Didn't they say this in 2002?
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Prices from the year 2000 look correct right about now.
Didn't they say this in 2002?
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Didn't they say this in 2002?
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I know what you're saying, but it's a different situation. You can't compare a rapidly appreciating market with a market that has tanked for 2+ years now. There has to be a bottom somewhere. I think overall prices are still somewhere in the 2004 range. It would still be a very significant drop for the overall average to hit 2002 pricing.
It appears that home prices are above replacement cost. Wouldn't this situation have to correct itself before any meaningful recovery can occur?
Are people jumping on the foreclosures because they don't want to deal w/ the hassle of a short sale, because the prices are reasonable, or other?
I also think agents are beginning to steer away from them(short sales) as the foreclosure are beginning to show up in the market. We like to get paid.
...so today's short sales will be future foreclosures coming down the pipe and all those bubble-priced "regular" sales will be future short sales which will be future foreclosures....nope, this thing is still far from over.
Then again, banks may be more unwilling to accept these short sale requests and just go straight to foreclosure to get this thing over and done with. I'm safely assuming the majority of these properties are second/investment properties that don't qualify for any of Uncle Sugar's giveaways.
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