Housing Bubble....
 

Looks like summer is coming very close to an end. During the high season for real estate, all the reports indicate that it was just a complete disastrous season for home sales (new and existing). Homebuilders stocks are down 50% since the beginning of the year. Anyone recent home buyers saying DOH!!!!?????

anyone seeing good deals in your neck of the woods? i know it wont be till another 2-3 years until we really hit ROCK BOTTOM and there is a reversion to the mean, but just wanted to see people's opinion on this.

I hope so.

I was thinking about buying 3-4 months ago and after careful consideration and study of the trends, opted against it. Thank goodness!

That being said, Southern California will ALWAYS be an attractive place to live. I think you just have to be in it for the long haul (10+ years) to make it a good investment.

i dont think it was bubble. a bubble= abrupt rise. we didn't see that. it was a steady rise for, was it 6 years (or was it 5). home prices are still high and there is no telling when or if it will ever come down (come down to the point where houses are affordable. main reason why home sales are down is because of the fed raising the interest.

i hope prices fall. i will be in the market to buy my first house in 1.5-2 years from now.

its a bubble, plain and simple. just like stocks back in the dot come eras. you have to remember that real estate moves a lot slower then stocks, and the fact that you have double digit appreciation in a year in real estate, can be similarly compared to stocks jumping 50% over night after IPO. also, prices have started to come down already, many home builders and slashing prices for the phases they have just finished building. ive seen ads from Centex, Hovnanian and KB, slash up to $100K off. also, go onto Craigslist.org and do a search on REDUCED as the keyword and tell me how many listings appear.

btw...i wonder how many Ameritrade or Lendingtree.com ads will be in the superbowl next year??? probably go into oblivian, just like pets.com

i don't think it'll just stay the same.. imagine if the price of home falls.. there will be a lot ppl off the street. I think price of home will stay about the same.. it'll go up and down a little but not enough to make dramatic change. I do think the price of rent will raise by another 30% in next 2-3 years.

Housing has stablilized may even drop a little more.

no.

a six year bubble :rolleyes:

I don't see it popping, persay. It has slowed dramatically. The reason it won't pop is that there are still tons of people waiting for homes, they just can't afford the prices they're at. Home values will drop off a bit, but as people can afford the prices, they will be bought. Hopefully all that will happen is that they'll drop to a level that is sustainable.