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Buying Real Estate
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Jay NE Ohio
Posted 11/13/2012 13:20 (#2694937 - in reply to #2694437)
Subject: RE: You are late to the party...



northeastern Ohio

CRJ is correct.  The low in the housing market may be in already.  2 years ago I could buy houses for $10k to $20k (I bought 4 houses during that time,,, all required minor repairs).  Today, the same quality are bringing $30k to $50k in my area.  Unemployment has went down slightly, less houses on the market, less forclosures.  Also, many communities have received grants over the last several years to tear down some houses.  Very little new construction going on.  So supply is less and the demand has increased, which has helped prices.

With that said, housing prices are still reasonable.  When we see a real recovery in the economy (4 more years?) with <5% unemployment, I am sure that prices will continue to climb.  There are many good houses out there that cost less than the price of a new pickup.  As "used" housing prices increase, we will see some new construction again, which will temper the increase.  Just keep an eye on lumber prices to get an idea of the housing market (see chart below).    





(LUM.GIF)



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