Off-Topic: Obama delivers ... again.
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Name:
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GoneFishin
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Subject:
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Obama delivers ... again.
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Date:
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6/24/2010 8:27:05 PM
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WW, if you read my previous posts I back a 20% down payment and have no support for any porposal requiring a 5% down payment.
You seem to answer your own question on why people aren't buying. Waiting for a bottom is quite different than the future. I have been to auctions for condos and homes. They all sell subject to acceptance. Some go through and some fall through cause the owner thinks their property is worth more. Prices have tumbled...a condo that was on the market origionally for $595,00 was sold for $175,000. After selling the first one, they closed down the auction. There were many there with bidding fans. People expected since it was an absolute auction that other units were going to be auctioned and would go for less. Surprise, they only had to sell the first at absolute.
A friend bought a beach house for $249,000 in 2003. They put it on the market in April for $239,000. It sold in May for $215,000 and the buyer received the $8,000 tax credit for a net of $207,000. Price it right and you can sell it.
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