Housing Bubble Burst & Fly Fishing

[littlejuniata]

Could put the brakes on develpers like Beaver and whoever is planning the project near Bellwood plus other developers in the state exploiting the fly fishing real estate market??

 

[trout17]

In my area, a housing bubble doesn't affect the big buck home buyer as much as the "joe average" bloke. Beaver will still probably snare those buyers, perhaps just at a slower pace.
Jim Kearney

 

[Wmass]

My mother is in banking/finance and she handles loans workouts and forclosures for some developments and companies. Put it this way, things are very busy for her these days. The bubble has officially burst and it is likely to have some serious consequences. We were talking about those with vacation homes and she said most of those people thought they were getting a great deal with all these creative financing schemes and now they are trying to sell in a cold market becasue they can't pay their mortgages. Of course the extremely wealthy will always be able to buy what/where they want, but for those who were always trying to "keep up with the Jones'" they are in for alot of hard times.

 

[littlejuniata]

http://www.realtytrac.com/Mapping/Mapping/DetailsMap.aspx?criteriaType=city&criteriaValue=tyrone%20~PA&code Check your area for stressed home sales.

 

[ryanh]

Little J,
In my experiance Pennsylvania largely falls outside of the housing bubble. Yes it may exist here but not nearly to the extent that it does in other places. A 300K house here usually IS worth 300K. And you can still buy houses here for 40k. Where the "bubble" has occured is in such places as Arizona or California where the 40K house was going for 300K. Some schmuck bought it for 285 and cashed out his equity once it was "worth" 300 and now can't sell it. DUH!!

 

[littlejuniata]

Agree rynah but there are quite a few folks who took on too big a house and payment, then hte gas price increase crunched the plans and they want out of their housing purchase, which they would not have gotten into if the banks had stuck to convential mortages rather then sub-prime, the lenders got caught in thier own web. http://www.realtytrac.com/Mapping/Mapping/DetailsMap.aspx?criteriaType=zip&criteriaValue=16652

 

[Chaz]

Funny I don't see a single home in PA that sells for $300,000 that is worth anywhere near that much. Neither of you live in eastern PA where folks from NJ and NY are driving the market up because they don't have a clue of the value.

 

[littlejuniata]

Check out the Leesburg Virginia area!!

 

[ryanh]

Hey,
You know what you are getting yourself into with an ARM or or other forms of creative financing. They tried to play the system and lost. Everybody now wants a federal bailout for all of these "poor" people. I'm sorry I will not subsudize stupidity.

Chaz,
I just did a quick scan on the net and found hundreds pf homes in Philly for 65k. They still exist.

"Funny I don't see a single home in PA that sells for $300,000 that is worth anywhere near that much."

There is a lot of Pennsylvania out there compadre. And if you want to truely beat the system then build your own.

 

[tabasco_joe]

I think Chaz's point is that eastern PA was affected by the bubble. And they certainly are in my area of Bucks. Houses in my development were selling in a week during the boom, at hundreds of thousands more than they cost new 15 years ago. Now they are sitting for six months and going at more at much lower prices.

 

[Maurice]

tabasco_joe wrote:
I think Chaz's point is that eastern PA was affected by the bubble. And they certainly are in my area of Bucks. Houses in my development were selling in a week during the boom, at hundreds of thousands more than they cost new 15 years ago. Now they are sitting for six months and going at more at much lower prices.

Same here in York, Joe....

 

[littlejuniata]

http://larouchepac.com/pages/breaking_news/2007/06/08/virginia_foreclosures.asp

 

[ian_brown]

Talk about synchonicity. Jay and I were just talking about Lyndon Larouche on our drive down to the Gunpowder.

 

[littlejuniata]

The article "Economic Recovery Ast os 2007" is interesting! (The Larouche link)

 

[TimMurphy]

Maurice wrote:

tabasco_joe wrote:
I think Chaz's point is that eastern PA was affected by the bubble. And they certainly are in my area of Bucks. Houses in my development were selling in a week during the boom, at hundreds of thousands more than they cost new 15 years ago. Now they are sitting for six months and going at more at much lower prices.

Same here in York, Joe....

Dear Maurice,

Same here in Harrisburg and it seems that at least half of them are for sale right now. There is a development of $ 300,000 - 400,000 homes right down the road from me and there are so many RE signs at the entrance to the development it's looks like a Presidential campaign is underway. :-D

Every day it seems a new sign goes up and none of them have come down in the last 2 or 3 months.

Regards,
Tim Murphy

 

[plumbob]

Everybody has valid points. The bubble has burst and is having an effect on every bit of housing, it may not be as obvious in some area's and price range but the effect is still there. Hate to say this but unless your spending over 2-3 million for a house, your in what is considered cheap housing. People who have the money to do something like that are taking advantage of the situation now. They know that the new work is slow right now so are trying to get the best deals on labor and such even though they can afford the higher price. Do a lot of work in center city Philly were the people are reduing there 2 bedroom condo's and dropping over 700 thousand to do it and don't even blink an eye. When your into the multi million dollar house they are pretty much all custom and not considered track housing, but when they are sold they don't appreciate as much as some of the 4-5 hundred thousand dollar homes on a percentage basis because the people who can afford to buy them wind up reduing the whole thing over and are really only buying location. Its all a cycle, for those who have been around for a while this is nothing new.

 

[Rolf]

While it's only a barometer, check out Zillow for a reality check. When you locate a property, look into the trends for the last year on thier graphs.

http://www.zillow.com/

rolf

 

[littlejuniata]

http://finance.yahoo.com/

 

[littlejuniata]

Gonna get ugly, http://biz.yahoo.com/cnnm/070821/081607_here_come_the_judgements.html?.v=5&.pf=loans

 

[JackM]

Foreclosure crunch is not effecting PA http://www.post-gazette.com/pg/07234/811096-28.stm