Buy a house.........get a permanent Green Card!!!!!!!

From the article:

Specialists in the field argue that this is the best time to invest and purchase property in America, as prices in some states have been slashed by as much as 25 per cent. Experts argue that within three years' time, however, the market will stabilize and prices will rise.

I agree ... this is a great time to buy real estate. The article is a little off in how much prices have declined. We have a condo development here where units were selling for $320,000 at the peak of the market. They are now selling for $130,000. Investors and first time buyers are snapping them up right and left. FHA financing, with 3.5% down, equals a loan balance of $125,450. At the existing rate of 4.875%, the monthly investment is $664.00 per month. Added up, this means, including Principle, Interest, Taxes and Home Owner's Association dues, a total of $1020.00 per month. These units easily rent for $1200 to $1500 per month. Also, for owner occupied, after tax write-offs, this is WAY cheaper than renting.

The stage is set right now for a dramatic come-back for the real estate industry. Historically, real estate leads the economy into recessions ... and leads the economy back out of it.

Another factor to consider is that the media fuels the flames of recession by negative reporting. After Obama's coronation, the press will suddenly start finding positive things to "report" about.

Better get out there and buy up some of this real estate at today's depressed prices before The Miracle Man takes office and drives the price of real estate skyward again. :bigjoint:

Vi
 
Vi you are going to be in a lot of trouble unless you have the disposeable income to ride this out a lot further. Where we are at now is only the beginning and prices will plummet way way further, it's not the time to buy houses and real estate of any kind. Things won't get better until we hit rock bottom and we are nowhere near that yet.


There are other things to make money on though...
 
^^^^ Hey, man ... these condos are down to $130,000. How much further can they go? And remember, at this price investors are getting a very generous positive cash flow. I mean, like we're talking Southern California here. :lol:

Vi
 
ViRedd said:
^^^^ Hey, man ... these condos are down to $130,000. How much further can they go? And remember, at this price investors are getting a very generous positive cash flow. I mean, like we're talking Southern California here. :lol:

Vi
Click to expand...

I don't know how much further nor does anyone else, but when all is said and done I bet there will be more empty condo's than you can deal with and a massive massive load of broke, unemployed, homeless people.

Maybe you can get vouchers from the guvmnt for taking in homeless people.
:)

Seriously though not too many people would be suprised to see this go all the way to a great depression level problem. I expect it.
 
I was reading an article about how all these forclosed homes are costing the banks a ton of money. People are breaking into them and tearing out the walls to steal the copper pipes and whatever else they can sell at recycling centers.

Looks like those prices are just going to keep falling. Who's going to pay $130 thousand for a condo with the walls torn out of it?
 
"Who's going to pay $130 thousand for a condo with the walls torn out of it?"

I wish I could when the market starts to come back... I'd make a killing fixing them myself. :)

Not yet though...
 
misshestermoffitt said:
I was reading an article about how all these forclosed homes are costing the banks a ton of money. People are breaking into them and tearing out the walls to steal the copper pipes and whatever else they can sell at recycling centers.

Looks like those prices are just going to keep falling. Who's going to pay $130 thousand for a condo with the walls torn out of it?
Click to expand...

This isn't happening at all in my area. I will say though, the only homes that are selling, are those where the sellers have a VERY realistic price and/or terms set on their homes. This applies to all price ranges.

Vi
 
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