VIDEO ON MSN MONEY
Headline: "10 cities with collapsing home prices"
Ok.... what are the cites????
How do insurance companies justify raising your insurance premiums to cover your home for a lesser value? Our flood insurance went up $1500 but our home value went down $150,000 due to the housing market. I think we are getting robbed!!
with the ecomony in the shape it is in I think it's going to be a long long time befor it returns to its prior state it was prior to the recession of 2007 of which it still is in . i believe our ecomony is far worse than what is being reported .
It is no wonder so many people are moving out of the country and turning into ex-pats in South and Central America. Most latin American countries do not have the entitlement programs Americans do, thus the poor head for the U.S. borders to live off the U.S. taxpayers while Americans are heading south of the border to enjoy some culturally diverse areas that don't tax their people into starvation. Some of them even offer decent medical care and a high standard of living.
I don't understand the writers logic with this article. Here in Vegas it's turned into a buying frenzy also.
I have family in Phoenix and they can vouch for the accuracy of these other posts, prices are going up in both places for sure and inventory is dwindling but there are still thousands of homes the banks are sitting on in their shadow inventory that have still not gone to market and I think once they (banks) start to release that inventory prices will head back down again.
Lot's of Chinese and Canadian investors here also buying up houses in large blocks thus reducing available inventory.
We are being blasted with a barrage of information that varies from 'happy days are here again', to we're going to Hell in a hand basket.'..........and everything in between.
In truth, real estate prices are affected by numerous local, regional, and national factors.
Hint--- look at the stats that matter:
net in/out migration
The price of real estate is certainly down and will remain low for the foreseeable future. The idea that your home value will climb back to it's '08 value isn't reasonable at this point in the so-called "recovery".
On the other hand, if you're selling in a down market, at least you're buying in one, too, assuming you didn't get your credit whacked and are unable to buy.
Don't count on Obama, or any president, to make this better.
If it wasn't for that Scum Bag Gay Queen Barney let me play with your Fife from Mass. the Housing market would have never collapsed! Letting an Ultra Liberal like Barney Play house with his Boy Toy on the taxpayers dime cost us all dearly ! Meanwhile he goes Prancing around and is going to be married to his Boy Toy on our Dime ! So the Taxpayers are getting it up the Whaazoo Twice !
Shame on you Barney ! Your Mother and Father must be spinning in their Graves like tops.
What these articles fail to touch upon is the difference in real estate driven by investors and real estate driven by home buyers.
I am in the process of buying a home in the No. 1. on this list (hah). If you're blessed with a really good job like I am, then it's an ideal place to drop roots and live in south east Michigan. Ann Arbor, Detroit, Royal Oak, everything is around you. Your employment prospects are also highest since you're at the dead center of everything.
SE Michigan is really building up its white collar atmosphere to compliment it's blue collar heritage (amongst the strongest in the nation.)
Detroits been working many years now on it's image problem. Has a lot of work cut out for it yet too. Really sad when there was nothing holding bad decision making accountable.
The big problem is getting the right people here. I actually gave up working on the East/West coasts because I wanted to come back during one of the worst times and really contribute. Maybe I'm the only guy, who knows. However, I took work here in Michigan for more money than I was making in Boston and now enjoy a cost of living that's a third. The home I'm buying? God knows how much that would fetch in overcrowded new england, but here... I'll have it paid off and upgraded in 5 years tops.
How many young folk like me wouldn't kill at the opportunity to raise a family, build a career, and live life at a reasonable cost? One that we not only can afford, but put to good use.
I made a big bet with myself when I decided to come back. A year later and that decision has paid off ridiculously. Not to mention with the way things are going, I cannot wait to purchase lake-front property and set up a vacation home. After a memorial day of four-wheeling, wake-boarding, boat riding, canooing, on and on at a friends get-away. Oh why more people don't do this... I've no clue.
There's a growing number of people out there just like me. Young and successful who have been essentially sitting on the sidelines waiting for the right moment or preparing to make the next move in our lives. Given the calamity of what is collectively known as the "Baby Boomers Screw Up", we're for the most part extra-cautious when it comes to how and where we participate.
I can tell you that we talk amongst each other like no generation before us has (thanks social media).
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