megamansion prices being forced down is hurting my little house too.

[Rosemary2205]

My house has never been valued at more than $100,000. 2 beds, a teeny bath, on the "wrong" side of Atlanta. They yuppies think this county is only fit for section 8 recipients.

Recently my county decided to spruce the place up and passed a new law requiring all new homes be at least 2000 sq ft. Now, suddenly, the fancy all you can eat mortgage market has dried up and it's back to at least 10% down and staying within a reasonable percentage of your income. Unqualified and marginally qualified buyers are out - and I've seen a lot of reductions in the prices of megamansions being slapped up around here.

A quick search shows houses of my size and quality down to the $90's instead of the low low 100's. I've been in my house for 20 years. I'm neither a speculator or greedy homebuyer looking to make a killing in 3 years flat. $10,000 is a hell of a lot of money to me.

There's a domino effect at work most people discussing the housing market do not realize - and when all the boomers start throwing their homes on the market to buy into retirement communitees or cash out of their stocks - that is going to make it even worse. IMHO

I fear those of us coming smack behind the boomers....those of us in our late 40's and maybe even those in thier mid 30's will never even be able to think about a retirement at all - let alone one that affords us the chance to chase our dreams, take a cruise a year, snag a new lexus every few years or any of a myriad of things today's retirees seem to take for granted.

[tabatha]

1. Or worse.

Americans could lose any thought of home-ownership because their homes will be bought by foreigners who have more money.

[JosephSchmo]

2. hopefully you paid less than 90K for your house

and get to make some profit.

It's too bad those overpriced McShitBoxes have taken you for a ride. I think in a few years everything will be back to relative normality.

[SlipperySlope]

3. Relax...

You've been in your house 20 years already, so you should be fine. You've probably already got a good capital gain waiting for you when you sell, and have most of your mortgage paid off, so you are well positioned to withstand whatever storms come your way.

What matters isn't what your house is appraised for today, or appraised for yesterday, but what it appraises for on the day you sell. This disaster we are facing will take a few years to clear up, but by 2010 I think things will be back to normal.

[Ichingcarpenter]

4. The expect another 20% loss this year

The same is happening in Europe. My condo value, her, has lost 30% of its value as compared to 2 years ago.

My friends in Europe say that the same thing is happening there. Many banks and countries were tied into the whole scam where we all saw real estate prices fly out into space which fueled an economy on loans against property that produced a synthetic stimulus for the economy. The understanding of ownership of property needs to be reexamined by society and not by individuals in order for its survival.

[Warpy]

5. Damned few retirees do that shit

Most of them are living lives of quiet desperation. The trips they take are generally to the mall to window shop because social security and the pension that got eaten up by inflation aren't allowing them to make it any more, especially if their medications have them falling into that doughnut hole every year. Dinner out is meeting their friends for lunch at a diner or fast food place. The budget won't stretch any more than that.

So they sit home and watch TV and babysit the grandkids now and then and hope like hell their health holds out and they die of something really quick so the survivor will be able to keep the house and have something to leave the kids.

The glittering grannies in the retirement communities in the sunbelt are a tiny minority. Most retirees are damned poor.

[soothsayer]

6. hopefully your prop. taxes will go down. (but they probably won't if your county

is a crooked as everyone else's)

[Skittles]

7. they NEED to go down

they are way f***ing OVERPRICED

[Alcibiades]

8. Stupid, stupid, stupid

All the work that's been done (and it's not been enough) to get affordable housing, and your county slaps a 2000 sq ft requirement on new housing? Families are smaller than ever, but the folks in Atlanta now require builders to build homes larger than most people need? I'm sure builders and real estate agents love this one. They always try to get people to buy "the most home you can afford," even if you cannot really afford it.

Remember, government intervention in the economy is bad! Except, apparently, when it is used to force you to buy a bigger house than you want or need. So much for the free matrket.

[michreject]

9. I'm puting mine on the market in June

Moving from Michigan to somewhere down south.

We'll see what happens.

[michreject]

10. Double tap

:blush: