The sh*t hits the fan in the housing market

[nolies32fouettes]

http://www.progressiveu.org/051634-get-your-mcmansion-bargain-prices

Good buys if you're one of the few with a job still.

So much for our 'ownership' society.

[DoYouEverWonder]

1. Prices are going back to where they should be

the market got out of control and needs a correction.

I feel sorry for the suckers who took out no principle loans or bought house that were significantly over valued.

[rzemanfl]

3. Is "no principle" instead of "no principal" intended? Works for

me...

[Donnachaidh]

5. I feel sorry for the people who have homes on the market

at highly inflated prices, thanks to our fake *good economy*

Case in point - person I know lives in the San Fernando Valley. Typical ranch home, 2 bedroom, 1 1/2 bath. Converted garage illegally years ago into another room. In a very crappy area of the Valley.

An appraiser told them they could get 550K for this house! WTF?

[CountAllVotes]

8. I don't

I was told to sell my house. It is paid for. Cost was $80,000.00 in 2000 and now it is worth 3-4X this amount. I don't want to sell it because where will I go? I don't know. I rented for 20+ years and was so glad to get this little house.

I see many people that have done the same around where I live. They bought their house when the price was low and are trying to sell now at a huge profit; not many buyers it seems.

The question is, how long will it take to sell the house? No one knows.

I'm just glad to have a place to live and I don't care to make a bunch of money off of this house. The money I could make by selling it might buy another shitty house but I'm really not interested in doing that.

I'll just hang-out here and forget it!

To hell with GREED.

:dem:

[nolies32fouettes]

13. the no loans were bad and they were approved for higher than they

could afford. But then when they lost their job or income, thatis what caused them to have to sell at a loss. It's not just a correction in the market. It's a loss.

don't forget, even the building process was expernsive because actual costs were inflated too: lumber, concete, drywall, etc...

[pooja]

2. It is coming back to within reason again... it has to. Otherwise,

nobody will own any of these homes that are built... they will be empty abandoned homes with noththing.

[msongs]

4. nattering nabobs of negativitity speak again.

"one of the few with a job"? umm, everybody I know has a job at the present time.

"so much for the ownership society"? hardly think that a more typical, ie normal, market is a collapse.

Msongs
www.msongs.com/political-shirts.htm

[HysteryDiagnosis]

6. Nattering nabobs, heh heh....

[KharmaTrain]

7. Lots Of For Sale Signs Around Pleasant Valley Sunday...

Recently a small family on my street were forced to sell their house. The reasons were the husband had lost his high paying job at a tech firm that had been bought out by a foreign firm and shut down. He bounced around to several jobs...running into budget cuts and outsourcing...working harder and taking less money. On the other side, property taxes in the area nearly doubled on his property and the higher prices of gas took a big chunk out of a shrinking paycheck. His wife also worked...playing part-time mom to two young ones while working at night at several retail stores.

A couple months ago, they got hit with a double-whammy...he was again let go from a job with almost no notice (the company went bankrupt...his last paycheck bounced) and the retail store his wife worked at closed. The stress got too much and they decided to move in with her parents in the city and try to start over from there. In the meantime, they have a house that they're trying to sell in a very soft market and could very well have to sell at a loss, when one factors in all the closing costs. I can't help but feel for these good people who face such a terrible future.

[bluedeminredstate]

9. How awful.

I'm sure there are many like them that have to go to the closing table with money. I'm sending out good thoughts their way and hope for better times for them soon.:hug:

[nolies32fouettes]

14. TONS of houses for sale here...and even empty. Same with

factories and businesses.

[Montauk6]

10. And I hate those goddamned McMansions! What EYESORES!

Look at this nonsense...




Now THIS is a mansion!


I mean if you're gonna go colossus, then at least do it with pizazz, y'dig?

[nolies32fouettes]

12. thanks for the laugh! I needed it!

They are butt-ugly as my dad would say.

[Sydnie]

17. I kinda like

the brick one on the top left. It at least has some visual interest and appears to "fit" the lot it was built on. The other McMansions ... not so much. We have a few of those around here too. This is a rural area and they are SO out of place here.

[WinkyDink]

18. I dig. It's not that I hate the rich; I just hate rich with NO TASTE!

[mike_c]

11. who is to blame?

Who created this situation? Was it the mortgage companies with their predatory lending practices? Was it the real estate industry? Was it the folks who cashed in ridiculous home prices and drove the market upward?

[nolies32fouettes]

15. job loss maybe? lower wages? Lack of healthcare?

[blondeatlast]

16. Yes. nt

[ray of light]

19. the house market is severly slumped. I have no idea how the bubble

stayed up for so long.