US house prices fall at fastest rate yet
Discussion
http://www.thisismoney.co.uk/mortgages-and-homes/h...
I think personally that the rot may have set in in America and now no one is wanting to buy a property over there.
Personally I think the same thing will happen here.
We have a UK house price thread but how about in the states - vegas property is back to 1999 levels
I think personally that the rot may have set in in America and now no one is wanting to buy a property over there.
Personally I think the same thing will happen here.
We have a UK house price thread but how about in the states - vegas property is back to 1999 levels
dave9 said:
We have a UK house price thread but how about in the states - vegas property is back to 1999 levels
That's because dummies have being buying properties and unable to work out that there is a supply and demand thing that got skewed.Vegas has lots of land, therefore lots of supply, so why should $250k be a sustainable value?
DonnyMac said:
Has anyone a 'RightMove' equivalent link for the US?
Different places tend to have different MLS systems, like www.pensacolamls.com.dave9 said:
http://www.thisismoney.co.uk/mortgages-and-homes/h...
I think personally that the rot may have set in in America and now no one is wanting to buy a property over there.
Personally I think the same thing will happen here.
We have a UK house price thread but how about in the states - vegas property is back to 1999 levels
Now would be the time to buy; it will go back up.I think personally that the rot may have set in in America and now no one is wanting to buy a property over there.
Personally I think the same thing will happen here.
We have a UK house price thread but how about in the states - vegas property is back to 1999 levels
Jimbeaux said:
dave9 said:
http://www.thisismoney.co.uk/mortgages-and-homes/h...
I think personally that the rot may have set in in America and now no one is wanting to buy a property over there.
Personally I think the same thing will happen here.
We have a UK house price thread but how about in the states - vegas property is back to 1999 levels
Now would be the time to buy; it will go back up.I think personally that the rot may have set in in America and now no one is wanting to buy a property over there.
Personally I think the same thing will happen here.
We have a UK house price thread but how about in the states - vegas property is back to 1999 levels
dave9 said:
http://www.thisismoney.co.uk/mortgages-and-homes/h...
I think personally that the rot may have set in in America and now no one is wanting to buy a property over there.
Personally I think the same thing will happen here.
We have a UK house price thread but how about in the states - vegas property is back to 1999 levels
Less likely to happen here. Prices are dictated by supply and demand aloneI think personally that the rot may have set in in America and now no one is wanting to buy a property over there.
Personally I think the same thing will happen here.
We have a UK house price thread but how about in the states - vegas property is back to 1999 levels
Land is hard to come by here (so is expensive) and there is still a demand for housing. When house prices get too cheap new builds slow because the builders will not want to operate at a loss (staff are mostly contract so will be laid off).
An average 3 bed house will cost about 80k to build + land. When it hits this point you know you are at the bottom of the market as supply of new stock will dry up.
I bought a BTL house a year ago for 128k because you can't build a house for that in my area. Prices might go a bit lower, or stagnate, but I can't see a big drop without another financial crisis.
Just my opinion though
98elise said:
Less likely to happen here. Prices are dictated by supply and demand alone
No. Prices are determined by what buyers are able to pay and what sellers are willing to accept.98elise said:
Land is hard to come by here (so is expensive) and there is still a demand for housing.
Tell that to the Japanese. Have a read about the Japanese Asset Bubble.98elise said:
When house prices get too cheap new builds slow because the builders will not want to operate at a loss (staff are mostly contract so will be laid off).
Absolutely.98elise said:
An average 3 bed house will cost about 80k to build + land. When it hits this point you know you are at the bottom of the market as supply of new stock will dry up.
If average prices hit £80k, we are all up s
t creek. More to the point, however is the implication that the market is purely dependent upon new builds, when in fact it makes up a tiny proportion of housing stock.98elise said:
I bought a BTL house a year ago for 128k because you can't build a house for that in my area. Prices might go a bit lower, or stagnate, but I can't see a big drop without another financial crisis.
Just my opinion though
I tend to agree. Just my opinion though
Jimbeaux said:
Now would be the time to buy; it will go back up.
ErnestM said:
That would be my suggestion. South Florida got hammered by the recession but has started to show signs of life...
Do those from out of state or out of country get any concessions when it comes to property taxes in the USA? (i.e when the property is vacant).Looked at potential properties over there a year or so ago but the property taxes ($7k+ for a modest 3/4 bed town house) put me off.
loafer123 said:
98elise said:
Land is hard to come by here (so is expensive) and there is still a demand for housing.
Tell that to the Japanese. Have a read about the Japanese Asset Bubble.Japan's cometitive advantage had been 'nicked' in many industrial sectors, by South Korea, and it then had a crisis all of its own. Moreover, the oriental tendency to save for the future and to 'self insure', rather than scab of the welfare state, whilst commendable, produced a very negative feedback.
As far as the US goes though, in many areas, land is dirt. You could build whole towns in the interior, that no one would ever notice.
Victor McDade said:
Jimbeaux said:
Now would be the time to buy; it will go back up.
ErnestM said:
That would be my suggestion. South Florida got hammered by the recession but has started to show signs of life...
Do those from out of state or out of country get any concessions when it comes to property taxes in the USA? (i.e when the property is vacant).Looked at potential properties over there a year or so ago but the property taxes ($7k+ for a modest 3/4 bed town house) put me off.
The "vacation home" people pay full price (mostly because those that don't spend full time in Florida rent out the property at rates high enough to cover the taxes).
Remember, Florida has NO State income taxes so property taxes make up the lion's share of State revenues (well - that and the lottery
)Digga said:
think the changes and circumstances surrounding Japan's "lost decade" (in pareenthesis because it's now over 10 yrs IIRC) are very different to the UK's current situation.
Japan's cometitive advantage had been 'nicked' in many industrial sectors, by South Korea, and it then had a crisis all of its own. Moreover, the oriental tendency to save for the future and to 'self insure', rather than scab of the welfare state, whilst commendable, produced a very negative feedback.
As far as the US goes though, in many areas, land is dirt. You could build whole towns in the interior, that no one would ever notice.
Don't get me wrong - I agree with you - my point was that demand for land didn't drive the crazy bubble in price or the subseqent crash in Tokyo. The demand in Ginza has always been high. What drove the bubble was availability of money.Japan's cometitive advantage had been 'nicked' in many industrial sectors, by South Korea, and it then had a crisis all of its own. Moreover, the oriental tendency to save for the future and to 'self insure', rather than scab of the welfare state, whilst commendable, produced a very negative feedback.
As far as the US goes though, in many areas, land is dirt. You could build whole towns in the interior, that no one would ever notice.
loafer123 said:
Digga said:
think the changes and circumstances surrounding Japan's "lost decade" (in pareenthesis because it's now over 10 yrs IIRC) are very different to the UK's current situation.
Japan's cometitive advantage had been 'nicked' in many industrial sectors, by South Korea, and it then had a crisis all of its own. Moreover, the oriental tendency to save for the future and to 'self insure', rather than scab of the welfare state, whilst commendable, produced a very negative feedback.
As far as the US goes though, in many areas, land is dirt. You could build whole towns in the interior, that no one would ever notice.
Don't get me wrong - I agree with you - my point was that demand for land didn't drive the crazy bubble in price or the subseqent crash in Tokyo. The demand in Ginza has always been high. What drove the bubble was availability of money.Japan's cometitive advantage had been 'nicked' in many industrial sectors, by South Korea, and it then had a crisis all of its own. Moreover, the oriental tendency to save for the future and to 'self insure', rather than scab of the welfare state, whilst commendable, produced a very negative feedback.
As far as the US goes though, in many areas, land is dirt. You could build whole towns in the interior, that no one would ever notice.
The bit I can't work out is that to build your own property is $60-80 per square feet, yet people were paying $250k for 1200 square feet home off a builder. Madness.
Victor McDade said:
Jimbeaux said:
Now would be the time to buy; it will go back up.
ErnestM said:
That would be my suggestion. South Florida got hammered by the recession but has started to show signs of life...
Do those from out of state or out of country get any concessions when it comes to property taxes in the USA? (i.e when the property is vacant).Looked at potential properties over there a year or so ago but the property taxes ($7k+ for a modest 3/4 bed town house) put me off.
Edited by Jimbeaux on Wednesday 23 February 00:52
Matt Harper said:
ErnestM said:
Remember, Florida has NO State income taxes so property taxes make up the lion's share of State revenues (well - that and the lottery )
....and now red light cameras, apparently.)Same with Colorado. But the settings are pretty lenient; the GF decided to not even be subtle about running a red light; in the video I watched, she went through it a good 3 seconds after it had tuned. Quite funny seeing all the other cars pull up and stop, then watch her go blazing through it. $75 later she does at least pay attention now, so it's a good thing, IMHO.
ErnestM said:
Matt Harper said:
ErnestM said:
Remember, Florida has NO State income taxes so property taxes make up the lion's share of State revenues (well - that and the lottery )
....and now red light cameras, apparently.)Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff