Housing prices fall

[TexasDevilDog]

Single-family home prices fell for a fifth straight month in November and a double-dip in home prices could be confirmed by spring, a closely watched survey said Tuesday.

http://www.cnbc.com/id/41249093

That is great. Housing is becoming more affordable for people to buy. Isn't that what we want, affordable housing?

[Cooter]

we're still holding out... the trend in our area has been the longer you wait, the better the deal. Interest rates have come up, but a number of houses we've been watching since rates were at their lowest have come down enough to more than offset the increase in rates!

[Snatch Napkin]

So when can I expect property tax to get back down?

[SVT Lurch]

That may be the case nationwide, but 95% of the appraisals we've gotten back in the last month have been at or higher than the owner's expected value.

My property taxes went down this year even though my appraisal was higher when I refinanced than when I bought it.

[Broncojohnny]

That may be the case nationwide, but 95% of the appraisals we've gotten back in the last month have been at or higher than the owner's expected value.

My property taxes went down this year even though my appraisal was higher when I refinanced than when I bought it.

You know as well as I do that these news stories apply to California, Florida and NY/NJ more than anywhere else.

[SVT Lurch]

You know as well as I do that these news stories apply to California, Florida and NY/NJ more than anywhere else.

True, I just wanted to put it out there before everyone started spewing a bunch of nonsense about the world ending.

[Denny]

See... there's no inflation. LOL

[Vertnut]

You know as well as I do that these news stories apply to California, Florida and NY/NJ more than anywhere else.

Yep. The locals here keep waiting and waiting for that "miracle" buy. In the mean time, they've missed out on 4.25% 30 year (3.75% on 15 year) mortgages for a 5k savings on a house. Your payment on a $200k mortgage @ 5.25% is the same as it is on a $225k @ 4.25.

[Cooter]

Yep. The locals here keep waiting and waiting for that "miracle" buy. In the mean time, they've missed out on 4.25% 30 year (3.75% on 15 year) mortgages for a 5k savings on a house. Your payment on a $200k mortgage @ 5.25% is the same as it is on a $225k @ 4.25.

so you're saying there wasn't any penalty for waiting?

[TexasDevilDog]

So when can I expect property tax to get back down?

Our taxes have dropped on both properties.

[Vertnut]

so you're saying there wasn't any penalty for waiting?

If the house you like fell from $225k to $200k, then you lost nothing by waiting. The rise in interest rates ate up any drop in housing.

[YALE]

I'm scrambling to get as large a downpayment as possible together. There are some pretty nice houses in the area - 4 bedrooms/attached garage/basement/etc in the $80k-$120k range. I might not get in at the dead bottom of the dip, but if I can get a pretty new 1500+sf house at under $100/sf, I'll feel good about it. I also kicked around the idea of buying a duplex (the single most common building in the area) and renting out the other half, but decided not to fuck with being a landlord just yet.

[Sean88gt]

I got hosed on mine. Sold it and got out with my sanity.

[SMEGMA STENCH]

we're still holding out... the trend in our area has been the longer you wait, the better the deal. Interest rates have come up, but a number of houses we've been watching since rates were at their lowest have come down enough to more than offset the increase in rates!

Yeah but there is always that risk that if you wait too long, it might go back up. If I came across what I knew to be a good deal, I'd go ahead and jump on it. I mean if it were me and all. Which it won't be me for a couple years at least.

[mustangguy289]

The harder it is to get a loan, the less demand for housing, which causes the price to go down.

It is simple. People are learning to buy within their means which means they are not going to by the half million dollar home when they can only afford the 1/4 million dollar home.