Real Estate Market: It is getting worse?

[Julio E. Sune Jr. (FL)]

http://www.usatoday.com/money/economy/housing/2008-05-27-home-prices-case_N.htm?loc=interstitialskip

But....Fannie and Freddie dropped their "declining market" policy.........

So???.......What are their appraisal requirements now????

 

[Austin]

It would take an idiot to buy a home in this declining market. Just like it would take an idiot not to buy a home over the last 5 years with skyrocketing prices. Where does this all end? I think I know how to find out and watch from a distance. Just keep an eye on California. They are way ahead of us hill billy boys. Those people are much more advanced and progressive. Hell, they pay their firemen $150,000 a year. Have to so they can afford an average home price of $600,000.

 

[Restrain]

Repeat after me: Markets are local. I can show you a development where the values have fallen appx 15-20%. I can show you a competing development where the values DIDN'T fall. All within 2 miles of each other, similar in construction styles, housing mixes, etc. If you are in FL, CA, Las Vegas, etc, the elevator's still going down....generally. However, at the lower end of the market, I'll bet you that the market's stablizing.

Finally, figures came out showing a loss in value of 14% over the last year...nationallly. Las Vegas has fallen over 25%. However, for an average home in Dallas, it's essentially flat, and, in some areas, rising.

JMHO.