UBS economist predicts at least 10% drop in home prices in 2007

[mawilson 2,133]

Did U put BS in UBS?

[w¡n9Nµ7 §£@¥€r 123]

Did U put BS in UBS?

Please explain why you think this report is BS.

[mawilson 2,133]

Please explain why you think this report is BS.

Well actually I hope it's not - but they've been trying to slow the market down

for quite some time now. It looks like it's finally showing some signs of

slowing down but I don't want to be too optimistic.

[w¡n9Nµ7 §£@¥€r 123]

I hope it slows down everywhere but here lol.

[Trompe le Monde 1,107]

I'm waiting for it to bottom out!

so you can enter the market?

Daniel

:energetic:

I guess -- we could enter it now, but I firmly believe that now is not the time to buy in LA. We had a house in the UK which we sold and when moved to US were planning on buying right away. As soon as I saw LA house prices, we changed those plans -- I didn't think it could be as bad as London, but I was wrong.

[AnaAndDaniel 0]

I'm waiting for it to bottom out!

so you can enter the market?

Daniel

:energetic:

I guess -- we could enter it now, but I firmly believe that now is not the time to buy in LA. We had a house in the UK which we sold and when moved to US were planning on buying right away. As soon as I saw LA house prices, we changed those plans -- I didn't think it could be as bad as London, but I was wrong.

yeah, not cheap. i have cosins over there. they got in early. want me to move down. love too, but dayum those prices scare the heck out me. good luck!

Daniel

:energetic:

[chri'stina 190]

UBS chief economist Maury Harris is predicting median home prices will fall 10% over the next year...

[...]

However, he expects the Fed will step in and begin easing the fed funds rate in March. He sees the Fed cutting rates by 100 basis points to 4.25% from its current level of 5.25% over the next year. If this doesn't happen, he said the declines could be sharper.

http://www.marketwatch.com/news/story/stor...A-A73E84A788A3}

Nooo...we want to sell within 2 years and we aren't going to make money.

I hope it slows down everywhere but here lol.

Here too!!!

[Trompe le Monde 1,107]

yeah, not cheap. i have cosins over there. they got in early. want me to move down. love too, but dayum those prices scare the heck out me. good luck!

Daniel

:energetic:

When $500k buys you a very modest 2 bedroom home in places like Inglewood and Compton -- you know somethings gotta give!

[mrsushi66 0]

chicken or the egg...

Everyone says the days of the house are numbered and the values are going to drop. People try to sell their houses based on this media blitz that says the housing market is doomed buyers say nah I dont want to buy your house cause prices are going to keep going down. Sellers keep droping the price of their house to sell it...

People are the market and people influence the market, if as a whole everyone keeps waiting for the bottom and those who have houses scramble and do anything they can to get out of their house of course the market is going to take a huge down turn.

Course I am not economist so this is a laymans opinion.

[peejay 327]

UBS chief economist Maury Harris is predicting median home prices will fall 10% over the next year...

I bought my house during the doom and gloom post oil bust of Houston in the early 90's and the darned thing has doubled in valuation since then. I'm glad about that, but it is our home and not an investment. We have no plans to move, so its not an issue with us.

[AnaAndDaniel 0]

UBS chief economist Maury Harris is predicting median home prices will fall 10% over the next year...

I bought my house during the doom and gloom post oil bust of Houston in the early 90's and the darned thing has doubled in valuation since then. I'm glad about that, but it is our home and not an investment. We have no plans to move, so its not an issue with us.

same here peejay. as long as there isn't a need to move, this is it for us.

Daniel

:energetic:

[peejay 327]

UBS chief economist Maury Harris is predicting median home prices will fall 10% over the next year...

I bought my house during the doom and gloom post oil bust of Houston in the early 90's and the darned thing has doubled in valuation since then. I'm glad about that, but it is our home and not an investment. We have no plans to move, so its not an issue with us.

same here peejay. as long as there isn't a need to move, this is it for us.

Daniel

:energetic:

If you think about it...the only way I can profit from the jump in price is to sell it and move to a tar paper shack on a dirt road in the middle of the nowhere. I gotta live somewhere and it might as well be where I'm at. And besides...my wife won't be happy living in a tar paper shack out in the boonies.

[Jenn! 918]

Falling prices or not, we still can't afford to buy a house around here. I suppose we'll wait another x years. I think it will be a perfect time then!

[AnaAndDaniel 0]

UBS chief economist Maury Harris is predicting median home prices will fall 10% over the next year...

I bought my house during the doom and gloom post oil bust of Houston in the early 90's and the darned thing has doubled in valuation since then. I'm glad about that, but it is our home and not an investment. We have no plans to move, so its not an issue with us.

same here peejay. as long as there isn't a need to move, this is it for us.

Daniel

:energetic:

If you think about it...the only way I can profit from the jump in price is to sell it and move to a tar paper shack on a dirt road in the middle of the nowhere. I gotta live somewhere and it might as well be where I'm at. And besides...my wife won't be happy living in a tar paper shack out in the boonies.

that is right peejay. selling and buying in the same region is a lateral move. the only thing you achieve is being able to pay more for a bigger house or better neighborhood. but man, i really rather not re up with a 30 yr morgtage.

i "looked" at possible moves. the only move that would make any sense for us would be to move to north carolina. but then, we would have to restart our lives there. and for what?

like i said, unless we have to, we aren't moving.

besides, all those non paying years after we pay it off will be really sweet.

Daniel

:energetic:

Edited November 16, 2006 by AnaAndDaniel