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View Full Version : 25% of home sales result in loss??


Steve
08-13-2008, 04:32 PM
This is something that is very concerning and I think its only going to get worse for a while.

When homeowners are selling their homes at a loss, they are going to be in debt for a lot longer of a time and that is going to take even more money out of the economy.

What's your view on this? How is your area market doing?

25% of home sales result in loss (http://money.cnn.com/2008/08/13/real_estate/sellers_suffering_huge_losses/index.htm?postversion=2008081313) - More homeowners than ever are selling at a loss, propelling the real estate market deeper into crisis.

In the 12 months that ended June 30, nearly 25% of all homes sold nationwide fetched less than sellers originally paid, according to real estate Web site Zillow.com.

musician/lawnman
08-14-2008, 12:53 AM
It sucks but the market is so bad that to off load a house people are doing it. I think people that care about their credit do this, those that don't let it go to foreclosure. Alot of short sales around here trying to avoid foreclosure. Alot of brand new homes & builder models for sale at great prices. The older homes (especially fixer uppers) don't stand a chance. Why buy 30 yr old homes at say $200k when brand new with new appliances, flooring, cabinets etc. + warrenties are going for $150k? I bought my home prior to the market spike so I'm ok. But many owe way more than it's worth right now so they let it go back. I wish I didn't yet own a home sometimes. It's a great time to buy here! If my home caught on fire or something I'd get my family safely out & then probably laugh my *** to the bank & buy half again the home for the money. But I'm no areson & we do love our home & neighborhood so here we stay.

Times are tough in realestate that's for sure.

Steve
08-14-2008, 03:35 PM
I have seen a lot of homes pictured in the paper where there are new developments and the homes are partially finished but now left to sit. I wonder if there are people out there who are handy and can buy an unfinished home, then finish it themselves? I wonder if they could even get a mortgage for a home that is unfinished.

That would be interesting.