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Housing market, generally - Page 2

post #16 of 24
12/8/08 at 12:46pm
A lot of folks here are still talking about RE market as if we lived in a 90s of LAST century.
I am afraid this latest failure of World banking system is going to linger in collective commercial banking memory for a while thus insulating RE market frm undue influence of 105% mortgages with no money down or income verification.<- there is simply no market for that paper anymore and even US gov. is not dumb enough to buy that commercial paper.
If lending becomes collateral-dependent just like in the rest of the world then US RE market will be healthy and will grow at "neck breaking" pace of 3-4% a year. Thus it cannot be really described as investment. Therefore timing the market is not necessary. The only due diligence everyone needs to make is compare Mortgage to rent ratios in his locality and make a decision based on that.

P.S. Weather you live in NYC or in Las Vegas I do expect RE to get cheaper for quite a while. I am basing this on growing unemployment numbers. Even investors with cash are not going to buy cheap RE if they cannot find tennants.
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post #17 of 24
12/9/08 at 7:49pm
dont touch any real estate anywhere! the consumer has barely begun to get pinched. dont even bother looking for another 6-12 months
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post #18 of 24
12/9/08 at 8:05pm
Quote:
Originally Posted by Dakota rube View Post
You'll see 4, 4-1/2% 30-year money pretty soon.

Do you think it will be possible to get these kinds of rates on refinancing? I'm locked in at 6% but would love to pay less. Am early in a 30 year. Did a 80/10/10 but HELOC is nearly paid off after 18 months.
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post #19 of 24
12/10/08 at 3:36am
Quote:
Originally Posted by bant View Post
dont touch any real estate anywhere! the consumer has barely begun to get pinched. dont even bother looking for another 6-12 months

I totally agree. People are just starting to run out of unemployment benefits and I know for a fact that California will have to borrow to pay out in January of next year. 2009 is going to be one nasty year.
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post #20 of 24
12/10/08 at 4:12pm
Quote:
Originally Posted by chorse123 View Post
Do you think it will be possible to get these kinds of rates on refinancing? I'm locked in at 6% but would love to pay less. Am early in a 30 year. Did a 80/10/10 but HELOC is nearly paid off after 18 months.
Government paper is at 5% 30-year fixed (par) today.
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post #21 of 24
12/10/08 at 4:14pm
Quote:
Originally Posted by chorse123 View Post
Do you think it will be possible to get these kinds of rates on refinancing? I'm locked in at 6% but would love to pay less. Am early in a 30 year. Did a 80/10/10 but HELOC is nearly paid off after 18 months.


I was at a dinner with an economist, and a few friends from Merrill Lynch last night. This topic came up, and everyones conclusions were that the rates will most likely be in the very low 5's for qualified individuals. Hope this helps.
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post #22 of 24
12/20/08 at 12:22am
My friend just moved to annapolis with his wife and told me prices haven't really dropped that much in the more desireable areas.
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post #23 of 24
12/20/08 at 1:20pm
Quote:
Originally Posted by Lucky7 View Post
I was at a dinner with an economist, and a few friends from Merrill Lynch last night. This topic came up, and everyones conclusions were that the rates will most likely be in the very low 5's for qualified individuals. Hope this helps.

it's in the low 5s... whats next?
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post #24 of 24
12/20/08 at 7:16pm
Mid 4's, which is what the target is to entire buyers to come out of the woodwork and get lenders to start lending. I am already looking for a house and while 5's are great already, 4's would be spectacular.
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