How bad is the real estate market really?

[acoen]

Holy Mackerel! 170k for a house with a big lot on a lake!?! Sign me up!

Heres what a 170k house looks like where I live

I'm moving to Kentucky!

LMAO....That same house goes for 80k in Fresno...

 

[acoen]

Im a Realtor in NC and Don't let nobody tell its good because wright now it's a buyers market only. When people lower there price too much and that hurts others tring to sell

That is true, banks don't want people to forclose or be up-side-down on their homes, it doesn't do anyone any good. My gut feeling is that prices will fall slightly in some areas or stablize in others. If interest rates drop (which they will), that should bring more buyers into the market and the market should become more stable. I don't think it will be long before we start seeing rates in the low 5% range...My guess before spring, maybe lower (mid 4s).

It is not uncomon for people around here to pay as much as 3k-4k per month or more for a 3k sf home and that is in Central Ca. I know of a couple paying 4500 per month for a 3k sf tract home. Sold new for about 450k now it is worth about 380k...OUCH! If we can get rates into the 4% range a good refi will be in my future a good 15 year loan or less.