Thread: credit crunch v house prices
10-10-2008, 12:39 PM #1
credit crunch v house prices
guys the crunch is hitting home real bad here in the uk and house prices are getting hammered on the run up to xmas and will be bad after for a long time,some say a year at a low before a rise in value..
i can google what i want to know but they aint facts from people i trust , hence i'm asking you guys for real figures that you have seen lost in a percentage from the recent property slump you guys are seeing over there..
our stocks are getting hammered like yours and like you guys the government is throwing billions into banks in a attempt to keep the afloat and it just aint working...
thanks in advance guys i hope some of you have a real figure you have seen and dont mind sharing the info as i feel our markets will follow yours very closely and need an idea of percentage lost...
10-10-2008, 12:48 PM #2
Tough to put a # on it because it varies so much regionally... some areas alot worse than others... Western Florida comes to mind.
If I had to put a % on it, I would say down about 20% from the highs. Not looking like we're gonna see any quick recovery either and I see some prices still drifting lower.
10-10-2008, 03:36 PM #3
There is a house across the street from me and down a little way. Guy bought it for $305,000 a couple of years ago. It just sold to someone else for $166,000
There is another house across the street that was bought for $330,000 a couple of years ago. New owners paid around $215,000 a couple of months ago
This is in Central valley of California.
My kids college funds have each lost a couple of grand and my retirement account is operating at -27% annual return, but stocks are on a fire sale right now and I'm thinking about buying some and making some money over the next couple of years
10-10-2008, 04:41 PM #4
seem 30% as a ball park figure comes to mind for losses from highs to lows and house prices..
these are bad times and i fear the worse is to come for us all
10-10-2008, 05:24 PM #5
Things have been quite bad here in Michigan for a while now. The government will tell you that home prices are down something like 7% here and that's a complete crock of shit. From the prices in my neighborhood and surrounding areas it's like 25 to as much as 50% drop in real value, I would say 30 to 40% on average. The problem here is many people are out of work and or lost high paying jobs for jobs that pay near minimum wage. Then people started loosing their homes as the banks forclosed on them. These homes can be bought for pennies on the dollar and there are thousands of them available. That in turn makes your home worth shit.
10-10-2008, 05:29 PM #6
- Join Date
- Oct 2006
prices here for houses are down 10-20% for most of the market but the top end of town is still fetching records for 30 mill plus places, seems no matter what the ecconomy does the rich continue to get richer.
the thing that i am personally noticing is inflation and some of our clients at work are not paying on time, some have incurred massive bills and have not paid up as per normal, some wont even answer queries on bills...
car sales have dropped off here too and the rental market is saturated with very little vacancies, plenty for sale but not many are buying...
the worst hit places for houses around here (sydney) is the western suburbs but for the most part those places were all over valued and over paid for, human greed has caused that coupled with a imbalance between supply and demand over the last 6-7 years, its easy to inflate prices when you can create an artificial shortage. A few well known developers are also struggling to get backing now to complete large developments as well but thats probably the same world wide.
anyway that's enough rambling from me, i am still recovering from last night as i had to endure 4.5 hours of pole dancing at miss pole dancer australia 2008 , i know its a hard life for some but i need coffee and have to head off to the factory to fix my ski.
10-10-2008, 06:13 PM #7
10-12-2008, 01:44 PM #8
Hydrotherapy, hang in there.
This crap was created in part by George Soros, Barney Frank and their liberal cronies to scare people into voting for the Marxist they want in the White House. In 1992, Soros won the title the "man who broke the Bank of England" when his speculations and machinations helped devalue the British currency. Many governments believe that he triggered the Asian economic crisis that began in 1997.
A lot of people are getting hurt, but as soon as their boy gets in office you watch---the sky will cease to fall, the clouds will part like magic, the sun will come out and the media will cease it's 24/7 destruction of global consumer confidence.
Birds will sing. Farrakhan's "messiah" will ascend to the oval office. ACORN's deliverer will pay back all his buddies for their massive voter fraud which is already being investigated in a dozen states. Global terrorists will crawl out of their holes and rejoice at the thought of the U.S. returning to Clinton's do-nothing policies and never having to be hunted like dogs after they hit us. Everything will be presented as "better" by the media, as we plunge headlong into socialism and cradle to the grave handouts.
Certain people have been working very hard to make capitalism and the GOP look bad in the last couple of years, but you can't hold capitalism back forever. Eventually, stocks will come roaring back with a vengeance and everyone will wonder why they missed the buying opportunity of a lifetime. On the other hand that may take a some time, especially if Blowbama delivers on his promises to boost the green agenda, hammer what's left of our economy by increasing capital gains taxes, add more taxes on small business owners and ship .07 % of our GDP ($845 Billion) to other nations.
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