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Thread: House prices online - Is there an under current of something going on?

  1. #1
    TRN Science officer bill_bly_ca's Avatar
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    Default House prices online - Is there an under current of something going on?

    Through 2004 through 2011 (maybe 12 also can not recall) I used to pop on to encuentra24.com and snicker the MAJority of the listings at over 150,000 bucks and all of the people living in the homes trying to be sold.

    The MINority was under 100,000 and precious little below 50,000. By "living in" I meant furniture, cars in the driveway general signs of habitation. Of course things that we could dream to afford looked incomplete and even downright dangerous...

    Fast forward to today.. Just for Gits and Shiggles I thought I would click on that long forgotten link and to my surprise the overwhelming MINority is above 100,000 and the MAJority is sub 100,000.. Most between 60,000 and 30,000.. But more telling to me is that also most are bare to the sky blue walls.. Not a sole living in most houses up for sale.

    Has the bottom fell out of the market that badly?

    Just wondering..
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  2. #2

    Default Re: House prices online - Is there an under current of something going on?

    There are still a lot of surplus homes in the U.S. for low prices. If you watch the auctions or have connections with banks you can get some very good deals. Cash and credit is difficult for most people to come up with. A lot of people that can't afford to sell or won't bail on their mortgage. For the majority of people their home is their major investment. If you bought at the height of the market it might be financially better to default. I do not think prices will rebound to the market high / crash time for more than a decade, probably longer. Bankruptcy carries on a credit history for 7 years. An uncontested foreclosure will take half a year, in some states its actually more than a year. If you wanted to you could default / stop paying, save what would have been your mortgage payment until you are evicted, and after a few years of renting use that saved money and reinvest.

    I think the Nica market has been lowered in several ways due to the property bubble. Getting credit for a foreign investment is probably almost impossible at the moment for the average person. Most people investing or planning to invest in Nica are retirees. When the bubble popped the value of most people's stock portfolio was halved some even worse than half. A lot of business retirement fund are also based on the stock market. Some people cannot even afford to retire now. Although this crash also pushes people that were planning on retiring somewhere more expensive, into Nica price ranges.

    Several other influencing factors. The governments here and there are not that promising so investments are riskier and economies are slower. Just a brief review of the lower priced listings and I'd say a lot are overpriced. I think people know there is a market for affordable homes in Nica now and have found the internet to be a good way to temp foreign buyers.

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