"Zuckerman says U.S. home prices to continue falling"
Mort Zuckerman, Chairman and CEO of Boston Properties, is predicting U.S. residential housing prices to decline for several years. This on top of the already severe decline of the past three to four years.
#1. "RE: Zuckerman says U.S. home prices to continue falling" In response to Allyn (Reply # 0)
That is bad news for those banks that are setting on all of the empty repossessed $300K+ houses that are out there. Many of them aren’t even listed. I figured they would be forced to come clean this year. Sound the diving alarm! I think I will stay out of the market a tad longer.
Johnny
Obama: “On all these issues, but particularly missile defense, this can be solved, but it’s important for him to give me space,” Obama: “This is my last election. After my election I have more flexibility."
#2. "RE: Zuckerman says U.S. home prices to continue falling" In response to Allyn (Reply # 0)
Wow, going down for "several years" man thats a long time and they have gone down to much already. I had heard they figured it would stop going down around the end of 2012 so it would be just another year. But well if it goes down for several years... then I guess theres not much point in buying home anytime soon.
What strikes me is strange is that people renting places out still seem to want top dollar even though the price if the property has gone down so much.
I figured the rental prices would start to go down as the property values start to go down.
Anyway, I have never seen anything like this in all my life. Really freaky out there the way things are going.
#3. "RE: Zuckerman says U.S. home prices to continue falling" In response to garbru (Reply # 2) Mon Jan-10-11 04:12 PM by Shelly
Mort Zukerman is a smart guy, it has made him a billionaire, but he is not prescient, and no one knows what the future holds. The housing market prices became inflated due to the lending practices of those poor banks, and homes were priced well above their true values as a result.
As time goes on and the bad mortgages are cleared off the books home prices at some point will begin to rise, though not to their peak levels before the bust, for many years.
For most home owners this is not a problem because they purchased their homes before the madness started. My home has decreased in value about 25% below its peak valuation, but I have owned it for 23 years and it is still worth nearly three times what I paid for it.
Those who purchased homes in the last five years or so are now under water, and their home are worth less than their mortgage. they are the ones with a problem if they have to sell now. It's the same as people who purchase stocks when their price is too high, they have two choices, take a loss and move on, or wait the market out.