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brownrabbit596 asked:
How long will the housing slump last and who will be affected the most , and who will surive and come out better than befor.
How long will the housing slump last and who will be affected the most , and who will surive and come out better than befor.
Tags: Befor, Foreclosures, Housing Market, Housing Slump
October 15th, 2008 |
Tags: Befor, Foreclosures, Housing Market, Housing Slump
October 17th, 2008 at 2:25 am
it will probably last for at least 18 more months - still a lot of houses yet to come up for ARM adjustments
October 19th, 2008 at 5:34 am
Unfotunately I think that the foreclosure problem will go on as long as people don’t buy homes based on realistic views of their financial standing and as long as there are crooked middlemen and lenders who are willing to take advantage of people’s ignorance. It will also go on as long as the major banks don’t take ownership of the outstanding losses in the credit market and as long as George Bush doesn’t come to his senses. He said today that American economy is in good shape… Unbelievable…
Unfortunately there will be no good that can come out of this. Once people lose their homes, their credit will be messed up and they will not have the resources to buy another home for a long time. It is not a situation where people can buck up, work hard, and try again…
October 19th, 2008 at 6:26 am
It will continue until these ARM’s balance themselves out along with Predatory Lending.
October 20th, 2008 at 11:16 am
probably about another year. those most affected will be those who were speculating near the peak and own multiple properties which are now worth their real value instead of the inflated value.
anyone who was smart and got fixed come out well, compared to those who were convinced to get interest only for the 1st x years or those who have even the plain adjustable rates.
October 23rd, 2008 at 8:05 pm
It will be back to sustainable levels in about 12 - 18 months. It will never be at 2005 levels for at least another decade or two even. The people who will come out better are the people that got into fixed low rate mortgages prior to the boom and subsequent bust…their equity will rebound as prices rebound and inventory is reduced.
Another benefit will be felt by the smaller builders, if they survive, who are now on a more even playing field with the larger builders who had previously cornered certain markets and drove land and building prices upwards by doing so.
October 24th, 2008 at 6:29 pm
It’ll last longer for different parts of the country, just like what’s happening now. Some areas like Detroit and parts of CA are seeing prices drop very far. Other communities have remained stable or values have increases slightly.
The ones who prepared for an unpredictable future will have the best chance of survival. The ones who put money down on their homes, got a slightly higher rate that was affordable and fixed, and put away some money in an emergency fund to pay the bills in case of a hardship. These people will be able to weather the storm and keep their homes.
Hope that helps.
ForeclosureFish