Things sure have changed since 2006!!!!

[gimmethesimplelife]

Recently I was clearing out more clutter and ran across a Sunday paper from October 2006 from here in Phoenix. I am amazed, absolutely amazed at these crazy overpriced real estate listings from back then! I just wish there was some way we all could have known that real estate was going to fall so far so fast here in Phoenix. I wonder if the crazy run up would have happened anyway even if people had known? Something else that struck me is OMG - there used to be more than 2.5 pages of help wanted ads in this metro area of 4 million people! I wish there was some way we all could have known the job market also was going to sink so far so fast....Rob of the Valley amazed at the changes since 2006

[kally]

up here near Vancouver BC we are still in the high prices. It all has to change someday.

[Wildflower]

I am so glad we sold my Mother's house in early 2007 after she passed away. My sister wanted to wait, but looking back I know we would have never got the price now that we got then, or even if it would have sold....
Yes, things have definitely changed alot!! My son-in-law recently got laid off from his job, most likely permanently, and the opportunity for a comparable job is so not there. He has a family to support and is already getting so depressed. It really sucks for so many people right now. Wondering when it is going to get better....gas prices are supposed to be going way up and that won't help any either.

[loosechickens]

we have friends in that area who bought a place for about $260,000 during that period.....value now is down to $132,000 last time we checked Zillow, and the place next door went on a foreclosure sale for $99,000. They are lucky, as they are retired, and have no mortgage or plans to move anytime soon, so may be able to "outwait" the worst of it, but it's a mess. Houses all over their neighborhood are empty, either foreclosed on or abandoned by owners so upside down they lost hope.

[ApatheticNoMore]

up here near Vancouver BC we are still in the high prices. It all has to change someday.

You'd think so, but frankly I've given up on prices every being remotely affordable in some places (like say CA :)). Oh well, other ways to skin a cat, save money, that pour it all into houses.

[lhamo]

we got a steal on our NYC apartment when we bought in 2000 -- paid just $118k. We sold it in 2003 for around $270k, and those buyers sold it again in 2005 for $535k. The apartment downstairs (exact same layout but nicer finishes) sold in 2006 for $635k. The apartment next door to ours is now for sale for $412k. I am actually surprised that the values dropped so much because this is now a highly desirable neighborhood (profiled in the NYT real estate section a few weeks ago) less than 15 minutes from midtown on the train. If it were in Miami, I guess it would be worth only about 50k by now...

lhamo