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How is the housing market in your area?

Home prices are falling faster in the nation’s largest cities, and a record number of foreclosures are expected to push prices down further through next year.

The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday fell 0.7 percent in September from August. Eighteen of the cities recorded monthly price declines. Cleveland recorded the largest decline. Prices there dropped 3 percent from a month earlier.

Prices in San Francisco, Los Angeles and San Diego, which had been showing strength this year, also dropped in September from August.

 
grlygrlz2

Asked by grlygrlz2 at 1:28 PM on Nov. 30, 2010 in Politics & Current Events

Level 39 (106,530 Credits)
This question is closed.
Answers (32)
  • We owe $130k on our house. The house next door, almost identical to ours, is for sale for $30k.

    Obviously we're never moving. It's okay though, i like my house. While an investor may disagree, i still think my house is worth every penny we agreed to pay.
    UpSheRises

    Answer by UpSheRises at 2:00 PM on Nov. 30, 2010

  • Obviously we're never moving. It's okay though, i like my house. While an investor may disagree, i still think my house is worth every penny we agreed to pay.

    UpSheRises, I like this answer. We bought our house for $225,000 and put $40,000 in to it after that. If we put it on the market today, it might sell for around $160,000. Yeah, it sucks, but I am not going to let the house go and I am not going to get too upset over it. When you sign the contract, you are agreeing to pay what you believe the house is worth at the time. It may go up, and it may go down. That's life.
    JulieJacobKyle

    Answer by JulieJacobKyle at 2:25 PM on Nov. 30, 2010

  • this was expected, now that the feds are no longer artificially propping things up.
    here...sad. Looks to get even sadder soon. I took my home off the market and will wait for relo in the next 2 years. Hopefully.
    jewjewbee

    Answer by jewjewbee at 1:42 PM on Nov. 30, 2010

  • Ours is horrible. We are in NE Ohio - homes that were purchased 5 years ago for $160,000 are selling for $110,000. A dear friend is a Realtor, she had to take a part time job because she isn't making any money. In my small town, there are at least 10 foreclosures every 2 weeks. The market is flooded with the under-valued homes (bank owned and selling at a fraction), and no ones buying even those. We are "lucky", we could sell for about what we owe - but we would have to pay the realtor fees out of pocket.
    Scuba

    Answer by Scuba at 1:44 PM on Nov. 30, 2010

  • Anonymous land sounds like a magical place

    Not magical we live in a small town that had a tornado and flood which left us in a housing shortage so home values have stayed up. Sorry you live where things suck.
    Anonymous

    Answer by Anonymous at 1:56 PM on Nov. 30, 2010

  • The market sucks where I am. It could be worse, but it's not good by a long shot. Very slow in my particular area. There have been a few foreclosures and lots of relo buyouts that are coming down to fantastic deals for the buyers. The new home builders aren't slowing down and they are making insane deals for selling agents and for new home buyers as well. Big bonuses and upgrades. Hard to compete with all of that.  Values have slipped anywhere from about $20,000 to over $200,000 in our subdivision.  I expect things will get worse before they get better.

    QuinnMae

    Answer by QuinnMae at 3:33 PM on Nov. 30, 2010

  • dead
    mamacita69930

    Answer by mamacita69930 at 1:29 PM on Nov. 30, 2010

  • Crappy.
    tasches

    Answer by tasches at 1:29 PM on Nov. 30, 2010

  • it stinks~ lots in forclosure~! The house next door too! wish we could pick our neighbors~
    rebeccadac

    Answer by rebeccadac at 1:30 PM on Nov. 30, 2010

  • We've crashed to the point that many homes are worth about 1/4 to 1/3 of what the owners paid. We've been leading the nation in foreclosure for a very long time. I do believe we've reached the bottom though, and people are buying again. It's actually become difficult to buy now because people are in bidding wars over insanely cheap properties. New homes are being built again, and they're selling easily. We're building one. One reason is that during the boom of 2004-2006, builders were cramming as many houses in as possible, so lots were so tiny that houses had no driveway and about 5' of yard on one side. Now they're building nice homes on much bigger lots. The home we're building is on .42 of an acre and what would have cost about $700,000-$800,000+ a few years ago is being finished for $370,000. Unfortunately since we're down on our current home, we can't sell so we will rent it out.
    JulieJacobKyle

    Answer by JulieJacobKyle at 1:35 PM on Nov. 30, 2010

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