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How's the housing market where you live?

lilwing88lilwing88 Everyone, Registered Users Posts: 2,787
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  • denniskingdennisking Everyone, Registered Users Posts: 3,681
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  • mobyallanmobyallan Everyone, Registered Users Posts: 69
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  • letsgowithbobletsgowithbob Everyone, Registered Users Posts: 676
    I'm originally from california, got out in 05, luckily. One of the things my friends are doing in california, is buying a second home. You can get a great home for cheaper than you ever could have gotten one before, and then when you move into it, let the first one go back to the bank. I mean your credit is screwed for 7 years, but it would have been anyways with a short sale. Plus with a short sale I have heard in some states all the money that was shorted can be counted as income for taxes.
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  • DiamondogDiamondog Everyone, Registered Users Posts: 4,169
    Market here in Ottawa right now is on fire and has been for quite some time......I had a house built and once the lot had a hole in the ground it went up 14k alone.....it is going to be rough though by July the gov't is changing taxes so housing will cost considerably more because of taxes. That being said, Ottawa is the biggest gov't town in Canada so the housing market is always steady or on fire never really gets low like other cities.
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  • LukoLuko Everyone, Registered Users Posts: 2,004
    Things are good here in Pittsburgh, PA. Our ups are never too high and our downs are never too low. We lagged behind when things were going great guns but when things crashed, the landing was a little more gentle for us. Plus you've always been able to buy an shitload of house compared to other parts of the country. I could buy a very, very nice 4 or 5-bedroom here for 250K. As it is, I'm in a nice little 3-bedroom that I got for just over 100K.
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  • lilwing88lilwing88 Everyone, Registered Users Posts: 2,787
    letsgowithbob:
    Plus with a short sale I have heard in some states all the money that was shorted can be counted as income for taxes.
    That's a good point...... I'll have to ask my lawyer about that. Thanks.
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  • TatuajeVITatuajeVI Everyone, Registered Users Posts: 2,378
    Well, Michigan's economy has been in the crapper for years now - far longer than the rest of the country, and our housing market is one of the worst in the country. Some people are saying it's a great time to buy a house here, but I disagree. I don't think we've hit bottom yet - which is scary - and more jobs are still being cut in the auto industry. The Big 3 really f-ed themselves over the years and our government taxed the he$$ out of them, and Michigan is paying for being such an auto-driven state. But I'm sure our governor will figure out how to tax them more and send more jobs away, lol.
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  • denniskingdennisking Everyone, Registered Users Posts: 3,681
    lilwing88:
    letsgowithbob:
    Plus with a short sale I have heard in some states all the money that was shorted can be counted as income for taxes.
    That's a good point...... I'll have to ask my lawyer about that. Thanks.
    all the money they write off of the loan will show up as income and the loan company will submit a 10-99 form to you. also, if you short sell, the second mortgage is not entitled to jack so unless the contract states that they can't come after you for the balance, they will sue you, win, and garnish your wages.
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  • cabinetmakercabinetmaker Everyone, Registered Users Posts: 2,561
    Lots of new construction here in Texas, at least this part. The housing market took a dump in other places worse than here, but we still got hit. Thankfully I sold my house in 06 at the peak and have been renting ever since..
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  • kuzi16kuzi16 Everyone, Registered Users Posts: 14,471
    my area took a bit of a hit. ive been watching the newspaper and keeping an eye on asking prices near my house with similar features. they have gone down a bit but not too much. if i stay in my house a few more years i should probably be ok. i have no plans to leave for at least the next 10 years. im saving up to build. if i would have started my plan 10 years ago (when i was unable to) now would have been a great time to build. oh well. thus is life.
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  • denniskingdennisking Everyone, Registered Users Posts: 3,681
    I can't believe how cheap the homes are in Ohio, Kuzi. When I go to Columbus, we stay in a brand new 2800 sq.ft home and it cost 225K. The same home in southern Oregon would have been 450K. I rent a 2900 sq ft home that sold as a foreclosure for 269K. In a foreclosure it was more expensive than the homes in Ohio. It's crazy out here on the West Coast. Of course, you can keep your property taxes.
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  • kuzi16kuzi16 Everyone, Registered Users Posts: 14,471
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  • TheedgeTheedge Everyone, Registered Users Posts: 316
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  • ScottUScottU Everyone, Registered Users Posts: 194
    No too bad, however it never really hit the outrageous highs like most of the country. I bought my house in 07 for 100k, put about 25 into it, and now have it listed for 160 so I guess I can't complain.
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  • fla-gypsyfla-gypsy Everyone, Registered Users Posts: 3,023
    Great if your buying, horrible if your selling.
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