  Iheartthed Member Username: Iheartthed Post Number: 1696 Registered: 04-2006 |
"Detroit prices are experiencing the steepest fall of any large Rust Belt city. Moody's forecasts a 21.3 percent drop in Motown, which was hit earlier - in the third quarter of 2005 - and will suffer longer than most places. A turnaround in Detroit isn't expected until early 2009." http://money.cnn.com/2007/09/1 9/real_estate/steep_home_price _drops_coming/index.htm?postve rsion=2007091915 | ||
Thejesus Member Username: Thejesus Post Number: 2204 Registered: 06-2006 |
as I've said, about a year and a half still until we hit bottom... I'm patiently waiting... | ||
Livernoisyard Member Username: Livernoisyard Post Number: 4060 Registered: 10-2004 |
Many security analysts predict a national turnaround in 2010, at the earliest. More likely during 2011. These predictions do not agree with those made earlier by QL's chief economist--which had the situation improving starting in October 2007. Anybody ever wonder why QL's chief economist was so optimistic when making those interviews earlier this year? | ||
Thejesus Member Username: Thejesus Post Number: 2205 Registered: 06-2006 |
I agree with LY...turnaround won't start to happen until 2010-2012... Prices should hit bottom sometime in 2009 then remain flat for a while... | ||
Jt1 Member Username: Jt1 Post Number: 10232 Registered: 10-2003 |
Should definitely be some deals in a year or two if someone is planning on staying in their home for awhile. | ||
Brougham Member Username: Brougham Post Number: 41 Registered: 01-2007 |
Will areas outside of the metro be as affected ? I'm thinking about the rural areas and even northern Mi ? | ||
Jt1 Member Username: Jt1 Post Number: 10234 Registered: 10-2003 |
Depends upon the community. Over priced communities (like much of SE Michigan) will be affected. I think what might hurt some communities are areas where people own vacation homes/cottages since they may be selling those off cheaper driving down prices. Ultimately the price will be dictated by how many people are selling homes in the area and how similar they are. The problem in SE Michigan is that there are 10s of thousands of homes for sale adn many of them are identical (and identically overpriced) to many in the same area. A community with diverse how stock and low number of homes for sale shouldn't get hit as bad,. | ||
Gannon Member Username: Gannon Post Number: 10370 Registered: 12-2003 |
The 'turn-around' is actually scheduled. In the Mayan calendar...December 21st, 2012. | ||
Higgs1634 Member Username: Higgs1634 Post Number: 174 Registered: 10-2005 |
Also, when predicting the bottom, let's not forget that all this prognosticating has not taken into account a UAW walk out. If this strike lasts for any significant amount of time... we ain't seen nothing yet. | ||
Dougw Member Username: Dougw Post Number: 1916 Registered: 11-2003 |
This graph gives some good hints at how severe the upcoming drop in the housing market may be...  The original article is here: http://suddendebt.blogspot.com/2007/09/houses-as-places-to-live-in.html quote: | ||
Mind_field Member Username: Mind_field Post Number: 791 Registered: 10-2003 |
Who the hell is anyone to predict a turnaround? I swear i could find articles dating from the earlier parts of this decade saying that the turnaround would happen in '06 or '07. Well guess what...the turnaround will NEVER come. Michigan will likely never be where it was unless we invent some phenomenal new technology that is a tremendous jobs generator. Could anyone in 2003 predict the '07 global credit crunch and the subprime mortgage fiasco? My point is saying a turnaround will happen in any given timeframe is foolish because so many unpredictable factors come into play. | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 924 Registered: 01-2005 |
MIndfield, Yes someone in 2003 (when the sub-prime debacle started) could have predicted this sub-prime debacle. Many did. Any time a large number of lenders deviate from proven real estate underwriting and lending practices, anyone with the slightest bit of common sense will see where it's headed. And Moody's, one of the three bond rating services which made the prediction on which the thread is based, is a prime villain. It rated the securitized sub-prime mortgage-backed securities very highly (at huge profits) which permitted Wall Street to sell them. Congress is now investigating. Ho-hum. | ||
Oldoak Member Username: Oldoak Post Number: 7 Registered: 09-2007 |
Leaving jobs and economics completely out of this comment to follow: at least they WILL STOP BUILDING BIGFOOTS farther and farther out into what used to be country! Stop the sprawl for peets sake! | ||
Detroitrise Member Username: Detroitrise Post Number: 54 Registered: 09-2007 |
"The 'turn-around' is actually scheduled. In the Mayan calendar...December 21st, 2012." Yeah, just like the scheduled turn around for January 1, 2000. I don't think people are waiting for those type of turn arounds. | ||
Mrsjdaniels Member Username: Mrsjdaniels Post Number: 262 Registered: 08-2005 |
who wants to buy a house in OP? | ||
Lowell Board Administrator Username: Lowell Post Number: 4181 Registered: 10-2003 |
Does anyone else have the feeling that the laws of cartoon motion have taken over? [An object will stay suspended in space until it realizes that it is.} You know. Wylie Coyote had totally foiled the Roadrunner and has run off with his arms full of loot laughing at the stupid Roadrunner? Then suddenly realizes he has run off a cliff and instead is holding a bomb and looks at us in disbelief? beep beep | ||
Professorscott Member Username: Professorscott Post Number: 805 Registered: 12-2006 |
A young clerk, wishing to tap the mind of the great railroad tycoon, asked Cornelius Vanderbilt for investment advice. Timidly, he approached the great man, who asked the clerk, "What would you like to know?" The clerk said, "Mr. Vanderbilt, what will the market do next year?" Vanderbilt smiled and said, "Young man, it will fluctuate." Seems applicable in the current discussion, somehow. Remember, developable land is a finite commodity in any region, unless a short-sighted government allows it to increase without bound. Oh wait, that's what's been happening here. Sorry, my bad. | ||
Professorscott Member Username: Professorscott Post Number: 806 Registered: 12-2006 |
By the way Lowell - you brought up the Coyote - the New Yorker magazine had an article many years back, it was an absolute scream. The article was a series of letters which supposedly went back and forth through the mail between the attorneys for a Wile E. Coyote and the attorneys for the Acme Products Co., in which Mr. Coyote was suing the company for dangerous defects and products which did not perform to advertised specifications. If your library has late 1980s copies you might be able to find it. Worth the hunt; funny as hell. |
