Theres no more fuckin recession!! Every property I look at has a sale pending!

[RepostKing]

Dont let the media fool you. Property after fucking property I look at has either a sale pending or fucking multiple offers on it. I just lost out on a duplex to a mom and son offering 157k cash like it was water. 5k above list price A black family thank god, but still I thought this was a recession.

I thought banks werent loaning shit. I thought they were soooooo many foreclosures on the market. Shit is bullshit people are spending money whether its cash or loans. I have financing everything in place and cant buy shit

Take a look at home sold on any website. Shits are selling like its 2005

 

[ballscout1]

thats because it is a buyers market.

the sooner all the foreclosures and short sales are taken care of the hosuing market can recover.

but nows the time to buy for sure

 

[Cruise]

Where are you located?

What you are saying reminds me of every bubble that ever existed...

tulips
internet stocks
sub-prime
comic books/baseball cards
cabbage patch dolls/collectibles

Just before the crash, everyone thought it would last forever.

I am hearing nothing good from those who called the economic collapse in 2008. Yet, just because things are good in your neck of the woods, the economy is not in shambles?

It sounds like you are living in a bubble.

 

[RepostKing]

Where are you located?

What you are saying reminds me of every bubble that ever existed...

tulips
internet stocks
sub-prime
comic books/baseball cards
cabbage patch dolls/collectibles

Just before the crash, everyone thought it would last forever.

I am hearing nothing good from those who called the economic collapse in 2008. Yet, just because things are good in your neck of the woods, the economy is not in shambles?

It sounds like you are living in a bubble.

And this is my point, the longer the "recession" is reported on, the more it gets politicized and used an excuse for either side and topics for media coverage.

I can only report on what I'm seeing in Philly. We have industry here with health and education. Its not like it was one auto plant supporting the city. So if you live in area like I do, you best believe the economy is rebounding. But if you live in a state where IHOPs was the job to aspirie to...not so much

I agree with the poster above too. Now is the time to buy. Borrowing money at %3.5 is nothing to sneeze at. Considering the rate during the boom was around 5 or 6 with good credit. Which means my mortgage payments will be less than half of what I'm guessing it will be if I wait.

 

[doggish_098]

you are a fucking troll but i am going to tell you like this through all of this housing market crash stuff if you look around philly the boom continued they were always building new condos and high rise apartments or gentrifying the hood by throwing a little granite marble and hard wood floors in and then selling to the white folks for half a mill.

the housing bust didnt affect philly like it did other areas.

 

[RepostKing]

you are a fucking troll but i am going to tell you like this through all of this housing market crash stuff if you look around philly the boom continued they were always building new condos and high rise apartments or gentrifying the hood by throwing a little granite marble and hard wood floors in and then selling to the white folks for half a mill.

the housing bust didnt affect philly like it did other areas.

I troll and clown, but I have serious posts too. You are so right about the Philly Market. The Art Museum area didnt skip a beat. New construction brownstones like a muva. People eating out every night. Cant even get a seller to come down a lil bit. Ask for closing costs to paid by the seller and they look at you like

 

[Duval404]

Dont be fooled the rich is getting richer in this recession. Those banks still not lending like you think and if you are not buying your 1st home u putting 20 percent down. The foreclosures that you pending A LOT of them are being scooped up in bulk sales by foreigners and investment groups.

 

[doggish_098]

I troll and clown, but I have serious posts too. You are so right about the Philly Market. The Art Museum area didnt skip a beat. New construction brownstones like a muva. People eating out every night. Cant even get a seller to come down a lil bit. Ask for closing costs to paid by the seller and they look at you like

the best thing you going to get in the philly market is a 10 year tax abatement... all that other shit forget about it the market is to competitive.

 

[phillyblack12]

All real estate is local

The Northeast (Philly, NY, DC, etc) fared a lot better, because the values there never went up 100% in a year like other places in the country (FL, Vegas, ATL, Cali)--the increases were smaller and more steady, so there wasn't as large of a drop

One thing that might slow down all markets is interest rates rising--they can't be 'historically low forever'...just saying

 

[Upgrade Dave]

The recession (actually a depression) has been over. This is the recovery stage. It's been a slow but steady recovery.

 

[Mo Pizorn]

Come out to the West Coast and see if you still think that way. Try to buy property out this way; I dare you. Real estate prices are so high you have to climb to see them.

 

[ballscout1]

what he said was every property he looked at is sold or has a sale in progress.

that just means that prices for property is low and so are interest rates so its a great time to buy...those with good credit and money are buying up shit.


300k homes are going for low 100's ect

 

[durham]

Yeah the recession is only for the bottom portion of the country, those upper middle, above 300k ish are enjoying the crazy drop in value especially if you have cash buying power and it still prime credit

I mean shit a fixed mortgage is 3.5% Apr, couple that with prices that are pre 2001 levels in most locales

Folks better wake the fuck up, and stop listening to the whoa is me stories while someone sweeps right behind you for that deal. Even if you have tobstretch , shit will never be better than this especially real estate wise

Once Romney gets in this bitch, the cost of living is going to be a monster once he cuts those upper level taxes , and the lower 99% have to make up the residual costs to the general fund

 

[RepostKing]

Come out to the West Coast and see if you still think that way. Try to buy property out this way; I dare you. Real estate prices are so high you have to climb to see them.

seems like that would underscore my point. In a down or depressed economy as we're supposed still in, I'd expect the prices to be lower with a lot of inventory.

 

[Cruise]

seems like that would underscore my point. In a down or depressed economy as we're supposed still in, I'd expect the prices to be lower with a lot of inventory.

Actually, this is precisely what you see in a depressed economy.

High prices for housing and food, with dirt cheap prices for land for industrial uses (manufacturing and production).

When there is no manufacturing & production activity, but a lot of idle cash, it tends to go into residential real estate (or imports or 'luxury' goods). That creates a bubble because there is no fundamental demand driving it.

It keeps rising, until it hits a point where there is a real estate crash.

If you were saying people were hiring like crazy in Philadelphia, and jobs were plentiful, then that would explain high real estate prices.

But, if there are no jobs, you are seeing another housing bubble.

The same thing happened in the 1920s and 30s, and in the 1980s with the Savings&Loan fiasco.

 

[THREAD_CRITIC]

Dudes are so fucking retarded lol...

 

[MYSTIC]

Me and wifey are in the process of buying out first home. We live in Chicago so i hope we can find something decent.

 

[Damn Right]

Dont let the media fool you. Property after fucking property I look at has either a sale pending or fucking multiple offers on it. I just lost out on a duplex to a mom and son offering 157k cash like it was water. 5k above list price A black family thank god, but still I thought this was a recession.

I thought banks werent loaning shit. I thought they were soooooo many foreclosures on the market. Shit is bullshit people are spending money whether its cash or loans. I have financing everything in place and cant buy shit

Take a look at home sold on any website. Shits are selling like its 2005

where tha fuk YOU live? dudes in LA would run through traffic on the 10 fwy to get to a dope deal like that in a safe neighborhood

 

[doggish_098]

what he said was every property he looked at is sold or has a sale in progress.

that just means that prices for property is low and so are interest rates so its a great time to buy...those with good credit and money are buying up shit.


300k homes are going for low 100's ect

not in philly homie

 

[RepostKing]

Actually, this is precisely what you see in a depressed economy.

High prices for housing and food, with dirt cheap prices for land for industrial uses (manufacturing and production).

When there is no manufacturing & production activity, but a lot of idle cash, it tends to go into residential real estate (or imports or 'luxury' goods). That creates a bubble because there is no fundamental demand driving it.

It keeps rising, until it hits a point where there is a real estate crash.

If you were saying people were hiring like crazy in Philadelphia, and jobs were plentiful, then that would explain high real estate prices.

But, if there are no jobs, you are seeing another housing bubble.

The same thing happened in the 1920s and 30s, and in the 1980s with the Savings&Loan fiasco.

This makes sense, but I'm not saying the houses are increasing in price. Actually the houses have lost the value typically seen in the bottom of the depression for an area not hit realitively hard. What I do see and have experienced is the sales of homes. The spending trend of house hunters. Banks are lending and people are spending, at least out here.

I'm pretty sure it has more to do with the low interest rates creating a frenzy. And by now if you haven't been laid off, most likely you've survived the worst of this depression. Which may explain the activity within the housing market.

 

[RepostKing]

not in philly homie

Depends on the area. But you are right. In the area I love which is affluent and established, the prices have taken maybe a 10 to 15 percent hit. Maybe more. But not much.

If a house in the Art Museum was selling at 375k in 2006, it may now be around 340 or at the lowest 320k. Not much difference to a buyer but understandbly to the seller.

 

[regulus]

Where are you located?

What you are saying reminds me of every bubble that ever existed...

tulips
internet stocks
sub-prime
comic books/baseball cards
cabbage patch dolls/collectibles

Just before the crash, everyone thought it would last forever.

I am hearing nothing good from those who called the economic collapse in 2008. Yet, just because things are good in your neck of the woods, the economy is not in shambles?

It sounds like you are living in a bubble.

That made no fucking sense whatsoever.