In it they talk about how some states that didn't see the extreme boom aren't seeing the extreme bust as well, Montana as a whole is included in that, showing almost a 7% gain in values last year.
The general trend here in Missoula is that the amount of sales are down, the amount of listings are up, but values are still rising at a healthy, but not crazy, rate. There's a correction that is taking place in terms of how much is being sold, however there really isn't on values.
Joined: 29 Nov 2002 Posts: 6934 Location: Rattlesnake Valley 9230 eGriz Bucks
RealtyTrac.com reported that Montana's foreclosures increased 40 percent in the past year, but there's only about one foreclosure per 1,000 households. Compare that to Nevada's 1 foreclosure for every 50 households. We're in pretty good shape compared to other states.
RealtyTrac.com reported that Montana's foreclosures increased 40 percent in the past year, but there's only about one foreclosure per 1,000 households. Compare that to Nevada's 1 foreclosure for every 50 households. We're in pretty good shape compared to other states.
Exactly, we're seeing changes here, no doubt. But what you read in the papers and see on TV isn't nearly as bad here.
Yet, most Missoulians can't afford housing, so we're relegated to an apartment. Unless you bought 10 years ago, slim chance of getting into a place now unless you've got a nice salary to pay for it.
Yet, most Missoulians can't afford housing, so we're relegated to an apartment. Unless you bought 10 years ago, slim chance of getting into a place now unless you've got a nice salary to pay for it.
Easy solution, cut Realtors commission to 2%. Hi Re/Max.
ReMax: How much of the slowdown in volume in Missoula do you suppose is the result of people just waiting awhile to make a purchase in the hopes that prices will come down a bit? It seems like the fundamentals of the market aren't really messed up (like they are in some parts of CA) and that it might be more of a matter of people hearing all of this news from around the country and are a bit hestitant to jump in right now ... or are maybe waiting in the hopes of cashing in on somebody else's loss?
Joined: 29 Nov 2002 Posts: 6934 Location: Rattlesnake Valley 9230 eGriz Bucks
MrTitleist wrote:
Yet, most Missoulians can't afford housing, so we're relegated to an apartment. Unless you bought 10 years ago, slim chance of getting into a place now unless you've got a nice salary to pay for it.
I would buy an owner occupied duplex...that market seems pretty reasonable right now. Harder for investors to buy so a little depressed but if you move in you can get a good deal and use some of the rent from next door to qualify for the loan.
When I was buying property in the early 80's I was saying the same thing...overpriced how can I afford etc...
Yet, most Missoulians can't afford housing, so we're relegated to an apartment. Unless you bought 10 years ago, slim chance of getting into a place now unless you've got a nice salary to pay for it.
Titleist - you might be surprised for what you can get, I think a lot of people simply don't think they can afford anything, but they never talk to a lender.
I've seen renters who are paying $1000 - $1200 a month in rent for a house, and that type of payment could easily be a mortgage payment on a $150k - $180k house (if not more). The other thing that is becoming less of a tough sale in Montana is condos. You can get some real nice, brand new, stuff in the $140,000's and up all around town.
ReMax: How much of the slowdown in volume in Missoula do you suppose is the result of people just waiting awhile to make a purchase in the hopes that prices will come down a bit? It seems like the fundamentals of the market aren't really messed up (like they are in some parts of CA) and that it might be more of a matter of people hearing all of this news from around the country and are a bit hestitant to jump in right now ... or are maybe waiting in the hopes of cashing in on somebody else's loss?
It's a factor, we've got a lot of people who are watching shows like Suzy Ormann and she's telling them to "wait until it bottoms out, then buy, buy, buy!" But we're seeing that the only thing this slowing out here is volume, not value. I think people are coming around, stuff is still selling a lot here, but I do hear that on a regular basis, either homeowners thinking their value has dropped, or buyers who are waiting for things to get worse.
Joined: 23 Dec 2002 Posts: 3180 Location: Somewhere between angry and catatonic... 2930 eGriz Bucks
This is simply a market correction, IMHO...
A large piece of the foreclosure problems are folks who speculated and lost or those who were qualified by lenders/realtors for properties they couldn't really afford under conventional programs. Read a stat the other day that said that 75% of the programs lenders had to offer 1 year ago are now gone. Now, looks like you need to be able to put money into a property to qualify...Noble idea-
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