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Posted: 9/8/2010 5:33:40 PM EDT
Wife and I were browsing some real estate listings and a few really caught my eye. I have noticed that many houses are now going through their second round of foreclosure, like the one I printed below. So is now the time to buy or will it get better (worse)? Can your area beat this, a house that sold for $120k 6 years ago and is now listed at $37,900?
This house is 4 beds, 3 full baths, 2600 sq ft, 2 car garage. Lot is 1/2 acre fully privacy fenced in the back. Located in a small farming town of 700.


Link Posted: 9/8/2010 5:43:20 PM EDT
Looks like US Bank sold it for $32k less than they bought it for. I wonder if PHH would take LESS than $28k for it?? Any mortgage/banker/realtor types around tonight?
Link Posted: 9/8/2010 7:16:43 PM EDT
Yea, I'm super PISSED about this!
The 2 houses to the north of me have been foreclosed.
The house right next door sold in 2004 for 208k.
Current value should be 286k.
It's on the market for 130k!!!

The house I paid 264k for in 2006 is now valued at 210k

Thanks ASSHAT neighbors!!!

FFFFUUUUUUUUUUUUUUUUUUUUUUUUUUUUU­UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU­UUUUUUUUU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!­!!!!!!!!!!!!!

Link Posted: 9/8/2010 8:12:49 PM EDT
I feel bad for people trying to sell in this market. I'm gonna go have a look at this place over the weekend. I really don't see how a person could go wrong buying something like this.
Link Posted: 9/8/2010 8:15:10 PM EDT
Wife and I own two rental properties that we want to sell to get down payment on home and property in small town north of KC. All the foreclosures have pretty much fucked us for the next several years.
Link Posted: 9/8/2010 8:15:47 PM EDT
No deflation to see here. Move along....
Link Posted: 9/8/2010 8:18:56 PM EDT
When will people learn the market is determined solely by what we'll pay for it. Nothing is ever over or under priced. It is exactly what it should be else you get a black market to fill the void.

I won't say prices weren't artificially inflated vis-a-vis outrageous ARMs, etc because they were. Now the market is returning to what it should be. a small 3 br house should not be 210k anywhere. Especially a shitty one. I think the prices are returning to normal and are still a bit high. People are getting upside down on their houses and think they can still squeeze more money out of them. We'll see the market decline some more and even cheaper houses will come about.
Link Posted: 9/8/2010 8:21:03 PM EDT
I was looking at real estate in a small city by me. Former industrial lots in the now shrinking city are going for less than 1,000 per acre. Two 13 acre lots for 12k each. Too bad I couldnt zone it for a shooting range.
Link Posted: 9/8/2010 8:23:37 PM EDT
If you can make enough money to support said house prices, there are some great deals in parts of the Country
Link Posted: 9/8/2010 8:37:46 PM EDT
Originally Posted By MikeEIB:
So is now the time to buy or will it get better (worse)?

I found a house for $59,900 that was valued at @ $210k. Previously sold in 1993 for $45k. After about $15k in fixin uppin, I'm getting $1400/month rent.

Bank owned, etc.

My only issue is getting the loan after the fact. Fannie/Freddie are fucking up the investment market.

There was another one up here, we knew the owner. He owed $100k. It sold at auction for $78k. For some reason (even talked to the county assessor) it's recorded as being sold for $38k.

Right day, right deal. Banks must be occasionally trying to get rid of toxic debt.

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