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Author Topic: Never owned a home? You can own a home in Detroit for $6300  (Read 3043 times)
Beet
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« on: March 03, 2009, 11:35:18 am »
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The Free Press reports:

Metro Detroit home sales continued in positive territory for January, but more than half were of foreclosed homes and that dragged the median sales price down by 48.4%.

Home sales rose 25.7% last month to 4,301 from 3,421 in January 2008 for Wayne, Oakland, Macomb and Livingston counties and parts of St. Clair County, according to Realcomp, a multiple-listing service in Farmington Hills.

...
The median home sales price in Detroit was down 39% to $7,000 from $11,500 a year ago.

No, not $70,000... $7,000. Yup.

Meanwhile the Federal Government is now offering an $8,000 tax credit to all first-time home buyers.

Edit: It turns out "The tax credit is equal to 10 percent of the homes purchase price up to a maximum of $8,000.". Too good to be true = is.

« Last Edit: March 03, 2009, 11:43:06 am by Beet »Logged

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Sam Spade
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« Reply #1 on: March 03, 2009, 11:42:49 am »
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Is the program such where you would then receive a $1,000 credit from the government to purchase the requisite firearms, ammo and shoe polish needed to survive in such a place? Tongue
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J. J.
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« Reply #2 on: March 03, 2009, 11:53:56 am »
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Is the program such where you would then receive a $1,000 credit from the government to purchase the requisite firearms, ammo and shoe polish needed to survive in such a place? Tongue

Ironically, I live in a neighborhood where housing values are increasing.  Smiley
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J. J.

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« Reply #3 on: March 03, 2009, 11:59:46 am »
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Is the program such where you would then receive a $1,000 credit from the government to purchase the requisite firearms, ammo and shoe polish needed to survive in such a place? Tongue

Ironically, I live in a neighborhood where housing values are increasing.  Smiley

From what to what - honest question...

FYI, the Philly area never had the same amount of bubble as other places did.
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J. J.
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« Reply #4 on: March 03, 2009, 12:07:30 pm »
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Is the program such where you would then receive a $1,000 credit from the government to purchase the requisite firearms, ammo and shoe polish needed to survive in such a place? Tongue

Ironically, I live in a neighborhood where housing values are increasing.  Smiley

From what to what - honest question...

FYI, the Philly area never had the same amount of bubble as other places did.

It's below the median.  I think the average is about $40 K, but I don't know the start.  We're also seeing home construction/renovation.
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J. J.

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« Reply #5 on: March 03, 2009, 12:55:36 pm »
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Is the program such where you would then receive a $1,000 credit from the government to purchase the requisite firearms, ammo and shoe polish needed to survive in such a place? Tongue

Ironically, I live in a neighborhood where housing values are increasing.  Smiley

From what to what - honest question...

FYI, the Philly area never had the same amount of bubble as other places did.

It's below the median.  I think the average is about $40 K, but I don't know the start.  We're also seeing home construction/renovation.

Funny, your neighborhood is doing quite well from Temple's expansion.  Great area for investment purposes.  Meanwhile Northeast Philly and South Jersey are starting to lose value in some parts 15% or greater.  University expansion/gentrification has done wonders for some historically bad neighborhoods here.

To Sam Spade.  You're partially right.  Some places double or tripled since 2000 and those areas are starting to come down.  Philly and NYC have too many submarkets to give a broad generalization of the market as a whole.     
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J. J.
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« Reply #6 on: March 03, 2009, 12:59:10 pm »
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Funny, your neighborhood is doing quite well from Temple's expansion.  Great area for investment purposes.  Meanwhile Northeast Philly and South Jersey are starting to lose value in some parts 15% or greater.  University expansion/gentrification has done wonders for some historically bad neighborhoods here.



Yes, I have new med school going up two blocks from me.  And we're the same folks that didn't want a casino.
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J. J.

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« Reply #7 on: March 03, 2009, 01:04:46 pm »
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University expansion/gentrification has done wonders for some historically bad neighborhoods here.

Fishtown is a perfect mix of both. That's where you want to be these days. They just built this very big apartment complex. It looks really nice, too. That area is going to be flooded with even more young progressive types.
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« Reply #8 on: March 03, 2009, 02:13:04 pm »
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Is the program such where you would then receive a $1,000 credit from the government to purchase the requisite firearms, ammo and shoe polish needed to survive in such a place? Tongue

Not to mention the $30,000 in repairs necessary to keep the roof from caving in on you during your sleep.

But yeah, lots of people are going to get filthy rich buying up these places, flipping them with illegal Mexican labor, and selling them for a massive profit when the economy turns around 2-3 years from now.
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Sam Spade
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« Reply #9 on: March 03, 2009, 02:34:27 pm »
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Is the program such where you would then receive a $1,000 credit from the government to purchase the requisite firearms, ammo and shoe polish needed to survive in such a place? Tongue

Not to mention the $30,000 in repairs necessary to keep the roof from caving in on you during your sleep.

But yeah, lots of people are going to get filthy rich buying up these places, flipping them with illegal Mexican labor, and selling them for a massive profit when the economy turns around 2-3 years from now.

You can go on ahead and do that Nym, if you want to.  I won't stop you (or get involved).  Smiley

Personally, I wouldn't touch any housing at this moment without an assured profit if I sold tomorrow and did nothing.

And yes, since JJ's situation involves a university getting in on the mix - there is probably a slight appreciation.  Some deals could be done there now (even though most of the good ones were probably done before construction actually began).
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Sam Spade
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« Reply #10 on: March 03, 2009, 02:37:28 pm »
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To Sam Spade.  You're partially right.  Some places double or tripled since 2000 and those areas are starting to come down.  Philly and NYC have too many submarkets to give a broad generalization of the market as a whole.     

Of course.  My point was more general.  In that Philly prices never moved as much as the DC market or NYC market.  Of course, they started off lower anyways.
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Nym90
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« Reply #11 on: March 03, 2009, 02:38:16 pm »
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Is the program such where you would then receive a $1,000 credit from the government to purchase the requisite firearms, ammo and shoe polish needed to survive in such a place? Tongue

Not to mention the $30,000 in repairs necessary to keep the roof from caving in on you during your sleep.

But yeah, lots of people are going to get filthy rich buying up these places, flipping them with illegal Mexican labor, and selling them for a massive profit when the economy turns around 2-3 years from now.

You can go on ahead and do that Nym, if you want to.  I won't stop you (or get involved).  Smiley

Personally, I wouldn't touch any housing at this moment without an assured profit if I sold tomorrow and did nothing.

And yes, since JJ's situation involves a university getting in on the mix - there is probably a slight appreciation.  Some deals could be done there now (even though most of the good ones were probably done before construction actually began).

I'd make a bet with you on where the economy will be 3 years from now, but,

a) I don't gamble (and don't usually like making predictions either, I don't have the balls for them).

b) If you win, you won't be able to collect since they don't have internet access in the Obamavilles we'll all be living in, though I do promise I'll paint a nice blue NY avatar on the cardboard in your memory.
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« Reply #12 on: March 03, 2009, 03:03:02 pm »
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To Sam Spade.  You're partially right.  Some places double or tripled since 2000 and those areas are starting to come down.  Philly and NYC have too many submarkets to give a broad generalization of the market as a whole.     

Of course.  My point was more general.  In that Philly prices never moved as much as the DC market or NYC market.  Of course, they started off lower anyways.

Local realtors annoy the crap out of me when they talk like that-  "Oh, we're not one of those areas" yet I'm seeing people locally if they sold today they'd lose money.  Granted, we didn't go up as much as Phoenix, DC, or Miami, but we sure as hell went up to unaffordable levels and certainly increased more than a lot of the Midwest and South.  Education and health care is keeping our economy somewhat stable, but in a few areas I'm seeing some overvaluation.   
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Sam Spade
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« Reply #13 on: March 03, 2009, 03:03:55 pm »
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To Sam Spade.  You're partially right.  Some places double or tripled since 2000 and those areas are starting to come down.  Philly and NYC have too many submarkets to give a broad generalization of the market as a whole.     

Of course.  My point was more general.  In that Philly prices never moved as much as the DC market or NYC market.  Of course, they started off lower anyways.

Local realtors annoy the crap out of me when they talk like that-  "Oh, we're not one of those areas" yet I'm seeing people locally if they sold today they'd lose money.  Granted, we didn't go up as much as Phoenix, DC, or Miami, but we sure as hell went up to unaffordable levels and certainly increased more than a lot of the Midwest and South.  Education and health care is keeping our economy somewhat stable, but in a few areas I'm seeing some overvaluation.   

I didn't mean it in "that way", but you have a fair enough point.
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People's Speaker North Carolina Yankee
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« Reply #14 on: March 03, 2009, 06:14:02 pm »
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From the reports I have gathered North Carolina is fairing comparatively well in the housing market. Is that a true representation, I now there has been a lot of pain in this area b/c of the housing market?
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« Reply #15 on: March 03, 2009, 06:53:09 pm »
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     Wow that's cheap. My neighborhood is probably around $500,000.
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« Reply #16 on: March 03, 2009, 07:40:49 pm »
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I am noticing a pattern. Everytime these places drop 50% the prices and sales start to rebound. Well the Housing market has declined nationwide 27% so we are half way there folks. It took us 2 and half years to get here. So I would say that 5 years from the peak the housing market will start going up but lets hope we don't create a second bubble. Some economist are actually saying "the economy will recover when housing does". So we are to become slaves to the housing market with 3 year booms followed by 5 to 6 years of bust. The housing market will turn upward in either 2011 or 2012. It makes sense with credit available and prices at all time lows and getting lower that people who have the credit rating will swoop in buy these homes cheaply. The best cure for the housing market is to just let it collaspe. It will bottom out at different places in different areas but its the one to sure way to solve the problem. The trouble is that solution means people will have to look elsewhere for an economic recovery cause housing won't be there like it has in the past because we relied to much on its continued success for prosperity and now the bill has come due. There must be a bubble somewhere waiting to be inflated by misguided gov't policies that will jump start a recovery. Roll Eyes
« Last Edit: March 03, 2009, 07:42:44 pm by North Carolina Yankee(RPP-NC) »Logged

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« Reply #17 on: March 03, 2009, 09:41:57 pm »
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To Sam Spade.  You're partially right.  Some places double or tripled since 2000 and those areas are starting to come down.  Philly and NYC have too many submarkets to give a broad generalization of the market as a whole.     

Of course.  My point was more general.  In that Philly prices never moved as much as the DC market or NYC market.  Of course, they started off lower anyways.

Local realtors annoy the crap out of me when they talk like that-  "Oh, we're not one of those areas" yet I'm seeing people locally if they sold today they'd lose money.  Granted, we didn't go up as much as Phoenix, DC, or Miami, but we sure as hell went up to unaffordable levels and certainly increased more than a lot of the Midwest and South.  Education and health care is keeping our economy somewhat stable, but in a few areas I'm seeing some overvaluation.   

I didn't mean it in "that way", but you have a fair enough point.

I was making a generalization about local realtors.  Some are outright delusional and try to cover things up and think nothing of the buyer looking to sink money on a place that won't be worth it in 6 months.  Lavinia Smerconish (IIRC, she's Michael's wife) is one of the worst of who I'm talking about.  One thing with the Philadelphia market is it tends to follow the national trends 1-2 years after the fallout.  Some of the worst parts of the country were in denial 2 years ago.  Then it became acceptance, now anger.  Philadelphia is at the end of the denial stage, beginning to enter the acceptance stage.  The same thing happened in the 80s fallout and in the current rise.  We really didn't join in until 2003-2004.
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« Reply #18 on: March 04, 2009, 12:01:44 am »
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The housing market here isn't all that bad.  New apartment complexes and homes are going up at only a slightly slower rate than they were before.

I have yet to see any "foreclosure" signs and most houses I see with for sale signs are "sold"...

but we never really got the bubble either.  There aren't really ups and downs here.. we're just always poor.
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« Reply #19 on: March 04, 2009, 12:11:36 am »
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The housing market here isn't all that bad.  New apartment complexes and homes are going up at only a slightly slower rate than they were before.

I have yet to see any "foreclosure" signs and most houses I see with for sale signs are "sold"...

but we never really got the bubble either.  There aren't really ups and downs here.. we're just always poor.
Same for Omaha.  We're not always poor though.
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« Reply #20 on: March 04, 2009, 01:41:00 am »
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no thank you
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« Reply #21 on: March 04, 2009, 10:06:28 pm »
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I oppose the mortgage bill. Bay area houses are still massively overvalued.
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« Reply #22 on: March 04, 2009, 10:32:40 pm »
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I oppose the mortgage bill. Bay area houses are still massively overvalued.

I even thought we were bad, but DAMN you guys still seem bad.  Is the economy good in the Bay Area?  Tech strong?  It looks like tight supply because there isn't much room between the mountains and the sea.  Granted, it also seems like the prices spiraled astronomically because of the fancy mortgages that will soon reset in the Bay Area.  We didn't have that in the Philadelphia area much at all BUT there may eventually be an excess supply problem plus NYC specualtors aren't driving up prices anymore.   
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« Reply #23 on: March 12, 2009, 09:29:38 pm »
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I oppose the mortgage bill. Bay area houses are still massively overvalued.

Prices have crashed in certain areas of the east bay, central valley obv. But exclusive places around SF and Silcon valley shouldn't see prices drop so much. The farther you drive away from there the more the house prices fall. The bay area is the wealthiest area in the nation and can kind of afford those houses. The LA area had similar house prices with much lower incomes, thus the fall will be harder down here. Also foreign investment helps out a LOT in the bay area and nice areas of LA.
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« Reply #24 on: March 12, 2009, 09:46:19 pm »
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I just went on ZipRealty yesterday and houses in Beverly Hills are selling at a minimum of 2 million.  It's really crazy.
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