(Closed) When do you guys think the housing market will return?

posted 7 years ago in Home
Post # 3
Member
7587 posts
Bumble Beekeeper
  • Wedding: December 2010

I have a lot of friends in the industry and they say 2 years…doesn’t that seem like too long LOL

Post # 4
Member
2233 posts
Buzzing bee
  • Wedding: September 2012

Depends on the area. In most of Canada we were not affected. In fact house prices have only increased. It’s ridiculous that a 1 bedroom plus den, 650 sq ft condo costs $300K+

 

Post # 5
Member
1991 posts
Buzzing bee
  • Wedding: October 2011

I was reading an article in Essence magazine that talked about the market not bouncing back until at least 2020.

Post # 6
Member
659 posts
Busy bee
  • Wedding: May 2011

@YSQueen: 2020? oh good… i can definitely save up money for a house before then lol

Post # 7
Member
6892 posts
Busy Beekeeper
  • Wedding: March 2012

Wow. If it’s 2020….just wow.

My dad’s guess (he’s in real estate) was 3-5 years. It’s supposed to drop significantly AGAIN later this year. I’m like how can it drop? It’s so low already. I’m just really glad we don’t own right now and can purchase something for a REALLY good price in a year or two when we are at that point in our lives.

Post # 8
Member
1991 posts
Buzzing bee
  • Wedding: October 2011

@jackndiane: It’s in the most recent issue of Essence if you want to take a look. I’m trying to see if there is a link to it somewhere, but they actually had it broken down by city with some cities not bouncing back until 2032.

Post # 9
Member
2313 posts
Buzzing bee
  • Wedding: August 2011

We’re already in a double dip. I would guess 3 years at the BEST, but probably longer.

Post # 10
Member
2018 posts
Buzzing bee
  • Wedding: December 2010

From what I’ve read, it’s going to be a very long time. There is a HUGE inventory of foreclosed houses and those who are going be selling short that have not hit the market yet and when that happens in the next year or so it’s going to get worse. Kinda depressing news…

Post # 11
Member
114 posts
Blushing bee

The article in the USA Today this week made me mad.  People walking away from homes even when they could pay the mortgage, because the home has lost value.

You made a deal, I don’t know how those people live with what they are doing.

 

 

Post # 12
Member
2313 posts
Buzzing bee
  • Wedding: August 2011

@glorfin: 

They’ve just convinced themselves they are victims and the bank is the enemy and totally justify it to themselves that way. There was a whole segment on Dateline about this a few months ago. Couples in Arizona were upside down on their house by $200,000 or so so they decided to just quit paying the mortgage and stay in the house until the bank finally put them out. But there’s so many foreclosures right now that it’s taking a year or more in some cases for the bank to get to you. So they’re just living in the house, saving the money they’d have spent on the mortgage, and planning to put a huge cash deposit down on the next place they move into to make up for the hit their credit will take with the foreclosure. Pretty crazy. None of them saw anything wrong with what they were doing. 

Post # 13
Member
13099 posts
Honey Beekeeper
  • Wedding: July 2010

Honestly, I don’t know that it will ever get back to where it was.  The market was so inflated before the crash.  It was in a position it never should have even been in in the first place.

Post # 14
Member
6661 posts
Bee Keeper
  • Wedding: May 2010

I almost bought an apartment recently and the deal fell through at the last second (not our fault) and I feel SO fortunate that it did because since then, mortgage rates have dropped almost a FULL point and house prices are dropping like crazy. I mean, we were planning on staying in the apartment for 5-10 years so it might not have been a big deal, but I would have felt so terrible that I obvioulsy paid way too much for the place.

Post # 15
Member
150 posts
Blushing bee
  • Wedding: November 2011

@ohheavenlyday: and what do you propose they should do?  if people need/want to leave they just can’t right now without walking away.  selling is not an option when half your neighborhood is in foreclosure.

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