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The Godfather · 11:27 AM

http://money.cnn.com/2006/02/28/news...ales/index.htm

IMO: Unrealistic demand expectations, too much inventory will finally bring those home prices to their true values: no more than 200k in average.

South FL residents rejoice. You'll finally be able to own by 2007.

ort888 · Feb 28, 2006, 10:51 AM

Right after I bought my first home! Hooray!

NYCFarmboy · Feb 28, 2006, 10:55 AM

sorry ort88

I don't think prices will go down a huge amount, but I think any price increases are a thing of the past for years to come.

turtle777 · Feb 28, 2006, 11:01 AM

Originally Posted by The Godfather

Real state bubble finally burst. Horay!

Burst ?

Hardly.

ort888 · Feb 28, 2006, 11:06 AM

I'm not to worried about it. I love my house, I love the location and I can afford it. We probably paid a little more for it then we would have a couple of years ago, but I don't see it going down in value. We plan on staying in it for at least 10 years so it should work out. Our mortgage isn't that much higher then our rent was anyway.

Troll · Feb 28, 2006, 11:17 AM

Real state?

You mean real estate, no?

mindwaves · Feb 28, 2006, 11:19 AM

Originally Posted by Troll

Real state?

You mean real estate, no?

No, no just like what he typed.

The Godfather · Feb 28, 2006, 11:31 AM

On the other hand, renters will see a stabilization in their rent bills and become discouraged about buying

wdlove · Feb 28, 2006, 11:36 AM

The inflation on the price of my house was on paper. So also is the bubble bursting, if it indeed is, some signs of it in my area. Won't affect me unless I want to sell.

zerostar · 11:55 AM

This is hardly a burst. a slowdown for sure, while I'll admit it has come to a complete grind in some areas. To think that $500K homes (the average here) will be under $300 shortly (so the mean population can afford them) is unrealistic IMO.

Its going to be a rough ride for the weaker agents and the small builders doing construction balloon loans but most of the smarter firms will pull through.

In Florida particularly for the hurricane fear, builders that did 300-400 homes last year have signed 3 deals this quarter. That is astonishing.

It all depends on your area; this year there is a huge facility going up:
"2 million square feet for Scripps Florida on 100 acres PLUS 8 million square feet for research and development uses"

That is a 15 minute drive from here and will employ many people at high-paying jobs.

Todd Madson · Mar 1, 2006, 04:14 PM

Neighbors house which IMHO is worth no more than 250-275 at most is
selling for 309.9. I'll see where that one goes! NOWHERE!

It will have to be reduced. If that one is 309.9, my house is 275
then (probably realistically worth 250 at max - unfinished basement).

DigitalEl · Mar 2, 2006, 02:54 AM

People into this thread should check out a show on HGTV called What You Get For the Money. It's just what it sounds like. They take a nice round figure each week, then show what kind of home you could get in various locales from coast to coast. Past shows have focused on prices anywhere between $200,000 up to $1,000,000 and everywhere in between.

Todd, some of the most beautiful houses shown have been in Minneapolis-St. Paul. I couldn't deal with the cold, but your area sure looks appealing.

BTW, the show seems kind of stuck in the same cities from week to week... They're often/always in the Twin Cities, San Francisco, Austin, Denver, Miami and Portland, ME.