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'Mortgage applications to buy a home fell last week to the lowest level in nearly two decades, according to a weekly survey from the Mortgage Bankers Association.
The report is a clear sign of weakness in buyer demand heading into the usually busy spring housing season.'
Mortgage applications at lowest level in two decades
'Mortgage applications to buy a home fell last week to the lowest level in nearly two decades, according to a weekly survey from the Mortgage Bankers Association.
The report is a clear sign of weakness in buyer demand heading into the usually busy spring housing season.'
Mortgage applications at lowest level in two decades
In Las Vegas cash sales have DECLINED to 53%. Sales are flat, prices are firm. So, I'm not sure things are bad.
Also, in the East, prices are well above the peak of the bubble and thus affordability may have the cause. I get this info from my friend in Boston, I can not claim "fact".
it depends on where you are at. I know in FL housing market still stinks.
One man's stink is anothers perfume. Can you explain more?
Like in Las Vegas, prices are recovering and fewer defaults. But prices still reasonable compared to the bubble. So, I would say the market is good, not great, good.
What is happening where you are?
most people are still under water. I bought on the low side of the market and paid about 100k which is average for a FL home it was worth about 115k, but the market was soft. later on my home dropped to about 60k. it is slowly recovering but not that fast and not that i would make money on it now anyway if i wanted to sell it.
most of the places around here are like that.
If you bought your home after 2002 and before 2009, you are no doubt underwater.
Prices in FL and NV were the most affected. Many investors got enamored of vacation property.
In my complex, units sold for $80K+ in 2001 and crested at $225K in 2005/2006 then dropped as low as $30K+ in 2009/2010. They are now a little over $60K and were rising until last month, as the final investors started dropping out (myself included). Of course, I'm better off if they don't rise in value (more taxes) but I expect them to return to the 80K level over the next few years.
I think your home will recover its value eventually. I'm seeing an effort by our fearless leaders to create another bubble but I think we are still too damaged to make that happen.
i bought in 2010 i do believe. the market had already busted.
it depends on where you are at. I know in FL housing market still stinks.
yea that is the problem to many short sells and foreclosures going on. more foreclosures are coming only because the banks were fraudulently filing foreclosures.There is movement in FL. I just sold my house off the first showing. Value jumped nearly 10% over the last year, went from being upside down to actually making a little money. Problem right now in FL is that a good portion of the inventory is either bank owned (foreclosure) or short sales. Both of which take a lot more time to process the sale.
Sales ranges are wacky right now. A lot of people are listing way above value to see if they can get cash offers. At least thats what I've noticed going through listings.
The crappy housing market is just a symptom of obama's weak or should I say non existent economic recovery.
Wait, I thought it was Democrats' fault for allowing anybody to get a mortgage. Now it's Democrats' fault that mortgage applications are low. Make up your mind.
Then I'm surprised it went down from there. 2010 was the best year to buy of all (based on NV - I don't really know about FL) so you're bound to come out OK on this.
yea that is the problem to many short sells and foreclosures going on. more foreclosures are coming only because the banks were fraudulently filing foreclosures.
my thing is my home is a starter home for a younger couple. it is in a nice area due to the space center prices are depressed. values are slowly coming up but unless
something big comes in here values are still going to be depressed. not to mention there are still all these fixer uppers that have flooded the market where they are wanting 40-50k cash.
Vegas isn't exactly a good litmus test since their numbers are horribly skewed from the "flipping" phenomenon and the foreclosure/liquidation bonanza that happened en masse during recent years.
You can only fall down so far before you just have to come up.
Yes. That is why I always put my "this is NV" disclaimer in any post where I use anecdotal information. I agree that NV numbers are more extreme, but they still follow the overall pattern of the bubble event, just a little more so. However, FL was the other state that most resembled NV.
What about wherever you live? What did you experience between 2000 through 2013? Was your peak in 2005? Was your bottom 2009? I heard the East didn't have any big moves and that prices (in the cities) are well above 2005. You have to live somewhere to understand the fluctuations of your area.
In those times I lived in Michigan. We didn't have a "peak". When GM all but closed its doors, Michigan essentially became Ground Zero. We had a lot of shop guys with second homes that essentially got thrown to the wolves. We also led the nation in unemployment for much of that time. Therefore, as bad as the housing market was here (and it was bad), it was overshadowed by abysmal employment rates.
Are you saying that MI (presumably Detroit or large cities) did not have the bubble? That wouldn't surprise me since MI has had a rough go for quite a long time.
Yeah, FL has definitely been undervalued for awhile. Took me 6 years to get my property right side up. Right now isn't a bad time to buy down there. There are a ton of real good deals.
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