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When will the housing market should recover?
We are set to close on our first house next week. Understood by U.S. $ 125K, the insurer said it would have cost us $ 218 to buy it back before all this happened. My question is … in 5-7 years, you think the market have corrected itself? We are planning on eventually moving to Florida and I do not want to be in the same Boat, as some now … owing more than the house is worth. Your thoughts? Golfer-funny you say that … I live in Michigan .. not in Detroit but in a suburb not far from Detroit.
If I could answer this we could all be millionaires … You have to look at how this whole mess began – the banks were making money like water that has driven prices to up … well dried up and the market collapsed in … I think you did well on your purchase. You said you have a 218K house that was worth before the market plummeted to less than 125K … mortgage rates today you did OK .. according to recent sales numbers are high so we are leveling off a bit …. Unless you are in a area so depressed I do not think you will lose more value — but with the banks boost lending-even in 5-7 years I doubt that this property will double in value. If you can walk away from the house by the road without owing anything I would call it a victory.
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