Friday, Oct 26, 2007
3% Drop in 2008 and 2009
CheckMyFile: How are house prices moving in your area?
"Some Experts" are forecasting that the next two years will see a slump in prices – predicting a 3% drop in both 2008 and 2009.
And the rest!!
Posted by crutchley @ 11:47 AM (973 views) Add Comment
1 Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. Lisa In Va said...
Housing prices in my area (south of DC, north of Richmond, VA) have yet to stabilize. Some developments have 3 years worth of home inventory (people are currently trying to sell) -- and room to still build more. Additionally, the last several years saw a huge proliferation of higher-end homes (between $500-750k), and now there is virtually no one to buy them. What used to be "entry level or mid-level homes" priced between $180 and $280" effectively saw their prices double from 2001-2005 -- much faster than the family incomes needed to support those mortgages.
Before our area stabilizes, we have to see a huge decline in re-sale homes -- and that's just not happening very quickly. As I said to my realtor last weekend, "Why in the heck would I pay $394,000 for a 2700 sq. ft. fixer upper, when I can go 3.5 miles down the street and buy a brand-spanking new home that's over 3,000 square feet, with granite, upgraded cabinets and a finished basement for $349?" I wouldn't.