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This will be short lived positive news. Another HUGE round of forclosures isn't far off. All of the people who couldn't afford the home that they shouldn't have purchased, from banks who shouldn't have sold it to them- have refinanced to keep their homes (temporarily) a little longer. Round two is near and it might be worse than before.
I would like to know where this increase is because it certainly isn't in my neighborhood.
Gee, all we need is another 50% and my house will go for what it would cost to build it. Pretty dismal when the insurance company says it will cost more to rebuild my house if it burned down than the appraisal. That means the lot and foundation are worth zero. Right now the house next to me is listed for the same price it sold for in 1995.
That's right alagnak, beat those fear drums! THAT will surely help us all reach for the stars!
Don't worry everything is fine. Just ignore those talks about a fiscal cliff... and that gigantic national debt is probably nothing.
We have had 8-10 houses go up on our neighborhood over the last 6 months or so, we are in the process of refinancing our home and were shocked at how high the appraisal came back, it's not all doom and gloom everywhere.
Sweet! Due to this great news I think banks should start giving out mortgages at 110% of appraisal again....that way I can go out and buy a new boat and a convertable. And once it all comes crashing down again I'll just wait our lord and savior Barack Obama to bail me out. Everyone else did it and got bailed out, why shouldn't I? We're all in this together, aren't we?
I'm with FrankL on this - For some reason my house would cost $100,000 more to rebuild (on the same land) than it just appraised at for a refinancing. The refinance was worth it, though, saving me about $100,000 in interest over the next 15 years.
I'm glad to see construction is up, and people are starting to be able to sell their houses without short sales. It is still cheaper to own a home than to rent, especially given today's rental prices and mortgage rates. Saving up for the downpayment is the hard part, but it has to be done.
You believe this and I have a bridge to sell you over the Mississippi.... My home value has gone down 50% since 2008. I am not alone....
More of those magical Obama numbers.
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