Housing is crazy expensive once more

[urge]

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WFT! I was talking to a friend who bought his place close to the peak of the market. He is now trying to sell for 50% more than he paid. I laughed on his face. But, when I looked it up, they really are selling for that much money.

When did the market go crazy again? I did not get the memo.

 

[yappy]

WFT! I was talking to a friend who bought his place close to the peak of the market. He is now trying to sell for 50% more than he paid. I laughed on his face. But, when I looked it up, they really are selling for that much money.

When did the market go crazy again? I did not get the memo.

I didn't think I would see it again but things are picking up in my area too... Banks are beginning to lend.

 

[aneftp]

WFT! I was talking to a friend who bought his place close to the peak of the market. He is now trying to sell for 50% more than he paid. I laughed on his face. But, when I looked it up, they really are selling for that much money.

When did the market go crazy again? I did not get the memo.

Areas like Washington DC (proper) and not the boonies or the PG county. The housing market there only went down by about 10-% from "peak" and its all the way back to above peak levels

The Bay Area is also crazy.

But like in most parts of Florida home prices are still at 20-25% below peak. Many areas of Florida tanked 35-40% from peak. So they have only increased 10-15% from their bottom.

 

[Idiopathic]

certainly noticed this recently, both in the relative speed with which properties are selling and the dollar values they are commanding. banks are allegedly being more diligent in their practices but the current economic state encourages lending, rates are about 60% what they were in 2006 as well, and considering a lot of the predatory lending had to do with crazy ARM and sketchy appraisals, a lot of that seems to be eliminated.

 

[jwk]

Most markets are still below their peak. The Atlanta market supply is low which is contributing to quick sales and rising prices. We had multiple offers on our first day for more than the asking price - still about 10% below the peak of 6-7 years ago, but better than it would have been even six months ago.

 

[sevoflurane]

http://www.latimes.com/business/money/la-fi-mo-home-prices-20130702,0,1786806.story

🙂

 

[Consigliere]

Dead link

 

[sevoflurane]

hmmm... here is another one.

http://money.cnn.com/2013/06/25/news/economy/housing-recovery/index.html

Essentially, home prices jumped 12% in May. If you locked in @ a low rate last year (in a good market) chances are you did well for yourself. We'll see what happens once QE stops and rates hike back up.

Last week Freddie Mac said that the average rate for a 30-year fixed mortgage rose to 4.46% from 3.93% a week earlier. That was the largest one-week increase since 1987.

 

[Consigliere]

Thanks sevo.

 

[pjl]

Rate I could get 45 days age 2.625. Rate I got 30 days age 3.125. Rate I could get now 3.75. The housing market is just about to slow right down...