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Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you

 
CoinGuy
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11/05/2010 10:31 AM
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Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
That's the opinion of a guy who has been right about housing all along.

He's A Gary Shilling.

His comments are at: [link to buttonwood1792.blogspot.com]

Ready to have a house that's underwater?

Last Edited by CoinGuy on 11/05/2010 10:34 AM
Anonymous Coward
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11/05/2010 10:35 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
yep
Anonymous Coward
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11/05/2010 10:35 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
tomato
Anonymous Coward
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11/05/2010 10:37 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
If the house rents for say $1000 a month and you can buy it for $700 a month including tax ins etc. WHO cares if it goes down in value, its about rent vs own, when owning is 20% less than renting its time to buy
CoinGuy (OP)

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11/05/2010 10:39 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
If the house rents for say $1000 a month and you can buy it for $700 a month including tax ins etc. WHO cares if it goes down in value, its about rent vs own, when owning is 20% less than renting its time to buy
 Quoting: Anonymous Coward 869329

Here in the NY area, rent and prices for homes still largely unaffordable.
Anonymous Coward
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11/05/2010 10:44 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
I think he is being too conservative. Over 2/3 of the millions of homes that have already been foreclosed on by the banks have not been put on the market for sale yet. When those go on the market, supply and demand says that the prices will probably drop another 20%.

As of a couple of days ago, there was a report published that said that there were currently 4.3 million homeowners who were 90 days or more behind on their mortgages and had not been foreclosed on yet. Once those homes are foreclosed and put on the market it would cause another 20-30% further drop for a total of 40-50% from where the values are now.
CoinGuy (OP)

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11/05/2010 11:07 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
I agree. Shilling is being conservative. He's probably erring on the side of not sound like too big of a tin foil hat wearer.
Anonymous Coward
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11/05/2010 11:12 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
I think he is being too conservative. Over 2/3 of the millions of homes that have already been foreclosed on by the banks have not been put on the market for sale yet. When those go on the market, supply and demand says that the prices will probably drop another 20%.

As of a couple of days ago, there was a report published that said that there were currently 4.3 million homeowners who were 90 days or more behind on their mortgages and had not been foreclosed on yet. Once those homes are foreclosed and put on the market it would cause another 20-30% further drop for a total of 40-50% from where the values are now.
 Quoting: Anonymous Coward 954702

the foreclosed homeowners are gonna have to RENT somewhere, the rent in YOUR area will determine the price of a dwelling. Take 25% of the median income and project that as the MAX rent for an average place.

Example, median income 40k so 10k a year for RENT or aprox $800 mo, then whack off 25% and you get $600 a month.

So at todays "price" the median home for this area SHOULD adjust to 100k.

It will overshoot on the downside and 80k should be the max you pay.

good luck and GOD Bless AMERICA
Anonymous Coward
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11/05/2010 11:13 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
If the house rents for say $1000 a month and you can buy it for $700 a month including tax ins etc. WHO cares if it goes down in value, its about rent vs own, when owning is 20% less than renting its time to buy
 Quoting: Anonymous Coward 869329


can you get clear unemcumbered title on it ?
CoinGuy (OP)

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11/05/2010 11:30 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
that's a key question
Anonymous Coward
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11/05/2010 11:32 AM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
If the house rents for say $1000 a month and you can buy it for $700 a month including tax ins etc. WHO cares if it goes down in value, its about rent vs own, when owning is 20% less than renting its time to buy


can you get clear unemcumbered title on it ?
 Quoting: Anonymous Coward 1136348

does it matter? this is where you live. IT IS NOT an investment.
CoinGuy (OP)

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11/05/2010 12:03 PM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
many are still hoping for a comeback to save their housing investments, fools.
Anonymous Coward
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11/05/2010 12:10 PM
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Re: Real Estate DOOM: Your House May Drop Another 20% in value!!!! Something Your Realtor Will NEVER tell you
If the house rents for say $1000 a month and you can buy it for $700 a month including tax ins etc. WHO cares if it goes down in value, its about rent vs own, when owning is 20% less than renting its time to buy
 Quoting: Anonymous Coward 869329


putin

"OMG , SOME PPL NEVER LEARN A THING !!"

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