You need to read this…
http://old.charlestonfishing.com/forum/topic.asp?TOPIC_ID=54815
I predicted 3-5 weeks on 1/22. I just whipped out my calendar and 5 weeks was the magic number (2/27 was the top of the rally). This is week 6 and the sky is falling. This is it folks. The skinneej prophecy has come true. The market is losing it’s ass this entire week.
Update on the house in my neighborhood. It’s now priced at 699K (was 900K+). I talked to one of my friends who is a real estate agent and he assures me that the market in Charleston is starting to “bounce back”. He won’t buy it when I tell him that he is being fooled by a small rally. I would not buy a house right now as the market has not hit bottom.
There WILL BE A SEVERE RECESSION IN 2008. Our financial system is on the brink of failure. In a typical recession, the S&P drops 28% on average from it’s high. Investors will be held down on the floor like the kid behind the bleachers and beaten senseless…
I’m trying to buy a house within the next month in Mt.P, I was talking to my broker about getting financed and Mt. Pleasant is classified as a “declining” market right now, so you have to put at least 5% down, shows the banks are scared.
quote:
Originally posted by Billder
I’m trying to buy a house within the next month in Mt.P, I was talking to my broker about getting financed and Mt. Pleasant is classified as a “declining” market right now, so you have to put at least 5% down, shows the banks are scared.
Which is doubly bad since this is supposed to be the spring selling season now! There is no way that the housing market will bottom before the fall. I drove around yesterday and saw hundreds of for sale signs in Charleston and all asking way too much for their house. Prices will continue to fall.
quote:
Originally posted by skinneej
saw hundreds of for sale signs in Charleston and all asking way too much for their house.
Probably because they have to get a ridiculous price to break even thanks to their second and third mortgages.