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Thread: We are nowhere near a housing/economic bottom. Read This...

  1. #1

    Cool We are nowhere near a housing/economic bottom. Read This...

    http://www.bloomberg.com/apps/news?p...syA&refer=home

    California home prices dropped 41 percent last month from a year earlier, more than double the U.S. decline, as surging foreclosures drove down values, the state Association of Realtors said today.

    The median price for an existing, single-family detached home in California sank to $247,590 in February from $418,260 a year earlier, the Los Angeles-based group said in a statement. The U.S. median price fell 16 percent during the same period, the second-biggest drop on record, according to the National Association of Realtors.
    I wonder how many "asset backed" CDO and MBS derivatives are tied to these California properties?

    In 1991 you could have "purchased" a nice 2500 sq. ft. ranch-style with 3 beds, 2 baths in Sacramento near Land Park for about $110,000!

    So we have a long ways to go until we reach the bottom of the mine shaft.
    Last edited by clb09; 03-26-2009 at 01:47 AM.



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  3. #2
    its like this in Florida also. almost everyone i talk to is WAY upside down on their housing values if they purchased within the last 5 years. ex: nice older lady purchased house in 2005 for 170K now worth 100K she cannot refi cuz LTV is too high. she will end up getting foreclosed on like most down here. Obama's home savings plan does nothing for most.

    Most Lenders are NOT doing the loan mods thru his plan. they string people along, and eventually the client loses the home. Again I repeat GET AN ATTORNEY involved to FORCE the Lender to modify the Loan!

  4. #3
    Quote Originally Posted by clb09 View Post
    In 1991 you could have "purchased" a nice 2500 sq. ft. ranch-style with 3 beds, 2 baths in Sacramento near Land Park for about $110,000!
    In some parts of the country (flyover land) you can STILL buy a house like that for around that price (some places a bit more, some places a bit less -- and not all of them are disaster area's like Detroit -- some of them just never experienced much of the "boom" and so experience less of the "bust" as well).



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