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Double dip for housing, does it mean anything to you?

The so-called double dip in housing activity is confirmed as markets stall across the nation on fears of growing economic anxiety. The surge in home sales produced by federal government tax incentives worked to stimulate sales, especially for first time home buyers, but did not produce a long term rebound in sales.


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itsmesteph11

Asked by itsmesteph11 at 9:58 AM on May. 5, 2011 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (11)
  • I was laughed at for pointing out this would happen.
    Anonymous

    Answer by Anonymous at 9:59 AM on May. 5, 2011

  • Prices have pretty much stayed the same here for the past year, according to MDA Dataquick. Sales *are down, but prices went UP slightly month to month from Feb to March (April stats aren't out yet). The company says the job market, a fussy mortgage market and a "wait and see" approach among buyers and sellers are playing into this. I would imagine that means buyers are waiting to see if there's a drop, and sellers are waiting to see if there's a rise.

    gdiamante

    Answer by gdiamante at 10:32 AM on May. 5, 2011

  • People are also waiting to see if Obummer will get the boot.
    mustbeGRACE

    Answer by mustbeGRACE at 11:09 AM on May. 5, 2011

  • Unfortunately, I fear this means something to everyone that owns a home.

    QuinnMae

    Answer by QuinnMae at 11:41 AM on May. 5, 2011

  • It means quite a bit to me since I have a house I need to sell.
    May-20

    Answer by May-20 at 12:00 PM on May. 5, 2011

  • "Unfortunately, I fear this means something to everyone that owns a home."

    If you're planning to sell anytime soon, sure. If you're going to be in that home the rest of your life (as we are) it doesn't mean a lot. If you're LUCKY and live in CA, it means a reduction in your property tax! (We're not so lucky... our home is still worth a lot more than when we bought it, and it would take a complete economic collapse to drop below the 1998 sale price. We got a heck of a deal.)

    gdiamante

    Answer by gdiamante at 1:03 PM on May. 5, 2011

  • We are trying to sell our home now because we have to move across the country for a job.

    So far we're lucky, we'll likely sell it without being upside down on how much we owe our mortgage. But we're taking a big hit with how it's priced compared to how much money we've put into this house fixing it up.

    It stinks.
    Dkhilly

    Answer by Dkhilly at 1:30 PM on May. 5, 2011

  • My house value dropped 40K. I owe 35K more than it is worth right now. My property taxes go UP every year though. They estimate the value of my home at 175K, yet NOTHING in my neighborhood is selling for more than 140K. It is such a fing SCAM!!! My property tax appeals get denied, as do my neighbors. I won't be selling for YEARS, I can't.

    Anonymous

    Answer by Anonymous at 5:07 PM on May. 5, 2011

  • It means my family will now have 2 mortgages instead of 1. We are moving this summer and I don't expect our house to sell because we aren't going to give it away.

    I knew this was coming a long time ago.
    yourspecialkid

    Answer by yourspecialkid at 11:11 PM on May. 5, 2011

  • Yea it means something. Time to buy a house!
    Kitkat61277

    Answer by Kitkat61277 at 11:35 PM on May. 5, 2011

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