One million homes in foreclosure

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JEFF COGA
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Postby JEFF COGA » Tue Aug 19, 2008 1:15 am

Cucumber wrote:My question is how much lower can home prices go? I know in some areas they are practically giving houses away it's crazy


MI, OH, and etc where hit very hard... I actually bought a 4 BD 2 BTH in a nice neighborhood for $1,500 - needs new carpet and paint... Cant get that in California!!!

For home prices check out -
realtytimes.com - still biased since its realtors giving advice but still good info when its free
mgic.com - and click on restricted area's - if the banks aren't willing to lend you should be saying "hmmm i wonder why"
Jeff Coga
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fffresh
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Postby fffresh » Fri Aug 22, 2008 4:00 am

Where'd you get that at for that price, in Detroit? I would do that but what are the property taxes on a place like that? I figure no point investing if I'm going to have to shell out a ton in property taxes each year while I wait for it to appreciate.

I read today that even San Fran which people said wasn't getting hit saw a decrease of 30% in prices since the peak.

JEFF COGA
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Postby JEFF COGA » Fri Aug 22, 2008 11:58 am

yup.. in detroit - with the price I would not buy even if property taxes is just 2-3k since I'm very conservative and I want control on any property. I live out in california so its tough to manage properties out of state. I wouldnt mind wholesaling the properties but these properties out in detroit needs repairs and I'm not putting in the work... I just want to make a few bucks and let someone else do the repairs.


In s. cali we went down about 29% in the first QT compared to last year - I still believe prices are going to decline. It's like a pendulum - it swings one way and it will swing hard the other way.
Jeff Coga
- Get the hottest deals in Southern Cali
http://www.SoCalBargainProperties.com

-Want to learn real estate? Learn while your Earn...
http://www.SoCalRedevelopmentTeam.com

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Mogul of Pineapples
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Postby Mogul of Pineapples » Fri Aug 22, 2008 10:33 pm

I'm in California too and I think prices will continue to decline. It's more than just a recession, we are entering the first global recession. Every country across the globe is suffering right now, because we're so intertwined with each other now. Japan can't boom unless the rest of the world can afford their tech products. The U.S. can't boom unless we can afford to buy things. We're in one big mess now with no end in sight, at least for in the near future.

This property you bought in Detroit, are you renting it out or just want to sell it outright?
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fffresh
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Postby fffresh » Sat Aug 23, 2008 6:35 pm

What part of Detroit are they in? I know that city pretty well. How much are the average taxes they're charging on those properties right now anyway? I would buy there but I don't know when the market will go up there unless they start getting some jobs.



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