First Time in History Median Home Price is Likely to Decline - Page 4 - Mercedes-Benz Forum

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post #31 of 171 (permalink) Old 04-25-2007, 08:02 AM
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Just checked my zip.

59 properties for sale, including SFH, condos and multi-units.


Prices are flat compared to the last year.
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post #32 of 171 (permalink) Old 04-25-2007, 05:55 PM
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I straddle two zips. The combined number of houses for sale SF, Condo and multis is 362 according to Realtor.com. Prices range from $160K to $3.7M. The number is the highest ever for these zips and they are established zips, not new development.

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post #33 of 171 (permalink) Old 04-25-2007, 06:17 PM
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I am still a millionaire.
Only if no one is holding a note on it...

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post #34 of 171 (permalink) Old 04-25-2007, 06:26 PM
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Only if no one is holding a note on it...
yep, that's the case.
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post #35 of 171 (permalink) Old 04-26-2007, 08:45 AM Thread Starter
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First Time in History Median Home Price is Likely to Decline

'Father' of Securitized Mortgage Market: First Time in History Median Home Price is Likely to Decline



Lewis Ranieri, generally regarded as the "father" of the securitized mortgage market, told an audience at the Milken Institute Global Conference that, in 2007, for the first time in history the median home price in the United States is likely to decline.

He also added that there will be many technical problems in working out problem mortgages, He said the vast majority of problem loans are securitized and that, in the past, problem loans were in individual portfolios. This time around, because of securitization, there are many, many holders of the securities with an interest in a mortgage. This will mean there will be many more parties that will have to agree to everything. In addition, he added, there are more lawyers and accountants in the picture to complicate matters.

He used as an example from the past: when he restructured mortgages with homeowners, he would never send out a 1099 tax form. In current situations, he said, lawyers and accountants want him to send out 1099 tax forms to homeowners who have restructured their mortgages. He asked rhetorically, "You have just restructured a mortgage for people who haven't been able to make their former payments and now you want to send them a tax bill for restructuring?"

He further stated there will be a "political reaction" and he feared that bad legislation could create problems for the entire mortgage sector that are now just limited to the sub-prime area. He fears, for example, that any legislation creating a moratorium on foreclosures would have a chilling effect on the issuance of home mortgages throughout the industry.

EconomicPolicyMonitor.com: 'Father' of Securitized Mortgage Market: First Time in History Median Home Price is Likely to Decline
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post #36 of 171 (permalink) Old 04-26-2007, 10:57 AM
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Price has to fall... c'mon $500K for compton?? So to get conventional financing you need to put down 100K... I'm talking about LA here... and income of general public is declining

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post #37 of 171 (permalink) Old 04-26-2007, 12:23 PM
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The housing market has seen much worse times than these, and I have a hard time understanding why some here insist on making it sound worse than it is. I remember well the 1980s when interest rates were 15% and the entire Savings & Loan industry went down the toilet. Now those were scary times... But the economy just kept growing and the housing market came roaring back. This cycle has been repeated many times for many reasons over the years, and it will happen again and again long after the current housing market comes roaring back.

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post #38 of 171 (permalink) Old 04-26-2007, 12:27 PM
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Originally Posted by Jayhawk
The housing market has seen much worse times than these, and I have a hard time understanding why some here insist on making it sound worse than it is. I remember well the 1980s when interest rates were 15% and the entire Savings & Loan industry went down the toilet. Now those were scary times... But the economy just kept growing and the housing market came roaring back. This cycle has been repeated many times for many reasons over the years, and it will happen again and again long after the current housing market comes roaring back.
Nobody is claiming the sky is falling, only that that prices are, which is correct. Nobody is saying it won't bounce back either.
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post #39 of 171 (permalink) Old 04-26-2007, 12:32 PM Thread Starter
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Quote:
Originally Posted by Jayhawk
The housing market has seen much worse times than these, and I have a hard time understanding why some here insist on making it sound worse than it is. I remember well the 1980s when interest rates were 15% and the entire Savings & Loan industry went down the toilet. Now those were scary times... But the economy just kept growing and the housing market came roaring back. This cycle has been repeated many times for many reasons over the years, and it will happen again and again long after the current housing market comes roaring back.
Jay, I think this time it may be worse, the US is not as financially well off as it was back in the times you speak of and as a whole the country was still producing and exporting alot more goods than it does now. The Dollar was as well alot stronger back then than what it is now. I remember being in the UK in 1985 when the exchange rate was 1 English Pound equaled USD1.04.
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post #40 of 171 (permalink) Old 04-26-2007, 12:56 PM
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Originally Posted by Jakarta Expat
Jay, I think this time it may be worse, the US is not as financially well off as it was back in the times you speak of and as a whole the country was still producing and exporting alot more goods than it does now. The Dollar was as well alot stronger back then than what it is now. I remember being in the UK in 1985 when the exchange rate was 1 English Pound equaled USD1.04.
I have to disagree: I think our current economy is the strongest we have seen in the past hundred years--maybe ever. And, frankly, the weak dollar has been a good thing. A big reason multinational companies are beating revenue estimates this quarter is the weaker U.S. dollar. And that is what has helped drive the DJA over 13,000! There are, of course, always some trade-offs, but overall things could not be much better than they are right now, IMO and that of most experts.

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