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House I was looking to buy got snagged from under me.

thefuzz

By thefuzz,
in Huddle Lounge

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thefuzz Mentor

thefuzz

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If the news media would shut their traps, the market would rebound very quickly.

Word on the street is 5.5% in less than 20 months. If that doesn't make you jump off the fence, nothing will.

Even if a house you buy falls 15K after you buy it, the interest rate being as low as it is, and with the promise of rate hikes, it will make it worth it to get in now.

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Happy Panther Grand Master

Happy Panther

Posted
Posted

If the news media would shut their traps, the market would rebound very quickly.

Word on the street is 5.5% in less than 20 months. If that doesn't make you jump off the fence, nothing will.

Even if a house you buy falls 15K after you buy it, the interest rate being as low as it is, and with the promise of rate hikes, it will make it worth it to get in now.

The media is not driving anything.

The issue is that there is still 1 to 3 years of coming foreclosures that need to unwind before there can be any real housing rebound.

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thefuzz Mentor

thefuzz

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The media is not driving anything.

The issue is that there is still 1 to 3 years of coming foreclosures that need to unwind before there can be any real housing rebound.

Honestly, I have been looking for this info for a while now. I can't find concrete validated information on this subject. Almost seems like a rumor, although I am not saying it's wrong.

And yes, the media is, IMO.

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thefuzz Mentor

thefuzz

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The other issue is that a huge proportion of homeowners are underwater compared to the last century. These people are stuck in their homes thus removing a subset of possible homebuyers

I disagree in theory to this as well. There are millions and millions of home owners that didn't buy between 03-08. If you did, you are most likely upside down, but certainly not guaranteed to be.

Take out Nevada, Arizona, California, Florida, and Michigan, and we are 50% better as a nation right away.

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