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2 Bumps

More Than a Million Homes Were Foreclosed on in 2010 ...

What's the housing market like in your area? Do you see it improving anytime soon?

Our area has a HUGE foreclosure rate, and housing prices have dropped 30%. I don't see the area rebounding anytime soon. (NE Ohio)

 
Scuba

Asked by Scuba at 2:40 PM on Jan. 19, 2011 in Politics & Current Events

Level 34 (64,138 Credits)
This question is closed.
Answers (18)
  • Housing market is crap in my area. We lost many jobs in manufacturing which is or was prominent in the town I live in. People couldnt find work since those jobs were outsourced to China & Mexico and ended up in dire straits. Most of those who owned homes lost them to foreclosure. It has brought down home prices in town, and no one can buy since banks arent lending. I havent heard of anyone getting any help from the stimulus that was supposed to be an immediate help. Most people are just sick of the WHOLE situation. If there are no jobs, people cant pay their debts.
    I live in Western NC.
    gemgem

    Answer by gemgem at 3:19 PM on Jan. 19, 2011

  • I hear that stimulus money is suppose to kick in and help America.........any time now.......... Afterall, it was signed in Feb.......... of 2009..............
    grlygrlz2

    Answer by grlygrlz2 at 2:42 PM on Jan. 19, 2011

  • We bought our home in 2005 for 115k. Our nieghbor lost her house 3 years ago and it was recently bought by a dude who is going to rent it out. He paid 30k for it.

    I don't really care about the value going down so much, we don't plan to move, but i hate thinking that if we would have waited a few years our house payment could be less than half of what it is now.

    On the flipside, foreclosures are good for my husbands business...he rehabs properties for real estate investors.
    UpSheRises

    Answer by UpSheRises at 2:51 PM on Jan. 19, 2011

  • Our area has a mix of for sale, short sale, foreclosures and auctions, but they're scattered all over.

    Many of the homes in my immediate area have been for sale for 6 months to 2 years and even attempts to rent them has failed. My town saw a HUGE housing boom with massive developments springing up everywhere, consisting mostly of "McMansions" STARTING in the $500-$600k plus range.

    I have no idea what possessed people to buy homes THAT expensive (in our area, where the median new home price is around $350k), just as the market was about to collapse. You would think that people being able to afford that much would be a little more "investment savvy" and have understood how volatile the market was!
    LoriKeet

    Answer by LoriKeet at 8:41 PM on Jan. 19, 2011

  • My house is for sale (not SS or foreclosure), so I have a lot of competition with the short sales and foreclosures. I know of at least 5 foreclosures within 5 blocks of me (probably more than that but just speaking of the ones I know about specifically). We are already listed for less than we bought it for and if I were to directly compete with the foreclosures I would have to come down another 40K. I don't anticipate that things will get better here any time soon since they have over a years worth of inventory on the market as we speak.

    QuinnMae

    Answer by QuinnMae at 4:36 PM on Jan. 19, 2011

  • My current area, while still at record level Foreclosures (we moved this summer) is not nearly as bad as our previous area (SW Ohio)
    grlygrlz2

    Answer by grlygrlz2 at 2:44 PM on Jan. 19, 2011

  • I'm in Las Vegas. We've had the highest rate of foreclosure in the country for a very long time. My husband repossesses houses, and he's busy!
    JulieJacobKyle

    Answer by JulieJacobKyle at 5:17 PM on Jan. 19, 2011

  • Not too bad. There are some foreclosures. The biggest problem is the homes that you would think people would snatch up are still sitting even after the price is lowered. That tells me that either the banks aren't lending or people are just to nervous to buy.
    jesse123456

    Answer by jesse123456 at 7:29 PM on Jan. 19, 2011

  • The house next to mine has been on sale for 2 years now. the owner died in february of 2007. the bank put it up for sale in Feb of 2008, so far I have only seen 10 people come in 2 years
    leksismommy

    Answer by leksismommy at 2:42 PM on Jan. 19, 2011

  • Well, I've read over-and-over that the Texas market wasn't as affected by the recession, but all I see are homes for sale. Like, several on every street! I live in Dallas though, so I wonder if folks are just downsizing from mansion to modest. It's weird b/c homes are still being built even with all of the houses on the market.

    kenzie07

    Answer by kenzie07 at 2:59 PM on Jan. 19, 2011