posted on July 15, 2005 02:55:22 PM new
An up and coming area southwest of Houston,nice big houses avg 300-500k and up,homeowners just received letter from the county,assessed value of their homes have declined by 10-12%
-sig file -------
Eat grass,kick ass,never go belly up!
posted on July 15, 2005 04:55:09 PM new
AV rarely has much to do with actual resale prices. I'd be happy if I were those folks.
____________________________________________
Fue por lana y salió trasquilado...
posted on July 15, 2005 05:21:06 PM new
No,this is a city southwest of Houston which has seen huge expansion and spent a lot of money on levies to control flooding and would like to find more money to get houston to bring buses and light rails in,it needs more revenue,not less.
What we are afraid of is this - average price of house is around 350k and many homeowners are having a hard time keeping their house,currently there are many houses for sale and not selling and some have been foreclosed.
If individual homeowners have been selling their houses for whatever mortgage is outstanding so they can be off the hook ,and the banks are selling the foreclosed houses for whatever the oustanding mortgage is or less,this kind of statistics may be the reason for the county to lower the assessed value of the houses.
Think of it,assess down by 10%,sound like the downpayment to me.
I am west of Houston,where houses sell for 100-200k and buyers can qualify for state subsidy of 7k or HUD up to 15k (FOR 10% down and closing cost),so if the buyer cant afford the upkeep,he will just sell for whatever the mortgage balance is,yeah,he lost his downpayment,but that down payment is a gift from the govt.
-sig file -------
Eat grass,kick ass,never go belly up!
posted on July 17, 2005 12:16:01 AM new
Stop, some of us remember the 1980's oil crash in TX. I had friends who lost $150K houses when they got laid off and the houses were selling for 35K before it ended. Market stayed depressed in Houston for years because of it. Then the S&L scandal hit and we found out banks were broke because of too many questionable lending practices.
Reading todays financial headlines sounds like an echo of the past to me.
Anyone with a big mortgage should be scared right now. The handwritting is on the wall, but only the analysts are reading it.
When 30 % of the homes listed with MLS are new housing, it is going to be hard to sell an older home when the market collapses and we are headed right back into the 1980's S&L scandal all over again.
At to that the ## of people who have lost their life savings in the market crash and we are talking a new class of American poor.
posted on July 17, 2005 08:58:42 AM new
the builders are building houses like they built cars,but you cant take the houses to central america and dump them there!!
-sig file -------
Eat grass,kick ass,never go belly up!
posted on July 17, 2005 09:03:05 AM new
I remember only too well, the oil crash in the 80's. We had just bought a new home and were living the "Good Life" when it hit.
It was very rough for the next 6 years for us.
Our small community became a ghost town with people losing their homes and packing up and leaving. Do you remember all the empty strip malls, some left half built and empty...job in the oil industry were being cut to the bone.. it was a very bleak time.. We learned a very valuable lesson..not to live beyond your means. All Men Are Animal's; Some Just Make Better Pets
posted on July 17, 2005 11:28:59 AM new
I remember a lady who went thru the 80s crash in Houston,she found a job delivering pizza,you know the deal,if it is not there in so many minutes,you get it FREE!
well,you know how spread out Houston is and she was driving her old gas guzzler,looking for an address which does not exist.
When she was about to give up,someone came out of nowhere and flagged her down,claiming he is the customer and now x minutes had past and so he got his free pizza.
No tip !!
-sig file -------
Eat grass,kick ass,never go belly up!
posted on July 18, 2005 10:11:22 AM new
Heck, I went from a six figure salary, with company car and expenses to no job, buying my own car and paying for everything. I survived and even came out ahead, but it wasn't easy.
I came to believe the old Texas bumper sticker. "Don't tell my momma that I work in the Oil Patch, she thinks I'm a piano player in a wh*** house."
posted on July 18, 2005 11:34:29 AM new
Tex..it looks like we were going through the same tough times together. Except you learned your lesson and left the oil patch.. we stayed and still haven't caught up yet..not to mention that we moved a step further into the sludge when we moved here. LOL
posted on July 18, 2005 11:43:22 AM new
Yep, maggie, I spent 30 years in the oil patch. It was great while it lasted.
I got into client services in the medical field. There will be room in the medical field for any and all. Pay ain't too great but the benefits were terrific.
Retired now and wondering where the years went. Bill
posted on July 18, 2005 11:49:49 AM new
I left Dallas in '90 and never looked back. Luckily Dallas did not take the hit as hard as the rest of TX, but property values still suffered.
We had bought a new house in 1985, by 1987, we could not sell it for 80% of what we paid for it. When the ex sold the house in 1995, he barely broke even. In the mean time, I had bought a house in FL and almost doubled my money.
I've made some very good investments in real estate since then, but this market scares the heck out of me. Here in PC, a lot in town that sold for 5K 3 years ago is going for $45k now now. We have a friend who has a lot across from the beach. They paid $65K for it 5 years ago and have now listed it for $1.3 Million and have people trying to finance it everyday. No way am I going to buy anything around here. People have gone nutts!
posted on July 18, 2005 03:15:15 PM new
I just heard if there is a real estate crash,it is more likely going to happen in Boston ,Fort Lauderdale,i forgot the third city??
There is a website which coaches you how to flip condo.
-sig file -------
Eat grass,kick ass,never go belly up!
