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Additional Details
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coolkid2787 | If they credit crunch has resulted in a fall in house/property prices, why is this a bad thing? |
I have noted that a recent result of the global credit crunch is its affects on the property market.
I have learned that house prices have fallen recently.
However isnt this a good thing? Lower prices means cheaper houses, no?
Could someone please explain this as i really dont get it (amature here)
Thanks. |
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murigenii
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depends on which angle you are looking from. Like other people have said there are the ripple effects when the market is down. It's worse for some now because they bought recently for (IMO) inflated prices and now owe more on their property than what it's worth.
But for some of us it's a good thing. Our value decreased slightly this year. Yippee! means our property taxes won't go up again. I wish it would go down more. We're not planning on selling anytime soon. I'd hate to have to sell my home because I can't afford the property taxes anymore. |
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retox
 |
On the face of it, it would seem a good thing. You would think that property would be more affordable to people, particularly first time buyers who are essential for keeping the property market afloat. However, the problem at the moment is that many lenders have restricted their lending by a huge amount meaning that it is very difficult indeed to get a mortgage. Owning a property is still out of the reach of most people. The prices haven't dropped that dramatically to make purchasing a property affordable. Sadly, I don't think that property prices will fall by the amount required to make it affordable. |
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Fooligan
 |
It's good for first time buyers, if they can get a mortgage, but much of our modern economy relies on rising house values whereby people have been re-mortgaging to the hilt based on the fact that their house will be a kind of safety net. They spend the cash on cars, extensions etc and this obviously good for the economy.
So, when house prices fall, people don't borrow so much as there house isn't going up to cover their *** and so they aren't spending in the general economy...not good. |
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Hayley B
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lower house prices are bad if ur trying to sell your house. so not alot of people are putting there houses up for sale as they won't make there money back. also lenders arn't lending money to buy houses as people just don't have the money to pay back money as things re going up in price but wages arn't so its really hard to get excepted for a morgage on the 1st place hope this makes sense |
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LYNNSGARETHS
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good if your buying bad if your selling like myself and having to drop the price by a lot. |
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golferwhoworks
 |
yes it is a good thing but it also killed several segments in lending as well. Self employed people are going to be very hard put to get a loan as most write off as much as they can for tax purposes. Also the people who have credit challenges are total stuck in high interest rate notes as they cannot refinance these now. That is why the foreclosure rate has gone almost to 1/10 of one per cent and many investors bailed on the mortgage industry. So realtors have homes for sale and very few qualified borrowers. That is why it is a bad thing. The next reason is the media blows things way out of proportion and that has hurt all financial markets not just the mortgage and real estate markets |
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claws
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its bad if you bought your house in the last year or so as prices have fallen you wont get the amount back you paid for it. As the prices of houses tripled from when I got mine a good few years ago I will gain but if I wanted to sell I wouldn't get any money as you have to pay today's prices. I wouldn't be able to get on the property ladder if I was a first time buyer now.
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Marysue
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It’s good for buyers who can get more for their dollar than a few years ago. It also opens the doors to some buyers who couldn’t previously afford a payment.
It’s bad for people who bought homes in the last few years and either now must sell or have adjustable rate mortgages and would like to refinance info fixed ones, but cannot because they owe more than their home’s current value and do not have the cash to make up the difference.
Think of it this way:
Ifyou want to buy something, the price going down is good for you.
If you already own something, the price going down isn’t good for you.
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ITSMEYO
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Being a home owner I now regret buying my house. The value has decreased and if I were to sell now I would have to settle for much less than I would have 2 years ago. |
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Paul in San Diego
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Housing prices falling as they have for the last couple of years is a bad thing, because of the ripple effect it has on the rest of the economy.
When housing prices are rising, people are gaining equity in their homes. They then cash out that equity by refinancing and that money is spent on material items, home improvements, and various luxuries (such as lavish vacations) that these people would not ordinarily splurge on. Also, as people see purchasing a house as a way to increase their wealth, more people get into the purchasing game. This also spurs development of additional new housing projects, as developers look to cash in on an increasing market. These factors generate lots of jobs in the construction and real estate markets, as well as sectors of the economy that provides the luxuries people are affording (the tourism industry, for example).
But, when home prices are falling or stagnant, people are losing equity on their property or just not gaining any. So, they can't cash out any equity and they stop spending on the things they bought when the prices were going up. So, the industries that did well when prices were going up are now the same ones that are hurt by prices going down. People in construction and the real estate industry in particular (like the mortgage industry) are losing their jobs. So, there are even less people out there spending money and the economy in general gets worse.
As prices began falling, people stopped buying property, unless they were either wealthy, or for some reason were not concerned (or not informed) about how the property they buy today will be worth significantly less in the next couple of years. That, along with the mortgage crisis causing record foreclosures, resulted in a very high inventory of unsold properties on the market. This then drives the price down further, as people desperate to sell reduce their prices.
Eventually, this whole downward spiral will bottom out, as the glut of foreclosures get bought up by people fortunate enough to have the means to get into the market right now. Prices will then level off and start to come up, and they will be back to their 2005 peak - and likely beyond - in the next 7 to 10 years (like it has since around the 1950s). And, everyone will be in the money again. |
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