patrick.net

da Bulls

Well record affordability in some places but not in Los Angeles. 500,000 for house with 7000 in taxes is not affordable at any interest rate. You can't rent it out for 1% purchase price. The total 30 year payoff is outrageous.

Now where the market has overcorrected in AZ NV FL GA and Similiar it is very good.

People want to buy in the LA area still and banks will lend if you get the FHA on board. But it is overpriced old ugly small houses.

How will you pay your rent with your overvalued fiat currency?

pazuzu says

Coming straight out of NAR's bible. Dude,the reality is completely opposite unless you are assuming home prices will appreciate heftily over the next few years. Not so possible.

It depends on the market. Some areas are cheap relative to rents, other areas are expensive.

Housing is back, it's an investors/bankers/government policy/inflate only monopolistic, drag the economy down, down, down eventually with cheap interest rates. When you can't afford it people will get into sharing living expenses like so many do already.

We don't need population growth, foreign investment is coming, along with larger pools of investors riding high on shit piles of money, the recovery is coming along nicely for them.

There will never be a "bull market" for housing in our lifetimes.
The previous bubble was caused by an aberration noticed by some people before the bubble burst.
Rise in house prices will happen when there are rising wages. Not before.

BABOOMBA PRICES GOING UP UP UP! But it really doesn't matter up or down BUY A HOUSE NAO. Simple formula: Pay Realtor(tm) full commission when buying house and live HAPPILY EVERY AFTER. Silly Doomers will never have super bowl parties keeping this up.

robertoaribas says

And yet Phoenix prices are up nearly 30% from the bottom... I guess never is here already!

Would that be the median sales price ?

Please explain this Roberto.

http://www.zillow.com/local-info/AZ-Phoenix-home-value/r_40326/

robertoaribas says

And yet Phoenix prices are up nearly 30% from the bottom... I guess never is here already!

http://web.archive.org/web/20110722134217/http://www.housingbubblebust.com/OFHEO/Major/SouthWest.html

Just going back to the norm!

"In economics, a dead cat bounce is a small, brief recovery in the price of a declining stock.[1] Derived from the idea that "even a dead cat will bounce if it falls from a great height", the phrase, which originated on Wall Street, is also popularly applied to any case where a subject experiences a brief resurgence during or following a severe decline."

I think this discussion (and others started by Roberto Aribas) are missing a key point. It's true that there is a shortage of inventory - I can see the statistics for myself on the ground, others can verify it easily enough. Is this an engineered shortage by the banks or a true market driven shortage? If this is engineered, any bump in prices is likely temporary and more an action to "put a floor under home prices" than a lasting bull cycle. Unless the banks can do this forever - oh, wait a minute, there is no reason they cannot!

robertoaribas says

And yet Phoenix prices are up nearly 30% from the bottom... I guess never is here already!

Hmmmm. Okay, I guess if you say so...,but...

I'm pretty sure that some people don't understand the difference between prices going up and more expensive homes selling. E.g if only one home sold in a town one month, and it was a 75,000 home and then two 200,000 homes sold the next month, you could say the median sales price went up more than 100%. Jeepers !

marcus says

Hmmmm. Okay, I guess if you say so...,but...

I wouldn't put much stock in the zillow home value index.... It's pretty much complete crap.

The pity party has to end at some point.

Let's all hope "insanity" won't be coming back.
Unless Obama wins and we continue on this downward Third world spiral, then eventually the economy will even out, and my kids my be in a better position to buy a house, than I was when I was at 21.
My prediction is, in 10 to 15 years it will be 20 and 30 somethings that are the average age of homeowners while those 40,50 and 60's ect will still be reeling from the RE collapse and the great recession. They will still be calling those crazy kids crazy for buying instead of renting.

What resources are legitimate when looking for local housing stats? Can someone share some websites and any other resources they use?

trulia and zillow are popular

You see ladies and gentlemen here is THE MAN ROBERTO REALTORO. He buys houses which never need repairs!!! CHACHINGA! Damn I wish I knew how to do that, my back is killing me I was up on the roof all weekend working with gooey tar while my deadbeat tenant was drinking lemonade under a tree. I think he was snickering. I’d raise the rent but then he would move out, too many other TYCOOONS like myself trying to rent out their goldmines. :(

Trolling.

Not just for fishermen anymore.

What is the tax rate on non owner occupied/ investment property in Phoenix, AZ?

duckhead says

Damn I wish I knew how to do that, my back is killing me I was up on the roof all weekend working with gooey tar while my deadbeat tenant was drinking lemonade under a tree. I think he was snickering

This forum still surprises and entertains.

Still got to ask yourself at the end of the day, if wages are down, where is the money coming from? Investors?, foreigners? Anyone who can service the debt? That's who is buying many of the homes around me. It may no longer be the traditional home buyer driving the RE market any more. Also, I see credit being loosened up as well, (banks recapitalized by government), people who have declared bankruptcy in the past, are able to get zero down home loans.

duckhead says

You see ladies and gentlemen here is THE MAN ROBERTO REALTORO. He buys houses which never need repairs!!! CHACHINGA! Damn I wish I knew how to do that, my back is killing me I was up on the roof all weekend working with gooey tar while my deadbeat tenant was drinking lemonade under a tree. I think he was snickering. I’d raise the rent but then he would move out, too many other TYCOOONS like myself trying to rent out their goldmines. :(

ROTFLMAO.

APOCALYPSEDUCK is Shostakovich says

I just bought five three deckers filled with section 8 grotesques that I know I will be able to flip for 10x in a year or two.

You're from Worcester, MA!

APOCALYPSEDUCK is Shostakovich says

Worcester?

You know..."three deckers"

That's the only place I've ever heard people use that term. Maybe it's in other New England cities too.

http://en.wikipedia.org/wiki/Triple-decker

Homes purchased at trustee sales for 90k-100k in Phoenix area can barely get 800-850/month in rent and many sit vacant for months.Dumb money has been buying lately.Supposedly Mr Roberto is going to get 1k month for his 80k house.House I bought for 50k last fall that need 5k rehab rents for $700-750.Idiots now are paying 77k 90k for the same house at the courthouse steps.

2k12 says

Homes purchased at trustee sales for 90k-100k in Phoenix area can barely get 800-850/month in rent and many sit vacant for months.Dumb money has been buying lately.Supposedly Mr Roberto is going to get 1k month for his 80k house.House I bought for 50k last fall that need 5k rehab rents for $700-750.Idiots now are paying 77k 90k for the same house at the courthouse steps.

Seems like a good ROI to me. 750 per month for 55000 investment.