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Reader comment on:
On Housing, ‘Worst Is Yet To Come'
in response to reader comment: Mr. Case - Empirical Evidence v. Factual Stats

Submitted by Roy A. Hughes, III, Mar 28, 2007 21:53

I for one agree with what Mr. Case's article contained and let me tell you why...

My wife and I bought a house in Port Orange, FL in November 2005. At the time we were searching for a home, the market in that area, along with Daytona Beach, Ormond Beach, and surrounding cities were all boasting the hottest market in the nation. For every house that was for sell, you would have 10 people that were trying to simultaneously sign a contract for purchase. Thanks to the realtors and investors and even the buyers that bought the houses at the inflated prices, the sudden surge in unreal prices were a reality. If you found a home today, and wanted to think about it overnight before committing, you lost the chance to buy.

So, my wife and I agreed to purchase a modest home at a whopping $340,000, because AT THE TIME, it was considered a very good deal for a move in condition home in the area. After only a year and a half, my job went belly up which forced me to seek new employment. Unfortunately, nothing was available in the small towns surrounding Daytona Beach. So, I had to relocate.

This is where it gets great Mr. Jones, which is contrary to your statement that the decline in the market is a myth...

When meeting with the realtors, it was revealed that the LIKELY selling price for our house would be around $275,000 (estimated by two separate brokers). If you do the math, you'll find out that we will suffer a 19.1% decline from what I paid for the house. Now, I don't know how you feel about that Mr. Jones, but how would you like it if I came up to you when you REALLY needed to sell your home and informed you that you can sell your home, but you'll have to suffer a $65,000 loss! Most of the general population would find that a very HARD pill to swallow, don't you think? And THAT is our reality, and it certainly does exist. So, your statement, "...I have seen NO EVIDENCE of a decline in residential real estate values," certainly DOES exist, and it's not just Florida. Perhaps you should step outside your box and take note of the facts. It certainly has made my wife and I believe that the best thing to do AT THIS TIME is to rent until we see with factual evidence, where the housing market will return to normalcy. For those that say, "Yeah, but you are just throwing your money away when you rent," will get a strong disagreement from me. According to my calculations, I'd have to throw my money away for several years to hit $65,000. But, at least I wouldn't have to worry about repairs.

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Other reader comments on this article

Comment	By	Date
In all of the negative commentary I've read in response to my factual comments, I have heard nothing FACTUAL that... [MORE]	Kenneth J. Jones	Mar 29, 2007 08:36
Jones -- Your fondness for capital letters and smug indignation doesn't substitute for the FACT that you haven't answered any... [MORE]	BLANEY	Mar 29, 2007 18:41
"To the ignorant and depressed among us:" Kenneth Jones? Did you even bother to read the response to YOUR ignorance,... [MORE]	Roy A. Hughes, III	Mar 29, 2007 22:21
Mr. Jones- Your attempt to paint a rosy outlook on the housing market is kind of sad. I realize you... [MORE]	Cornelius	Mar 28, 2007 15:17
It is now April 12, 2007. Ive been in phoenix for about 6 weeks looking for a home and am... [MORE]	bank of amigo	Apr 12, 2007 12:26
Dear Mr. Case: I don't doubt the experiences of you and your friend. However, isolated cases of personal experience, upleasant as... [MORE]	Kenneth J. Jones	Mar 28, 2007 07:00
There is one hint that prices will drop. No one can afford even a decent condo today. If you have... [MORE]	Blaney	Mar 28, 2007 18:14
I for one agree with what Mr. Case's article contained and let me tell you why... My wife and I bought...	Roy A. Hughes, III	Mar 28, 2007 21:53
Mr. Krystofiak is apparently not a student of history. IN FACT, during the worst real estate markets since the great... [MORE]	Kenneth J. Jones	Mar 28, 2007 05:01
While I haven't read the NAR data to which Mr. Jones refers, I DID live through the late 80's and... [MORE]	Rick Case	Mar 28, 2007 06:31
I lived in Austin TX from 1983-95...The 1985-92 bust ranged from 25% to 50% decline depending on location and quality... [MORE]	Army No. Va.	Mar 28, 2007 21:13
Your story is right people making 40,000 a year can never repay a 500,000 fix @ 30 years let alone... [MORE]	notarealtor	Mar 27, 2007 20:38
We are just at the beginning of this Housing Crash. Just look at how ridiculous things got. Homes appreciatated from... [MORE]	Bruce Bartman	Mar 27, 2007 19:08
Many people believe that this will all blow over in a few months. Most don't understand the causes of the... [MORE]	Don	Mar 27, 2007 15:45
We won't have hit bottom until it becomes "common knowledge" that it never makes sense to buy when you can... [MORE]	Paul	Mar 27, 2007 12:50
I'm amazed by economists who can't clearly see that housing is going to be in trouble for the next few... [MORE]	Charlie	Mar 27, 2007 09:18
D: Most major economists like Paul Krugman of Princeton and Schiller of Yale have been saying there is and will be... [MORE]	bababoey	Mar 27, 2007 08:22
Dan Great article. We definately have not seen the worst of this real estate downturn. As a real estate broker and... [MORE]	Stan	Mar 27, 2007 01:01
I have been following the housing market for a bit more than 2 years now. I think Mr. Green Span... [MORE]	Vu Nguyen	Mar 27, 2007 19:45
In many parts of New York City values seem to be holding up. In Brooklyn we still have areas moving... [MORE]	Marc	Mar 27, 2007 20:44
Lenders have provided programs to qualify most any buyer today. Loan officers are not properly trained to sell sophisticated mortgage products.... [MORE]	Jim	Mar 28, 2007 10:29

Reader comment on:On Housing, ‘Worst Is Yet To Come'in response to reader comment: Mr. Case - Empirical Evidence v. Factual Stats

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Reader comment on:
On Housing, ‘Worst Is Yet To Come'
in response to reader comment: Mr. Case - Empirical Evidence v. Factual Stats