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home inflation

 
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in_search2006
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PostPosted: Wed Nov 22, 2006 10:50 pm    Post subject: home inflation Reply with quote

what do you people think of the boom and bust with home prices? how bad has it affected your area? I've seen some homes
in crappy neighborhoods spike up two to three times in value about a year or so ago...
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pipedreams
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Joined: 15 Nov 2002
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PostPosted: Thu Nov 23, 2006 6:47 am    Post subject: Reply with quote

In New England home values have been dropping considerably over the past year. Roughly a 20% loss so far....of course the high price was WAY overpriced, so things a just heading back to a more reasonable level IMO.
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cedar valley
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Joined: 06 Nov 2003
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Location: On a farm... in a valley... in Tennessee

PostPosted: Thu Nov 23, 2006 6:55 am    Post subject: Reply with quote

In Mid TN, it hasn't been all that big for us. I guess the biggest thing I've noticed is land we paid 3k per acre for in 2002 is easily going for 7k per acre now. Makes our plan of buying more land after we got settled in pretty hard to swallow. House prices haven't seemed all that inflated here, not like the big cities out west. They've gone up a few percent per year, and stayed there.

Sales seem to be down slightly right now, but probably because the houses I've seen for sale aren't really worth the asking price. Folks trying to get top dollar and not worried about how long it takes. #rolleyes #cool
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