Listed Homes Are Moving Like Molasses
The Brownville Herald reports from Texas. “Don Currie used to see no more than two people a month walk through his doors, seeking advice on how to handle the pending foreclosure of their home. Last month, Currie, who is the executive director of the Community Development Corporation of Brownsville, has seen walk-ins quintuple as an increasing number people have begun defaulting on their loans.”
“The housing market downturn has only begun to be felt in Brownsville, Currie said. ‘This will definitely have a broader impact on the local economy,’ he said. ‘How much could be a shock to everybody.’”
From KHOU.com in Texas. “A foreclosure sign in Spring. From Wall Street to the streets of suburbia, home foreclosures are on an unprecedented rise: 30,000 houses in the Houston area last month alone.”
“‘There’s just so much of it,’ assistant district attorney John Brewer said.”
“‘It’s almost the perfect storm,’ mortgage lender David Zugheri said. ‘The fraud has not made it to the surface on loans that were already done.’”
The Houston Chronicle in Texas. “Since August, at least 500 Houston-area residents have lost, or will soon lose, jobs in the mortgage industry. Nationally, construction companies and title insurers have trimmed their ranks, though such cutbacks have not been widespread here.”
“These early layoffs…are ‘glimpses of evidence’ that problems in the national real estate market have hit Houston, said Barton Smith, director of the Institute for Regional Forecasting at the University of Houston. ‘There may be a ripple effect where you’re only seeing the tip of the iceberg.’”
“He notes that single-family housing starts in the area are down about 20 percent, which will translate into fewer construction jobs.”
The Waco Tribune from Texas. “More communities are becoming barrels of rotten apples as the nation reels from rampant foreclosures and a subprime-mortgage mess. In Waco, one culprit sits amid gathering weeds atChimney Corner Drive, in a subdivision otherwise filled with manicured yards and well-kept homes owned by professionals.”
“Real estate agent Debra Lyon tried to sell the house, ‘but it needed updating,’ she says, adding that most people don’t view $450,000 houses as fixer-uppers. It didn’t sell over several months.”
“The offending house, which sports five bedrooms, an in-ground pool, spa and two fireplaces, was posted for foreclosure and presented for sale Tuesday on the steps of the McLennan County Courthouse.”
“The holder of the note, World Savings Bank, set the opening price at $441,474. No one bid on the house, so the bank took it back and will place it on the market, spokesman Scott Emery said.”
“Figures show that Waco’s inventory of homes is growing, and higher inventories can exert downward pressures on prices and may give builders second thoughts about building new homes. Texas A&M University reports that McLennan County in July had 8.6 months worth of inventory on the market. That’s up from 7.6 months in July of last year and six months in July of 2005. One local real estate agent, who asked that her name not be used, says her listed homes are moving like molasses.”
“Subprime loans in some cases were called ‘no-doc’ loans because some lenders did practically nothing to document a borrower’s worthiness. ‘These didn’t become bad loans; they were bad the day they were made. They were destined for problems,’ says David Smith, president of Central National Bank in Waco.”
From My West Texas. “After frantic spring and summer, the Permian Basin Board of Realtors says there are more houses available. A slight shift in the ‘fast and furious’ housing market has created healthier conditions for buyers and sellers and more listings overall, according to Laura Lyons, president of the Permian Basin Board of Realtors.”
“Lyons told the Reporter-Telegram this past week current market conditions include 386 active listings, the most in some time, she said, and considerably more than the 226 on the market in May.”
“‘I think (the market) has slowed down,’ said Realtor Victoria Printz. ‘We have nearly double the inventory we had in the spring and summer.’”
The Denver Post from Colorado. “All Jan Chandler wanted to do was avoid foreclosure, so she listed her Lafayette home for $45,000 less than its appraised value of $315,000. But in today’s slumping real estate market, that still wasn’t enough to lure a buyer, so Chandler dropped the price even more.”
“‘I sold it for about $12,000 less than what I owed on it,’ said Chandler. ‘I was lying awake at night thinking how I was going to avoid bankruptcy.’”
“‘It went from $2,200 to $2,800 a month,’ she said. ‘Even with a good job, there is no way I could afford another $600 a month.’”
“In the past few weeks, real estate agent Bob Winkler has recommended that at least four of his clients reduce the asking prices of the homes they are trying to sell. It’s a far cry from the heady years when buyers scrambled to buy, making offers well above listing prices.”
“‘Back in 2000 when the market was really hot, I used to kid that you’d list a house and take a ridiculous figure, add 10 percent and start packing,’ said Winkler. ‘Now, you’ve got to have it in tip-top shape and be willing to spend money.’”
“Longmont has seen the average home price drop 18 percent in 2007 to $285,000. Discounts have increased more in Longmont than in any other Denver region, from 8 percent to 15 percent.”
“‘We’re having trouble because the builders keep building,’ said broker Mike Welk. ‘It’s really taken a toll on some of the inventory that’s already here. They (builders) can offer a higher discount than we can as individual home sellers. When you can go buy a brand new house that’s five miles away, why would you buy something that’s been used for 30 years.’”
“Of the slightly more than 1 million mortgage loans in Colorado, 3.87 percent were delinquent, versus a 5.12 percent rate for the U.S. as a whole, according to a recent survey from the Mortgage Bankers Association.”
“Subprime loans are defaulting at a much higher rate, with 11.04 percent past due. The MBA counted 127,876 subprime loans in the state.”
“‘I’ve seen downturns before, but I’ve never seen this level of panic among the investors,’ said Jim Spray of America’s Mortgage LLC who’s been in the mortgage industry for three decades.”
“Alicia and Kent Pope thought they had everything lined up to buy a $200,000 home in Parker, but because of less-than-perfect credit, the couple has had to put their plans on hold.”
“‘We were going to qualify just barely,’ said Alicia Pope. ‘We found a great home in a short-sale situation, and we were ready to move on it.’”
“But when it came time, the lender they were working with said he couldn’t provide the letter needed to present an offer to the seller. ‘They said things are different; they’ve changed all the criteria. They’ve tightened up,’ Alicia Pope said. ‘It looks like we are going to be out of luck unless our situation gets better or things change again.’”
“For every buyer who can’t close on a house, there’s a seller stuck with a home. Take Paul Tamburello. He had his $600,000 home in the Highland neighborhood on the market for four months before putting it under contract July 24. He was scheduled to close on Aug. 31.”
“The buyer had planned on 100 percent financing but when the credit markets blew up, he was unable to qualify. Even when he came up with 5 percent down, his credit score - around 650 - was too low for the bank’s comfort.”
“‘If the FICO scores were in the 700s, he probably could have gotten it done,’ said Tamburello, who took his home off the market and plans to refinance.”
“Buyers of investment property also are having a tough time. Nearly three months ago, Oliver Esparham was approved to receive a 100 percent loan to finance the purchase of a multifamily property, which another buyer outbid him for.”
“Esparham continued looking, assuming he’d get the same type of financing. But when he found a $310,000 property at 14th Avenue and Clayton Street, the bank told him he’d need 20 percent down.”
“‘We’d checked out the units and done all the financial planning to see if it was positive income,’ Esparham said. ‘It looked good up until the point they told me I had to have 20 percent. That’s a lot out of pocket with the way the economy is now.’”
“Ashlie Woods, Esparham’s real estate agent, blames the banks for lending to people they shouldn’t have. She said the market hasn’t seen the full impact.”
“‘It’s going to spiral down, and it’s going to affect the market even more,’ Woods said. ‘People aren’t buying product, and we’re not moving it. There are going to be more properties on the market than ever.’”
‘Home buyers and owners refinancing mortgages are increasingly finding at the closings that their lender isn’t honoring the deal they thought they had locked up. Throw in the record levels of foreclosures.’
‘Colorado’s General Assembly this year passed 60 pages of laws regarding mortgage regulations, going from the least-regulated state in the country to one that is being used as a model nationwide.’
‘Erin Toll, the head of the Colorado of Division of Real Estate, said she is learning about most of the violations of the laws from competitors. ‘You’re ratting each other out,’ Toll said. ‘I love it.’
a quick report from the mortgage lenders conference in denver on friday. exhibitors went from several hundred to less than 60, many empty booths, those that did show up looked silly, as their 10 foot wide displays were put in triple wide show spaces. free drinks became a cash bar or bottled water. food went from full buffets with roast beef and shimp to a pretzel stand. celebrities went from reggie jackson and refrigerator perry to some lady signing books about avoiding mortgage fraud. pathetic.
boulder,
What’s happening in your area? Do you have a link? Thanks.
‘Colorado’s General Assembly this year passed 60 pages of laws regarding mortgage regulations, going from the least-regulated state in the country to one that is being used as a model nationwide.’
BFD…The Needle and the Damage done.
Brits are startin’ to make runs on their banks.
All just a matter of time until the levee breaks.
Maybe Paulson should head to Texas instead of London. Then he could explain once more, that the No-standards lending mess is contained.
Instead, he has to go to London and tell it to the Brits. What is so difficult to understand. It’s all contained, there will be no spillover.
Ignore your lying eyes and listen to Hank.
“US Treasury Secretary Hank Paulson flies in to London tomorrow to discuss the worsening global credit crisis with Chancellor Alistair Darling, as fears intensify that the lending squeeze could be the last straw for Britain’s buy-now-pay-later economy.
Thousands of anxious customers queued outside branches of Northern Rock to withdraw their savings this weekend, ignoring calls for calm from Darling, after he helped broker an unprecedented emergency loan from the Bank of England to rescue the bank.”
Sorry, link for above.
http://observer.guardian.co.uk/business/story/0,,2169906,00.html
Runs on the banks are never a good sign. So far we’ve had two: Countrywide and now Northern Rock. It’s not contained, it’s not countrywide, it’s worldwide.
This guy hit on a key point: “When you can go buy a brand new house that’s five miles away, why would you buy something that’s been used for 30 years.”
Hmmm, real estate is a depreciating asset. That must be why over long periods of time, real estate barely outperforms inflation. Cue the Robert Shiller charts.
Moving to a area where new home developments were rampant..it made no sense to buy a “resale” when new homes were available..the new home we bought was comparable to the resale and $150K less…made sense to go new..
I’d never buy a new or resale house in a new development in a declining market. Those areas get hit the hardest in the downturn due to continued building. Much better to get a to redo or redone 1920s-30s or new in the same quality (must be a good area) neighborhood close to employment where they can’t build anymore except from tear downs. I’d expect the new areas to get hit twice as hard as the older established quality areas. That’s what happened in Austin in the late 80s.
‘Runs on the banks are never a good sign.’
- Juan Sixpack doesn’t use banks … he has a cache of White Corn Tortilla’s and many cases of Coor’s stored up for emergencies.
What? How can we help, why just last week the Brits were saying they “imported” those wacky lending tricks from us!
“…ignoring calls for calm from Darling…”
Aww, has Toto tugged that curtain down again? Maybe Hank ought to visit a few No. Rock branches for a photo op? I’m sure those feisty Brit pensioners would love to hear an appeal for calm from a Yank.
Bad lending practices are the root of the problem. Any bubble needs easy credit. If $500K loans to WalMart workers weren’t the norm, then $500K starter homes wouldn’t be the norm. Let the lenders be burned and this won’t happen again. Unfortunately, Congress and the Fed will bail out the idiots with taxpayer money.
Does Paulson heading to London reassure anyone? Not me. It makes the situation sound as desperate as it actually is.
Whadda mean? Paulson is our best salesman. Look at the job he did getting the Chinese to toe the admin line. No worries, mate.
“Hi..I’m from the US Treasury and I’m here to HELP YOU ”
Ha ha ha
THAT should cause the Brits a few HEART ATTACKS after their recent Bank heartbreaks.
Love the Ironic name of the new homeowner…
“The holder of the note, World Savings Bank, set the opening price at $441,474. No one bid on the house, so the bank took it back and will place it on the market, spokesman Scott Emery said.”
Texas is a disaster waiting to happen. All these little crappy places like Brownsville, Waco, etc. No way should there ever have been a bubble there. Houston is like Dallas, very bifurcated. You have the oily rich and their hangers on who bid up anything they want and then you have the rest of the 99% of the populace, a majority of whom are indebted up the wazoo and have lousy credit.
This dude Ryan on Minyanville and I went back and forth for a couple of days on this. His theory was that since oil zillionaires (the dotcom zillionaires of the new century) and hedge fund monkeys are battling each other for fancy houses in River Oaks and Memorial, that means Houston residential real estate is okay and a buy. I told him I hope that none of these rarified folks ever need to sell these places cuz there aren’t many left to sell them to. Remember John Connally, that’s all I have to say.
You mean a $450k house in Waco might not be a good deal? (It better have a gold plated hot-tub.)
I was down in Austin looking around in the Cat Mountain/Mt. Bonnell/Lake Travis area. Prices are beyond belief. You could buy waterfront property in California for what they want for some of these places.
I know. Down around South Padre things have been through the roof for 5 years or more, with more condos coming. These prices are completely disassociated from rents, yet someone will probably show up here in a few minutes and tell there is no bubble in Texas.
30k foreclosures in one month in Houston?
Think about it Where are the high incomes in TX. Oil and oil production/trading. Private equity and hedge funds. Then there are the professional services who are the remoras on these sharks. Law firms. Accounting firms. Dealers of high end cars, houses, realtors, financial services, etc.
Let one link in this chain break and you’ve got a problem. Some law firms in Dallas are already doing 90s style layoffs or breaking up altogether.
I see absolutely crazy rents being asked in Dallas by mostly out of town holders. $2900 for some crappy Uptown townhouse. $3000/mo. for some tract house in Little Elm. People are just insane.
I’m charging the camera to go take a few pictures of Lower Greenville McMansions which have been abandoned mid-construction for your slide show. I drive past them every day, it’s time to show what BS this all has been here.
That 30k number in one month just seems unbelievable, is it really that bad down there or is it YTD?
It’s that bad unless you’re an oil trader.
I have neices renting in Waco & Ft. Worth - I will make sure they keep doing so. As for greater Houston - YIKES!
Texas chick your killing me…
Lou Minetta promised on this blog prices in California were going to drop 50%. I was hoping to sell all my under priced Texas stuff and make a big killing in California after the 50% promised drop, now your telling me in Texas “Let one link in this chain break and you’ve got a problem”. Oh My GOD… I was banking on Texas to save my bacon
P.S. what is that address for that cheap waterfront property in California
Santa Cruz Ca was $1.5 mill for 5,000 sq ft and that was for water view.. not waterfront 
Try this
http://austin.craigslist.org/rfs/412216103.html
That actually is pretty close in and there isn’t a lot of it with that kind of view that is that large that close in. There’s tons of that kind of thing further out though.
It will go down in value, but not like the same thing 10 miles further out will.
Well, it might get hit harder for a different reason… A/C costs…unless it has a lot of solar panels on the roof or something…
Those areas (well not much of Lake Travis necessarily unless close in/well located, but Mt Bonnell and Cat Mountain) always commanded a premium even at the bottom of the bust in 1990. They did get hit pretty hard, but not as hard as the further out stuff at Lake Travis and Leander, etc…
All these little crappy places like Brownsville, Waco, etc. No way should there ever have been a bubble there.
LMFAO…In the days of an honest appraisal with a properly developed neighborhood analysis, the reports would have said just that…these places are POS locations with marginal economic bases and that would have been that.
Legit underwriters would have just deep-sixed the loans and everybody would have gone about their businesses.
Ah, but oh no.
The raceketeering number hitters with their deliberately misleading, one size fits all, computer canned garbage kept the game runnin’.
hehehe…wait until another FIRREA act makes the MBS holders send out the clean up guys to honestly report what goin’ on in these places.
It’ll be right out of Steve King horror novel.
I’m just hoping some of this trickles into the Dallas area. I have been looking for a house, but can’t find one that justifies the pirce for me (not to mention I’m picky about wanting a few certain things and pickins are slim). I look at the listing price, then do a search on the tax records and see how much of their retirement/moving fund they want me to pay for, and I just get p*ssed. The sad thing is, there aren’t any lots available where I want to live at (that aren’t retardedly priced), as I’d rather build a smallish house without the wasted space you see in lots of Dallas homes. I mean, who the heck really uses a formal dining and living room except at Thanksgiving? Guess I’ll just keep putting money in the bank and waiting.
What part of town are you looking in. Talk to me, I’ve been here on and off for well over 20 years. I know where there are some things you might want to check out. And I’m not a realtor.
Bsically north of Royal (preferably) but south of 190 - the further south the better - I work in downtown, but my family and friends are up in Plano and McKinney. Close to Dallas North Tollroad preferable, but up to Hillcrest is reasonable. I have no idea what the neighborhoods south of 635 and west of Midway are like, and other areas east of the tollroad are doing the whole teardown thing and asking 300-400,000 for the 1300 sqft house for “land value”.The kicker is, I want a single story with a 3 car garage, and an open floorplan (living room, dining, and kitchen pretty much one big room). est sq ft about 2600-3000 (which is a big house IMHO, but hard to find a 3 car garage in anything less thatn that. Would be willing to get a 2 car if possible to add on to make a 3 or 4 car : )
My son (renter) lives by Lower Greenville just off N. Central expressway. He showed me the Mc Mansions you spoke of last time I was down there. He loves the midtown area of Dallas. It sure is a hodge podge of homes in that area.
I am not your son.
lol
BTW, my rule of thumb when looking at Dallas stuff for sale is - tax appraisal +3% absolulte maximum and for me to even offer that, it would have to be in a part of town that will rebound after the fall (inside LBJ). In the outer burbs, forget it.
I’m just hoping some of this trickles into the Dallas area. I have been looking for a house, but can’t find one that justifies the pirce for me (not to mention I’m picky about wanting a few certain things and pickins are slim). I look at the listing price, then do a search on the tax records and see how much of their retirement or moving fund they want me to pay for, and I just get p*ssed. The sad thing is, there aren’t any lots available where I want to live at (that aren’t retardedly priced), as I’d rather build a smallish house without the wasted space you see in lots of Dallas homes. I mean, who the heck really uses a formal dining and living room except at Thanksgiving? Guess I’ll just keep putting money in the bank and waiting.
Sorry about that (and the one below I guess as well) - for future reference, how long does it take for posts to make it onto the board?
Sellers in some areas appear to be cutting prices in slices as opposed to nibbling away a couple of thousand $ at a time. If that practise gathers momentum we should see a sizeable drop in prices everywhere as fear enters the picture. Then comes the next phase: Dead cat bounce where the naive think the bottom is in. It isn’t. Then they get trapped, etc, etc. Interesting the way it works isn’t it.
What do you think the signs of a dead cat bounce are?
Usually hype. Experts being paraded onto the CNBC Comedy Business Show saying, “We have reached the bottom.” The government proganda outlets (mostly CBS, NBC and ABC) using their celebrity anchors to inject some breath into the decline. However, let ‘em do their thing. Capitulation is the key. A psychological moment when almost en-masse the sellers drop tgheir prices big time. The major builders might be the first to crack and they will set the pace. I don’t mean these, “It’s a great time to buy! $20,000 off!” That’s a piddling amount at these prices. A hook to reel in any suckers……and when blood does flow on the streets, it’s going to be at least a year and PROBABLY several years at the bottom.
Sellers in some areas appear to be cutting prices in slices as opposed to nibbling away a couple of thousand $ at a time. If that practise gathers momentum we should see a sizeable drop in prices everywhere as fear enters the picture. Then comes the next phase: Dead cat bounce where the naive think the bottom is in. It isn’t. Then they get trapped, etc, etc. Interesting the way it works isn’t it.
“Esparham continued looking, assuming he’d get the same type of financing. But when he found a $310,000 property…the bank told him he’d need 20 percent down. ‘We’d checked out the units and done all the financial planning to see if it was positive income,’ Esparham said. ‘It looked good up until the point they told me I had to have 20 percent. That’s a lot out of pocket with the way the economy is now.’ Ashlie Woods, Esparham’s real estate agent, blames the banks for lending to people they shouldn’t have.”
Blames the banks for lending to people they shouldn’t have - you mean like people who can’t put 20% down?
“Blames the banks for lending to people they shouldn’t have - you mean like people who can’t put 20% down?”
Actually, he has an exelent point. I wouldn’t risk a huge portion of my yearly income in this economy either. Even if i found a house at a sane, affordable price.
I understand not risking… now. Give it a few years.
I stand by my prediction that 25% percent down payments will be the norm in the darkest days of this downturn.
Got popcorn?
Neil
When home prices drop 50%, that 25% down payment won’t be as hard to come by
Don’t forget about term life insurance being a precondition for a mortgage - this will preclude many more buyers as well.
Exactly..how can you be a real estate investor when you don’t even know what is happening in the market right now??? Especially in the finance area??
If he doesn’t want to put up 20% due to the economy, why would the bank want to put up 100%? Seems to me it’s only a great deal if he can get someone else to assume all the risk for his financial planning.
Did you interpret this guy as saying the property was positive cash flow with 0% down?
Hmmm posts seems to have gotten eaten.
I keep wondering when-if this whole mess will hit the north Dallas area - I’ve been looking for a house, but can’t find anything I think is worth the money in the areas I’m interested in (there are also a few specific things I’m looking for making it a bit painful). I see the asking prices for some of these homes, then search the tax records, and wonder what the heck they are thinking. I am NOT paying for your retirment or moving expenses! The other thing is, all the houses in the areas I’m looking at are way to big for my tastes, with wasted space in the form of formal living and dining areas - which only get used during Thanksgiving for most people. Guess I’ll just keep putting money in the bank for now.
Everyone,
I’m organizing a Housing Bear Party/Dinner In the South Bay (LA).
Where: Redondo Beach Cheesecake factory at 6pm on 9/30/2007 (Sunday).
We have 22 RSVP’s so far! (Please let me know ahead of time so that I can get a table.) Or click on my name to go to my blog where I’m also tracking RSVP’s.
Neil
“Esparham continued looking, assuming he’d get the same type of financing. But when he found a $310,000 property at 14th Avenue and Clayton Street, the bank told him he’d need 20 percent down.
“We’d checked out the units and done all the financial planning to see if it was positive income,” Esparham said. “It looked good up until the point they told me I had to have 20 percent. That’s a lot out of pocket with the way the economy is now.” ”
Translation: If I have to put any of MY OWN money at risk, I don’t think this deal was a good idea. It was OK when I was using 100% of someone else money, though.
Yeah, I would be so happy to loan my money to people like this…
Builder Savants…
“‘We’re having trouble because the builders keep building,’ said broker Mike Welk. ‘It’s really taken a toll on some of the inventory that’s already here.
“‘We’re having trouble because the builders keep building,’
I actually understand the builders continuing to build. They build or they go out of business. At this point, I want them to build a bit more. Not in Florida or Pheonix (that will be instant slums), but say around DC. If for no other reason than to put Lance in his place. Bwaaa haaa ha! (If you have read Dave’s Bubblemeter blog, you know whom I’m talking about.)
Got popcorn?
Neil
Lance doesn’t have blood, his heart pumps kool-aid
“These early layoffs…are ‘glimpses of evidence’ that problems in the national real estate market have hit Houston, said Barton Smith, director of the Institute for Regional Forecasting at the University of Houston. ‘There may be a ripple effect where you’re only seeing the tip of the iceberg.’”
…“‘There’s just so much of it,’ assistant district attorney John Brewer said.”
“‘It’s almost the perfect storm,’ mortgage lender David Zugheri said. ‘The fraud has not made it to the surface on loans that were already done.’”
Looks like the exits are about to be jammed.
All these idiots who paid $300K for a house in Texas will get their just desserts. They will find out that Texas is not going to run out of land and the property taxes are painful
Texas Toast…..goes well with Hungry Man.
“…Even when he came up with 5 percent down, his credit score - around 650 - was too low for the bank’s comfort.”
So where did he get his $30k down money from? How about cash advances with 3% transaction fees and 24% interest rates?
Got 10% down?
After next year it will be firmly “Got 20% down”. Prices will need to return to earth, and all the talk about how no one could ever come up with 20% down with today’s prices makes my point perfectly about tomorrows prices.
I am getting sick and tired of people whining about Texas being unaffordable. 90% of Texas is cheap! Please avoid that 10% with wishing prices, let those FB’s and speculators rot! I am going to show you a few houses below that anyone can afford. If they are not “good” enough for you, you have no business being in Texas, go relocate to NW Pennsylvania, prices are even *cheaper* there. Rent is generally *not* a good deal in Texas because there’s plenty of houses that cost *less* than rent. 90% of Texas did *not* see much of a bubble!
http://homes.realtor.com/search/listingdetail.aspx?ctid=27116&ml=3&typ=1&sid=d62c5c1a752348e38cc8a5721b0030eb&sdir=1&sby=2&pg=111&lid=1084392266&lsn=1106&srcnt=5743#Detail
Nice big house in perfect condition in good, established neighborhood in Dallas for $85k.
http://homes.realtor.com/search/listingdetail.aspx?ctid=27116&ml=3&typ=1&sid=d62c5c1a752348e38cc8a5721b0030eb&sdir=1&sby=2&pg=221&lid=1079058664&lsn=2203&srcnt=5743#Detail
Large 3 bedroom house in established neighboorhood for $130k.
http://homes.realtor.com/search/listingdetail.aspx?ctid=27116&ml=3&typ=1&sid=d62c5c1a752348e38cc8a5721b0030eb&sdir=1&sby=2&pg=220&lid=1088063110&lsn=2191&srcnt=5743#Detail
$129,900
5 Bed, 3 Bath
2,680 Sq. Ft.
Huge house at under $50/foot!
http://homes.realtor.com/search/listingdetail.aspx?ctid=27116&ml=3&typ=1&sid=d62c5c1a752348e38cc8a5721b0030eb&sdir=1&sby=2&pg=255&lid=1070565407&lsn=2542&srcnt=5743#Detail
Very nice house for $158k(you can get one like that for a few thousand cheaper, actually)
I hope this clears up any misconception about Texas being unaffordable. Texas is *not* like California or south Florida where almost nothing is affordable! People are running away from those locating and running to Texas where they can get a very nice house to live in at sane prices. I am tempted to relocate to Texas but big city life isn’t for me and NW Pennsylvania costs half as much. Texas would be a great bet for my parents, wish they had sold in south FL, they will lose their equity and south FL will become cheap enough that they might not want to bother selling if they don’t sell soon. Prices here will fall big time.
test
I am getting sick and tired of people whining about Texas being unaffordable. 90% of Texas is cheap! Please avoid that 10% with wishing prices, let those FB’s and speculators rot! I am going to show you a few houses below that anyone can afford. If they are not “good” enough for you, you have no business being in Texas, go relocate to NW Pennsylvania, prices are even *cheaper* there. Rent is generally *not* a good deal in Texas because there’s plenty of houses that cost *less* than rent. 90% of Texas did *not* see much of a bubble!
Nice big house in perfect condition in good, established neighborhood in Dallas for $85k.
Large 3 bedroom house in established neighboorhood for $130k.
$129,900
5 Bed, 3 Bath
2,680 Sq. Ft.
Huge house at under $50/foot!
Very nice house for $158k(you can get one like that for a few thousand cheaper, actually)
I hope this clears up any misconception about Texas being unaffordable. Texas is *not* like California or south Florida where almost nothing is affordable! People are running away from those locating and running to Texas where they can get a very nice house to live in at sane prices. I am tempted to relocate to Texas but big city life isn’t for me and NW Pennsylvania costs half as much. Texas would be a great bet for my parents, wish they had sold in south FL, they will lose their equity and south FL will become cheap enough that they might not want to bother selling if they don’t sell soon. Prices here will fall big time.
Seems like you can’t use links or your posts get eaten. You will be able to find those houses on Realtor dot com, do a search for Dallas, Texas, I found those reasonably priced houses in 5 minutes. Why would anyone pay $500k or even $300k when you can get twice the house for $100k to $150k?