Pops15
Platinum Member
- Joined
- Oct 10, 2009
- Messages
- 672
- Location
- IL
- Tractor
- Ford 555 TLB, Caterpillar Motor Grader, Kubota L245, Ford LGT 125, FABTEK aerial platform
In my area housing prices are down on average over 30%. In some instances values are down much more.
I'm a remodeling contractor. One of my clients bought a very nice house at the top of the market. Last year they refinanced which required a new appraisal. They laughed (probably wanted to cry) when the appraisal came back $120K less than they had paid for the house (which I think was in the $400K range). That doesn't include the $130K+ they paid me for remodeling.
My in-laws moved back to the area from another state. I was amazed at the number of foreclosures. There was at least one on every block of every street in each of the 3 towns we looked at. They looked at 29 houses. 25 were foreclosures. That's about all that's even on the market here.
Bankers are privately saying values will drop even more before they go up. They say there's another big round of foreclosures coming.
It sucks for people in a situation like the OP, but that's the reality of today's housing market.
I'm a remodeling contractor. One of my clients bought a very nice house at the top of the market. Last year they refinanced which required a new appraisal. They laughed (probably wanted to cry) when the appraisal came back $120K less than they had paid for the house (which I think was in the $400K range). That doesn't include the $130K+ they paid me for remodeling.
My in-laws moved back to the area from another state. I was amazed at the number of foreclosures. There was at least one on every block of every street in each of the 3 towns we looked at. They looked at 29 houses. 25 were foreclosures. That's about all that's even on the market here.
Bankers are privately saying values will drop even more before they go up. They say there's another big round of foreclosures coming.
It sucks for people in a situation like the OP, but that's the reality of today's housing market.