on the bad debt. He is the only candidate that would cut $1 trillion in real spending his first year in office. Under Paul's plan we would have a balanced budget by his 3rd year in. No other plan even comes close. I'm not trying to make it sound like he's the second coming. Just take a look at the facts for yourself. His plan is online. Then take a look at the other candidates. It's not close.

And cutting the deficit has what to do with the housing market?

MC PICKS · 02-09-12, 07:06 PM

Barack obama was the chair on fanny and freddie so hes the one to blame for th ehousing meltdown, it wasnt goerge bush or republicans getting deadbeats to take out loans they couldnt afford, that is what liberals do.

ngates815 · 02-09-12, 07:18 PM

Hopefully not for a while.

Gives you a chance to buy up some nice places and sell flip for a nice little profit 10 years after.

PhillyFlyers · 02-12-12, 11:47 AM

Originally posted by Waterstpub87

And cutting the deficit has what to do with the housing market?

Because a large part of dealing with the deficit also means dealing with the federal reserve who is also responsible for creating the housing bubble, and crash, to begin with.

Bill Dozer · 02-12-12, 12:01 PM

Have to agree about the bad debt...People have no confidence in the housing market because its artifically propped up. Now they are talking about reworking mtgs for people who are under water. I know a lot of people who would benefit but others should be able to buy those homes at low prices instead of paying billions for that charity. Once gov stops interfering people will be able to see the real home prices and buy again and demand goes up IMO.

Waterstpub87 · 02-12-12, 12:56 PM

Originally posted by Bill Dozer

Have to agree about the bad debt...People have no confidence in the housing market because its artifically propped up. Now they are talking about reworking mtgs for people who are under water. I know a lot of people who would benefit but others should be able to buy those homes at low prices instead of paying billions for that charity. Once gov stops interfering people will be able to see the real home prices and buy again and demand goes up IMO.

The government is taking two steps to attempt to help the housing market. Firstly, they are trying to allow people to refinance. This should allow more people to stay in their home and end the foreclosure rate. Secondly, they are attempting to liquidate some of the houses to investors to rent. This should help to reduce the inventory of houses, stabilizing the market. No one knows how either of these will effect it, because the housing market is destroyed. However, ending the fed would not be the magic that would simply solve the problem. Low interest rates contributed a part to the meltdown, but were hardly the number 1 or number 2 factor in the crisis. The only thing that will fix the housing market is time, but don't expect prices to reach 2006 level for many years.

C-Gold · 02-12-12, 01:05 PM

Do you think it is ethical for the government to interfere even more with the housing market?

If they try and prop prices up it hurts (responsible) people who didn't partake in the hoopla, but helps people who bought places they couldn't afford.

It is in the government's best interest to have high housing prices. Higher home prices equals higher property taxes and more revenue for the government. It's bad for owners or potential buyers, good for Uncle sam.

str · 02-12-12, 01:40 PM

In Washington D.C. as well as just outside of the district in Montgomery county as well as Howard county, in areas where there is a high demand to live, it is back by 50-60% from what it originally dropped, at least. This excludes most town houses.
With solid activity already taking place before spring in those areas, it should be better than that by June.
Hopefully, other areas will follow suit.

EmpireMaker · 02-12-12, 01:57 PM

it all depends on the location, but for most of the country it will be from 5 years to never