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Old March 13th, 2013, 10:57 AM   #1
mojave01x2
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Default Housing market

Ive been watching it fairly close for a few months and it seems like the houses are selling a lot faster and for a lot more money lately, figures I am only a couple of months from buying.

Am I seeing this wrong? How long do you think this bubble is going to last?
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Old March 13th, 2013, 11:07 AM   #2
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That's a good thing, even for a buyer. Sure, you may pay a little more up front, but at least your property value will continue on the rise. Long term we should see some improvement in the next 5-10 years, so make sure its somewhere you won't mind being for a while.
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Old March 13th, 2013, 11:10 AM   #3
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I think you are right. In my old neighborhood lots of recent foreclosures, only to be bought up super fast and than sold a month later for a profit. A couple years ago similar houses would sit for months on end for super cheap and never budge.
Where I live now, houses do not stay on the market very long unless it is way overpriced. I do see the market somewhat stabilizing, I wouldn't call it a bubble thou
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Old March 13th, 2013, 11:14 AM   #4
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I have some friends that are looking for a house and anything that does not require a lot of work goes fast and goes for good money in the SE area. $300K and up there are still houses around but under that they go fast. According to my friends that have been looking the past couple months.
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Old March 13th, 2013, 11:23 AM   #5
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I bought a new house while I tried to short sale my old house. I have been living in my new house now for about a year and a half and in that time it has gone up in value over 20K
I managed to short sale my old house and this thread has got me wondering what the value of it has become.....I hope it didn't go up in value for shit
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Old March 13th, 2013, 11:30 AM   #6
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there is no universal answer to the question - location, location, location.

in some areas of SE Michigan as an example, a modest up-tick can easily be inferred.

e.g. I just reviewed an appraisal on a purchase for a house that just closed at $555,000. The last recorded sale was April of 2011 for $480,000 (which was not a short sale) so there is some evidence. From the photo's, it looked like a well kept home with some minor cosmetic enhancements, not a significant rebuild/rework/flip.

*shrug*
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Old March 13th, 2013, 01:04 PM   #7
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I'll echo the sentiments of others that location is still king and that the market is vastly different if you are willing to put in some work compared to something that is move-in ready.

I know in the areas that I keep an eye on (Bloomfield Hills, Birmingham, Beverly Hills, Franklin, the southern part of Bloomfield Township) there is very little left that is in move-in condition and under $300k. However, if you are willing to put in a little elbow grease (or contract out the work), you can still find some deals in those neighborhoods.

I'm nosy so when a house in my area hits the market I check out the price and what it last sold at the last couple times and the new selling price (if it sells). Not only are the houses selling for more than the did a couple of years ago, but quite a few of them seem to be selling for more than asking. Average days on the market seem to be plummeting as well, especially in the more desirable neighborhoods.


I don't really think this is a bubble compared to what was seen about a decade ago. First, we are still pretty far below the peak prices in around 2004 - 2007, and more importantly, there could actually be a shortage of housing on the market in the area (especially for move-in ready housing).

Here's where the nerdy demographer in me takes over - Since the start of the downturn new household formation has not kept pace with the changes in population (even with population declines in a few of the years). Average household size has increased, but the reason for the increase is older children have moved back in with their parents (or just waited longer to move out) or other instances of doubling up, not because people in the area are having more children. As the jobs are starting to return and the population seems to be growing a bit more steadily again (still slowly though), the demand for housing is going to continue to rise. And because this area never had a glut of empty housing like you can still find in Southern Florida or California's Inland Empire existing home prices will rise a bit faster than it would in those other places. Also, the increase in sales and sale prices isn't being fueled by sub-prime lending and overbuilding like it was in the past - it's quite a bit more difficult to get a mortgage today than it was about 7 years ago.

In the end, locally (and by local I mean Metro Detroit because I don't really have any idea what's happening west of US-23), as long as the jobs continue to steadily return and the population continues to rise, housing prices should continue to go up as well. Personally, I feel that the anemic population growth rate in the region (and the state really) is a bigger drag on the housing market here than anything else is.

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Old March 13th, 2013, 02:28 PM   #8
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My kids attend stockbridge school distict and I would like to keep them there so I am very limited.
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Old March 13th, 2013, 03:30 PM   #9
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Quote:
Originally Posted by Immortal View Post
I bought a new house while I tried to short sale my old house. I have been living in my new house now for about a year and a half and in that time it has gone up in value over 20K
I managed to short sale my old house and this thread has got me wondering what the value of it has become.....I hope it didn't go up in value for shit
This infuriates me. Why the hell do people think they deserve to short sale their house only to because they want to upgrade and move into a different house?
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Old March 14th, 2013, 05:05 AM   #10
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I have read allot of articles about predatory lenders many that had to pay fines and lost law suits, because they where approving loans that people could not afford, If someone is in a position like that then why not short sale and get an affordable home.

On the other hand those moves really screw the property values of the homes that people are stuggling to keep.

Either way it sucks.
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Old March 14th, 2013, 05:32 AM   #11
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Originally Posted by mojave01x2 View Post
I have read allot of articles about predatory lenders many that had to pay fines and lost law suits, because they where approving loans that people could not afford, If someone is in a position like that then why not short sale and get an affordable home.

On the other hand those moves really screw the property values of the homes that people are stuggling to keep.

Either way it sucks.
You bought it, you signed on the line. Pay for it. Can't afford it? Shouldn't have nought it
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Old March 14th, 2013, 05:40 AM   #12
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I signed on mine october 22 of 2012. I just got a letter in the mail that my SEV has gone up 2000. Bitter sweet. House is worth more, but now I get the tax increase. eh.. when you have sub 1K taxes a year anyways
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Old March 14th, 2013, 10:32 AM   #13
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You bought it, you signed on the line. Pay for it. Can't afford it? Shouldn't have bought it
I agree with you. We were/are a prime candidate for a strategic default.

Isn't going to happen. I made a promise, and I aim to keep that promise and pay the note off. (in fact, hopefully our refi will go through shortly (no debt forgiveness) but much lower rate and shorter term - intend to have the house paid off in 10 years, or 15 at the worst depending on what they approve)

That being said, if the note is only held by the collateral of the house, and some questionable strong-arm attempt at collections, temporarily ruined credit scores, etc. then on a macro level it makes sense to have the bank participate in the short sale and get someone else into that house at today's market values rather than seeing someone abandon the house and impact a neighborhood or region with blight.
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Old March 14th, 2013, 10:34 AM   #14
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Mine dropped another $1000, according to the city.


Pretty soon I will have to pay someone to take it.
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