I like and completely agree with a previous posters assertion that the media has contributed its own damage. To quote a great philosopher "Mass hysteria, dogs and cats living together..." and now housing turning to ashes and money dissolving into another dimension. Wow, if so why worry at all?
Housing is cyclical, and it will come back. Your guess, as an investor (whether for pure investment or as an owner live in investment) is to figure the cash flow you'll need and what your horizon is for holding property. If you plan to hold on at least 3-5 years, you're going to find yourself in a decent position (the further out the better).
If you're looking to sell, maybe it's time to consider renting, or a rent to own situation. Providing some of the financing (rent to own) can help people who have the rental money but can't get a loan. And if rented well, the property can cover its major expenses. If you're not at the best mortgage rate available right now, refinance and improve your cash flow and your give yourself more room to manuver your rental number in the future (and with spring coming, consider getting your taxes lowered, too).
Tomof MI8:12AM January 07, 2009
I know things are getting pretty bad now, but why does the news media have to fret so much over it and scare everyone to death?
I hold the news media responsible for causing such mass hysteria that it caused many people to take losses in the markets that were not really necessary. Some of us will have a slow recovery from this, some of us do not have enough time left to recover. Your irresponsible reporting of the news has had a ripple effect all the way to the housing market now so I say to the media, "Shame on you!).
david boyerof TX7:41PM January 05, 2009
Not all things are equal. Housing is cyclical and it will recover when confidence in economic growth starts to turn upward., jobs are a trailing indicator. demographic growth ultimately results in household formation and the purchase of houses but not always where the excess houses were built in recent years! there are clear relationships between income,interest rate levels, house prices and rental prices...house prices in many areas of the US have bottomed if location (schools etc) is good..(we have no foreclosures in my county of CT). some overbuilt, speculative (ie, investors, flippers etc)areas may continue under pressure for years. Don't get so excited...its just another recession...be more concerned about the US waging war and printing money for Congressional favorite projects...If you can't deal with it, move yourself to the country and start a farm so you have food and water.
Keelof CT4:02PM January 05, 2009
Not all things are equal. Housing is cyclical and it will recover when confidence in economic growth starts to turn upward., jobs are a trailing indicator. demographic growth ultimately results in household formation and the purchase of houses but not always where the excess houses were built in recent years! there are clear relationships between income,interest rate levels, house prices and rental prices...house prices in many areas of the US have bottomed if location (schools etc) is good..(we have no foreclosures in my county of CT). some overbuilt, speculative (ie, investors, flippers etc)areas may continue under pressure for years. Don't get so excited...its just another recession...be more concerned about the US waging war and printing money for Congressional favorite projects...If you can't deal with it, move yourself to the country and start a farm so you have food and water.
Keelof CT4:00PM January 05, 2009
Now that we have Democratic Majority...things will get worse..before they get better. The funny thing is that they will look better..Then when the S...hits the fan they will blame the Republicans...
All that caused this should stand up...It will be the wonderful congress...mostly Democrates. $$$ They love to spend...and they will continue to spend even more..This country is headed for much darker things, it will be amazing to watch it all happen.
It has begun in Isreal...and the test of experience begins.
Lynnof NJ3:32PM January 05, 2009
The first thing that has to be done is to unseat Senator Dodd, Senator Reid, Rep.Barney Frank, Rep.Pelosi and others who benefitted from Freddie Mac & Fannie May with their sweetheart mortgage deals and Political Contributions. Maybe then the American public will have their confidence restored to the level of Preident Bush. Also how can Congress point their fingers at the Auto Executives Corporate jets when Nancy Pelosi has a large government jet to fly back and forth (non-stop) to California. Didn't the Congress also give themselves a pay raise recently?
Loren Nelsonof IL3:55PM January 03, 2009
FOR PERSONAL REASONS I HAVE TO REMAIN ANONYMOUS.I HOPE THAT AS THE HOUSING MARKET RECOVERS,THE SPECULATOR FLIPPERS ARE GONE FOR MANY YEARS.A MORE MEANER BUNCH I HAVE NEVER MET.JUST A COUPLE OF YEARS AGO AT THE TOP OF THE BUBBLE THESE MONSTERS DESTROYED MY DREAM OF HOME OWNERSHIP.ONE GOT MY CONDO AND THE SALES PEOPLE KEPT MY DEPOSIT.I WOULD WELCOME ANOTHER GREAT DEPRESSION IF IT WOULD PUT THESE EVIL GUYS OUT OF BUSINESS AND BACK IN TO THE FOREST.I STILL HAVE NIGHT-MARES OF WHAT THE FLIPPERS WERE DOING TO ME AND OTHER IN THE SOUTHWEST DURING THE BUBBLE.I AWAKE MANY NIGHTS FULL OF BOTH HATE AND FEAR.I HOPE PRESIDENT OBAMA DOESN'T GIVE THEM THE GREEN LIGHT TO DO IT AGAIN.
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adipex p phentermin of NH 9:53AM August 02, 2009
Vylkuaje of GA 11:15AM July 14, 2009
Qeqckxwk of IL 12:54PM July 13, 2009
Tom of MI 8:12AM January 07, 2009
david boyer of TX 7:41PM January 05, 2009
Keel of CT 4:02PM January 05, 2009
Keel of CT 4:00PM January 05, 2009
Lynn of NJ 3:32PM January 05, 2009
Loren Nelson of IL 3:55PM January 03, 2009
of MD 8:00PM December 21, 2008