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USA is Migration Paradise: Home Prices to drop further 10%

londoncabby

Alfrescian
Loyal
To all potential migrants wishing to make a better life:

S$ to US$ = 1.38

Home prices are cheapest now in Western World.

Food, Car etc most cheap price U can find.

http://money.cnn.com/2009/10/20/real_estate/home_price_forecast/?postversion=2009102003

Homes: About to get much cheaper
National home prices are forecast to shrink another 11%. Miami, Las Vegas and Phoenix will record steep declines, but a few cities will actually post gains.
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See all CNNMoney.com RSS FEEDS (close) By Les Christie, CNNMoney.com staff writer
Last Updated: October 20, 2009: 11:07 AM ET

Real Estate:
Your local forecast
381 markets tracked
1. Select your state
Choose state Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Dist. of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
2. Select your city/market
Select state above to view cities Latest home prices

The national median home price fell a record 15.6% during the second quarter of 2009. Check how prices fared in your hometown. More Big cities: Big changes in foreclosure rates

Of the country's 20 largest cities, these six posted the fastest year-over-year growth and decline in their foreclosure rates during the first six months of 2009.
View photosWhat I bought with my $8,000 tax credit

These 7 new homeowners stepped up their house-hunting to take advantage of the first-time buyer tax credit -- before it expires on Dec. 1.
View photosMortgage Rates
30 yr fixed mtg 5.23%
15 yr fixed mtg 4.69%
30 yr fixed jumbo mtg 6.01%
5/1 ARM 4.23%
5/1 jumbo ARM 4.68%
Find personalized rates:


Rates provided by Bankrate.com.
NEW YORK (CNNMoney.com) -- If you thought home prices were bottoming out, you may be wrong. They're expected to head a lot lower.

Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.

Overall, the national median home price is predicted to drop 11.3% by June 30, 2010, according to Fiserv, a financial information and analysis firm. For the following year, the firm anticipates some stabilization with prices rising 3.6%.

In the past, Fiserv anticipated the rapid decline in home-sale prices over the past few years -- though it underestimated the scope.

Mark Zandi, chief economist with Moody's Economy.com, agreed with Fiserv's current assessments. "I think more price declines are coming because the foreclosure crisis is not over," he said.

In fact, those areas with high concentrations of foreclosure sales will experience the steepest drops, according to Fiserv. Miami, for example, is expected to be the biggest loser. Prices are forecast to plunge 29.9% by next June -- after having already fallen a whopping 48% during the past three years.

If Fiserv's forecast holds, Miami real median home price will tumble to $142,000 by June 2011.

In Orlando, Fla., the second-worst performing market, Fiserv anticipates a 27% price collapse by June 2010, followed by a less severe drop the following year. In Hanford, Calif., prices are estimated to drop 26.9% and continue falling 9.5% in 2011; in Naples, Fla., they're expected to fall 26.8% and then flatten out.

Other notable losers include Las Vegas, where prices have already fallen 54.6% and are expected to lose another 23.9% by June 2010. In Phoenix values have already collapsed by 54% and could fall another 23.4%. In both cities, Fiserv anticipates the losses to continue into 2011, but they will be less than 5%.

Prices had stabilized
The latest forecast is at odds with the past few months of the S&P/Case-Shiller Home Price index. That report has given hope that most housing markets may have already stabilized because the composite index of 20 cities rose in May, June and July. Nationally, it found that home prices have gained 3.6%.

Brad Hunter, chief economist for Metrostudy, which provides housing market information to the industry, however, expects a change in fortunes, however.

"I'm afraid Case-Shiller may be just a temporary reprieve," he said.

He pointed out that the tax credit for first-time home buyers helped support prices during the three months of Case-Shiller gains. By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors. But the market assistance ends when the credit expires on Dec. 1.

Hunter also sees a new wave of foreclosure problems coming from higher priced loans and prime mortgages. He expects a high failure rate for option ARM loans that were issued to prime customers so they could buy homes in bubble markets, such as California and Florida. In those areas, prices for even modest homes had skyrocketed.

Winners
A handful of metro areas will buck the trend, according to Fiserv. Six markets will remain flat, and 33 will actually post gains. The biggest winner will be the Kennewick, Wash., metro area, where home prices have ramped up 8.9% over the past three years and are expected to increase another 3.4% by June 2010.

Fairbanks, Alaska, prices are anticipated to rise 2.5%, while Anchorage will climb 2.1%. Elmira, N.Y., prices may inch up 1.8%.

The nation's biggest metro area, New York City, will underperform the nation as a whole over the next two years, according to Fiserv. Prices, which have already fallen 21.7% to a median of $375,000, are expected to fall 17.4% by June 2011.

Home values in the nation's second largest city, Los Angeles, have fallen 43.3% since June 2006 to a median of $313,000. They are expected to dive another 20.2% over by June 2010, and then start to climb in 2011. Chicago prices, which have fallen 25.2% to $227,000, will drop only 4.1% over the next 12 months and then starting to climb.

The Detroit metro area now has the dubious distinction of having the lowest home prices in the country. Prices have dropped 51.7% to a median of $50,000. They're expected to fall another 9.1% and then stabilize.
 

Aussie Prick

Alfrescian
Loyal
Totally agree 100%

Prices in US are still headed down means more buying power for SGs with $$$$

or they can face much lower opportunities and some of the highest costs on earth in Australia.
 

axe168

Alfrescian
Loyal
i heard downtown detroit and new orleans' properties are cheap. time for you to buy?

Yo fish.. stop teasing them.. you believe they will invest in the sinking USD or its economy?

What they are doing.. is trying to lure the non-informed migrants, let them bleed to death or/and eventually return to SG.. to serve their master..
 

neddy

Alfrescian (Inf)
Asset
Yo fish.. stop teasing them.. you believe they will invest in the sinking USD or its economy?

What they are doing.. is trying to lure the non-informed migrants, let them bleed to death or/and eventually return to SG.. to serve their master..

Not matter how bad the US is doing, they are quite an economic force to reckon with!!

Those cheapo properties are in working class or (no-job :eek:) suburbs.
Don't expect affordable housing in desirable areas.
With the strong OZ dollar, we can buy up the whole street for fun.

Remember, if you cannot pay, just return the keys to the bank and run road. Freddy Mac will pick up the pieces. :biggrin:
 

axe168

Alfrescian
Loyal
Not matter how bad the US is doing, they are quite an economic force to reckon with!!

Those cheapo properties are in working class or (no-job :eek:) suburbs.
Don't expect affordable housing in desirable areas.
With the strong OZ dollar, we can buy up the whole street for fun.

Remember, if you cannot pay, just return the keys to the bank and run road. Freddy Mac will pick up the pieces. :biggrin:

I like that ! Once I got my street, next i'll bring in chicken operations.. and rename it as "Local Geylang", subsequently develop Frangrance Hotels and charge hourly room rates.. heehee
 

Aussie Prick

Alfrescian
Loyal
i heard downtown detroit and new orleans' properties are cheap. time for you to buy?

The point is the massive of printing of US $$$ has resulted in a falling US$ with rising gold and oil prices along with abnormally low interest rates.

Worldwide everyone is affected. Everyday of every week your shopping is affected and you car petrol prices is affected as all commodities are priced in US$. Everyone is paying more. In fact the only country in the the world where the fall in the US$ does not result in net import price increases is the USA.

but this is good news for those in a position to take advantage.....

America is going on sale again for those outside looking in. Gold is at 1050 and the S$ 1.38 and it will get worse. Will the S$ reach 1.2? Remember in 2003 the S$ was 1.85 to the US$ and the A$ .52. Equilibrium PPP US$ to A$ is .66 NOT its current .92.

Think about it.....
 

SamuelStalin

Alfrescian
Loyal
Yup, and enjoy GM food and the rfid microchip, proudly brought to you by Monsanto and Verichip. At your service always.
 

fishbuff

Alfrescian
Loyal
The point is the massive of printing of US $$$ has resulted in a falling US$ with rising gold and oil prices along with abnormally low interest rates.

Worldwide everyone is affected. Everyday of every week your shopping is affected and you car petrol prices is affected as all commodities are priced in US$. Everyone is paying more. In fact the only country in the the world where the fall in the US$ does not result in net import price increases is the USA.

but this is good news for those in a position to take advantage.....

America is going on sale again for those outside looking in. Gold is at 1050 and the S$ 1.38 and it will get worse. Will the S$ reach 1.2? Remember in 2003 the S$ was 1.85 to the US$ and the A$ .52. Equilibrium PPP US$ to A$ is .66 NOT its current .92.

Think about it.....

a picture worth a thousand words..

2mhevpu.jpg
 

kiketerm

Alfrescian
Loyal
Is there any restriction for foreigners owning property in America? Sounds like a good opportunity to me. Always wanted to live in California where many successful Singaporeans are based.
 

eatshitndie

Alfrescian (Inf)
Asset
Is there any restriction for foreigners owning property in America? Sounds like a good opportunity to me. Always wanted to live in California where many successful Singaporeans are based.

if you're paying 100% with cash, there's very little or no restrictions. if you need to get a loan, it becomes difficult as there is no income and credit history of you here. most if not all banks will not loan you, as paperwork here has gotten more lengthy, detailed, bureaucratic and tiresome. there was a 1923 law that forbade foreign asians from buying property in the west coast. that law was overturned by the supreme court in 1948.
 

SamuelStalin

Alfrescian
Loyal
Is there any restriction for foreigners owning property in America? Sounds like a good opportunity to me. Always wanted to live in California where many successful Singaporeans are based.

Hope you get GM food and the rfid microchip too you stupid dog.
 

redbull313

Alfrescian
Loyal
To all potential migrants wishing to make a better life:

S$ to US$ = 1.38

Home prices are cheapest now in Western World.

Food, Car etc most cheap price U can find.

http://money.cnn.com/2009/10/20/real_estate/home_price_forecast/?postversion=2009102003

Homes: About to get much cheaper
National home prices are forecast to shrink another 11%. Miami, Las Vegas and Phoenix will record steep declines, but a few cities will actually post gains.
EMAIL | PRINT | SHARE | RSS TWITTER
Yahoo! Buzz
DIGG
FACEBOOK
DEL.ICIO.US
REDDIT
STUMBLE UPON
MYSPACE
MIXX IT
Subscribe to Real Estate

feed://rss.cnn.com/rss/money_realestate.rss
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close) By Les Christie, CNNMoney.com staff writer
Last Updated: October 20, 2009: 11:07 AM ET

Real Estate:
Your local forecast
381 markets tracked
1. Select your state
Choose state Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Dist. of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
2. Select your city/market
Select state above to view cities Latest home prices

The national median home price fell a record 15.6% during the second quarter of 2009. Check how prices fared in your hometown. More Big cities: Big changes in foreclosure rates

Of the country's 20 largest cities, these six posted the fastest year-over-year growth and decline in their foreclosure rates during the first six months of 2009.
View photosWhat I bought with my $8,000 tax credit

These 7 new homeowners stepped up their house-hunting to take advantage of the first-time buyer tax credit -- before it expires on Dec. 1.
View photosMortgage Rates
30 yr fixed mtg 5.23%
15 yr fixed mtg 4.69%
30 yr fixed jumbo mtg 6.01%
5/1 ARM 4.23%
5/1 jumbo ARM 4.68%
Find personalized rates:


Rates provided by Bankrate.com.
NEW YORK (CNNMoney.com) -- If you thought home prices were bottoming out, you may be wrong. They're expected to head a lot lower.

Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.

Overall, the national median home price is predicted to drop 11.3% by June 30, 2010, according to Fiserv, a financial information and analysis firm. For the following year, the firm anticipates some stabilization with prices rising 3.6%.

In the past, Fiserv anticipated the rapid decline in home-sale prices over the past few years -- though it underestimated the scope.

Mark Zandi, chief economist with Moody's Economy.com, agreed with Fiserv's current assessments. "I think more price declines are coming because the foreclosure crisis is not over," he said.

In fact, those areas with high concentrations of foreclosure sales will experience the steepest drops, according to Fiserv. Miami, for example, is expected to be the biggest loser. Prices are forecast to plunge 29.9% by next June -- after having already fallen a whopping 48% during the past three years.

If Fiserv's forecast holds, Miami real median home price will tumble to $142,000 by June 2011.

In Orlando, Fla., the second-worst performing market, Fiserv anticipates a 27% price collapse by June 2010, followed by a less severe drop the following year. In Hanford, Calif., prices are estimated to drop 26.9% and continue falling 9.5% in 2011; in Naples, Fla., they're expected to fall 26.8% and then flatten out.

Other notable losers include Las Vegas, where prices have already fallen 54.6% and are expected to lose another 23.9% by June 2010. In Phoenix values have already collapsed by 54% and could fall another 23.4%. In both cities, Fiserv anticipates the losses to continue into 2011, but they will be less than 5%.

Prices had stabilized
The latest forecast is at odds with the past few months of the S&P/Case-Shiller Home Price index. That report has given hope that most housing markets may have already stabilized because the composite index of 20 cities rose in May, June and July. Nationally, it found that home prices have gained 3.6%.

Brad Hunter, chief economist for Metrostudy, which provides housing market information to the industry, however, expects a change in fortunes, however.

"I'm afraid Case-Shiller may be just a temporary reprieve," he said.

He pointed out that the tax credit for first-time home buyers helped support prices during the three months of Case-Shiller gains. By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors. But the market assistance ends when the credit expires on Dec. 1.

Hunter also sees a new wave of foreclosure problems coming from higher priced loans and prime mortgages. He expects a high failure rate for option ARM loans that were issued to prime customers so they could buy homes in bubble markets, such as California and Florida. In those areas, prices for even modest homes had skyrocketed.

Winners
A handful of metro areas will buck the trend, according to Fiserv. Six markets will remain flat, and 33 will actually post gains. The biggest winner will be the Kennewick, Wash., metro area, where home prices have ramped up 8.9% over the past three years and are expected to increase another 3.4% by June 2010.

Fairbanks, Alaska, prices are anticipated to rise 2.5%, while Anchorage will climb 2.1%. Elmira, N.Y., prices may inch up 1.8%.

The nation's biggest metro area, New York City, will underperform the nation as a whole over the next two years, according to Fiserv. Prices, which have already fallen 21.7% to a median of $375,000, are expected to fall 17.4% by June 2011.

Home values in the nation's second largest city, Los Angeles, have fallen 43.3% since June 2006 to a median of $313,000. They are expected to dive another 20.2% over by June 2010, and then start to climb in 2011. Chicago prices, which have fallen 25.2% to $227,000, will drop only 4.1% over the next 12 months and then starting to climb.

The Detroit metro area now has the dubious distinction of having the lowest home prices in the country. Prices have dropped 51.7% to a median of $50,000. They're expected to fall another 9.1% and then stabilize.

I can actually get a Home Eq line of credit for 3% right now but the paperwork will kill you.
 

eatshitndie

Alfrescian (Inf)
Asset
in the good areas in the bay area, home prices have actually gone up about 10%. the median price is relatively low compared to 2006/2007 due to higher inventories and more short sales and foreclosures. however, at the peninsular (including sf), south bay and east bay, foreclosures and short sales are much fewer than the rest of the greater bay area. an average single family home with a sizable lot is still asking for usd800k. the same house in mountain view and palo alto is asking for usd1.2m to usd1.4m. a smaller townhouse with a small lot in willow glen is asking for usd650k. if you venture further out of the bay area to antioch and brentwood, the same house is asking for usd350k. more than 50 miles from the bay area in stockton and modesto, which is considered ground zero of the norcal housing meltdown, the asking price of a single family 4 bedroom 3 bath home on a 6000 square feet lot is around usd200k to 300k. big difference in just 50-70 miles of distance between the bay and inland communities. in short, in the better areas of the bay area, the bargain window has closed. wait for another 10 years to buy in if you're still in analysis-paralysis mode. bye bye losers.
 

fishball22

New Member
i heard downtown detroit and new orleans' properties are cheap. time for you to buy?

I also strongly suggest against buying property in these 2 cities, esp detroit. It's more most depressed & dangerous city in the US. The job market there is continuely shrinking and even though housing there is v. depressed, it's expected to drop some more. I also hear that New Orleans, 4yrs after Katrina, is still very devastated. Avoid!
 

redbull313

Alfrescian
Loyal
in the good areas in the bay area, home prices have actually gone up about 10%. the median price is relatively low compared to 2006/2007 due to higher inventories and more short sales and foreclosures. however, at the peninsular (including sf), south bay and east bay, foreclosures and short sales are much fewer than the rest of the greater bay area. an average single family home with a sizable lot is still asking for usd800k. the same house in mountain view and palo alto is asking for usd1.2m to usd1.4m. a smaller townhouse with a small lot in willow glen is asking for usd650k. if you venture further out of the bay area to antioch and brentwood, the same house is asking for usd350k. more than 50 miles from the bay area in stockton and modesto, which is considered ground zero of the norcal housing meltdown, the asking price of a single family 4 bedroom 3 bath home on a 6000 square feet lot is around usd200k to 300k. big difference in just 50-70 miles of distance between the bay and inland communities. in short, in the better areas of the bay area, the bargain window has closed. wait for another 10 years to buy in if you're still in analysis-paralysis mode. bye bye losers.

In my city prices are up 5% this year in the best neighborhoods but the overall citywide median price is down year over year, especially in the outlying areas. I bought a Flordia foresclosure and its up too but when I call Third Federal their appraisal wont record the higher price until next year.

The home loan approval process is nothing like it once was. I had to give 1040s etc. No more getting a loan over the phone but I notice ditech has started advertising again. No more liar loans anymore but thats a good thing.

But really at these prices I think its just silly not to buy cause although prices overall may be bottoming out, we cant maintain such low interest rates for much longer. Rates will be going up next year.
 

Satan

Alfrescian
Loyal
i heard downtown detroit and new orleans' properties are cheap. time for you to buy?

Not suprising. These cities are not good places to stay in. The last I was in Detroit, I hated it. Miami would be a good choice. Cheap does not necessarily equate to good. New York for example is one of the costliest places in the US , however you might find apartments in Brooklyn affordable but it is not quite the place you'd like to stay in.
 
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