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COMMENTS:
it won't. it will bottom out in some markets, which it should. other markets are doing great. areas of urban renewal will be hardest hit, since that's where subprime lenders do business but it wil be fine in markets that have pretty much maintained a level buyer and seller pricing trend.
Voted : 6 months
Panic, part and parcel of the Human Condition. When people get scared with regard to their money, all bets are off.
different perspectives.
I just heard about a lady who bought a beautiful home a year ago, in a nice suburbs of Las Vegas.
She thought she might refinance her home, and get out her adjustable mortgage. To her horror, she found that her home is worth 100k less, because the home builder dropped the sale price 100k (and still selling in her neighborhood)
she was offered a 14% interest rate in her remaining borrowed amount (increasing her monthly payment 200%)
my point is, the effect of lending crunch will be universal, while some areas would be less effected, they will not be untouched.
by LCD on Fri Aug 10, 07 11:51am
[+]
^ good point. sounds like she was in a new construction area so the builder could change pricing on unsold homes. yeah, that could screw someone trying to sell. the truth is lenders are predatory and they need to be better regulated so people don't get screwed.
Voted : 2 years
depends on the area and how high it went, where i live i think the houses are inflated by 30%, its pretty bad when a bungalo costs $2400/month to buy in a crappy neighbourhood
by ABC on Fri Aug 10, 07 4:38pm
[+]
"Mountain's Edge", a beautiful suburb of Las Vegas, beautiful large homes in a planned community.
Although buying a home in the middle of the desert for $400k was a batty idea. One big sandstorm and the place will be like Pompeii.
Florida and Nevada are the worst market right now - but they experienced exponential growth for the last 5 years. it's going to affect the people who bought the last year or so, but as it gets worse, there will be more people feelign the pain.
by LCD on Fri Aug 10, 07 5:35pm
[+]
If it gets worse it could spill over and start effecting other parts of the economy like consumer spending. This could inturn further exacerbate the housing market slide.
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