Housing market crash???

[Loobed]

One of my friends said there was a house for sale in his neighborhood thats been on the market for 6 months and has not sold. The houses in his neighborhood where selling for over $600,000, 2 years ago. This house has been for sale @ $200,000. That's a drop of 66.66% in 2 years. This house is in the San Francisco Bay Area. This is about what they were selling for in 1998.

How bad has it dropped in your area.

 

[Steve S]

where is the house?

 

[cosynthetics]

It's dropped quite a bit in our area too. We aren't at the level you guys are so we don't see the same drop. I've seen $300k houses listed for $225 or so.

 

[Steve S]

where is the house?

 

[GROUCHO MARX]

Buyers can't get financing so there's a small pool of eligible soulswith resources.

These people, who may desire to "buy up", aren't doing so as they still want previous "high" price when selling their home.

It makes for a stagnant market.

 

[Loobed]

Originally Posted By: Steve S
where is the house?


Hayward

I think it was originally a 1200 ft^2 house (small) but had an upstairs added. Maybe total 1500 ft^2

 

[mudsling]

housing in houston has not dropped as much as other areas due to never being over priced to start with.I have see starter homes in the 150000.range on the market longer.I have new homes being built down the street.They are 300000. range.Houston has oil and gas and the prices are strong for our economy.

 

[XS650]

??

Bay area actual selling prices I have seen look like they are down about 15% from the peak 2 years ago and higher than where they were 3 years ago.

http://www.zillow.com/HomeDetails.htm?zprop=19769901

I just looked at what houses have actually sold this year in my old neighborhood in San Jose. That confirms my 1st impression.

Maybe the house in your friends neighborhood had a meth lab blow up in it

 

[Steve S]

Originally Posted By: Loobed
Originally Posted By: Steve S
where is the house?


Hayward

I think it was originally a 1200 ft^2 house (small) but had an upstairs added. Maybe total 1500 ft^2
Thankyou !!!

 

[Steve S]

Nobody complained when they paid too much for the house with 0% down.

 

[XS650]

Originally Posted By: Steve S
Nobody complained when they paid too much for the house with 0% down.

It's looking like if a person in Northern California bought their house 3 years ago or more with sane financing they can get out of it and break even or a bit better after paying a realtor.

If they bought between 1 and 2 years ago with "creative" financing they are in the doo-doo if they need to get out of it.

 

[Pablo]

Location, location, location

Interesting, we had a sluggish summer-fall-winter but prices didn't drop much. Now things are picking up again. Still some houses sit for a LONG time, because the sellers haven't budged....if I'm buying I'm low balling baby!!

 

[JHZR2]

no real drops by us. People move to NJ for the good schools and family-oriented towns. People want to live here, and it isnt for reasons of showing off. We dont have the space near where I live for further sprawl of new mc-mansions. There has been limited supply for the last 50 or so years, and so it is pretty stable, fortunately.

Up north where my parents live there was a more "unreasonable" price increase, and the steam has kind of run out...

JMH

 

[double vanos]

Yes, Houston prices are still in great shape, relative to SF and other totally overheated markets.

Now, some new home builders are giving away spiffs (appliances, gift cards to Ikea etc.)to move their inventory but generally speaking we're OK.

I don't understand why more people don't consider Houston as a place to live....reasonable house and land prices, good jobs, moderate winters, lots of good dining and social hob nobbing.

I've lived here since '68 and it's been great. Cheers!

 

[Pablo]

Even in Hayward, a $200,000 house must be a piece of sh......oot would you look at the time.....

 

[Loobed]

Originally Posted By: Pablo
Even in Hayward, a $200,000 house must be a piece of sh......oot would you look at the time.....



Yes it is a piece of shoot, and in a Shooty neighborhood, but they were selling for $600k 2 years ago.

 

[The Critic]

Originally Posted By: Loobed
Originally Posted By: Steve S
where is the house?


Hayward

I think it was originally a 1200 ft^2 house (small) but had an upstairs added. Maybe total 1500 ft^2

Where in Hayward? I ought to go and take a look at that price.

 

[brianl703]

Houses that once sold for $377k are now selling for $180k here.

 

[NJC]

House prices have been consistently rising here too - still waiting for the end of supposed 5-7yr real estate cycle. Neighbour's house - 1983 1600 sq ft rancher on a 7200 sq ft' lot and in very good shape - just sold for $467K.

 

[Kestas]

If it's a shooty neighborhood, where did the shooty people get $600K to buy a house? I could never understand that about the Bay Area. In my town the folk that live in neighborhoods with once $600K homes are relatively well-to-do and intelligent.