Author Topic: 19 million vacant houses and we're building more?  (Read 1899 times)

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Offline ScottA

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19 million vacant houses and we're building more?
« on: February 03, 2009, 04:53:08 PM »
With all the vacant homes out there I'd think there'd be some deals to be had. http://www.bloomberg.com/apps/news?pid=20601087&sid=ap.iU9iqfn20&refer=home

Offline MountainDon

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Re: 19 million vacant houses and we're building more?
« Reply #1 on: February 03, 2009, 05:22:31 PM »
Hopefully the ones standing empty are the white elephant, oversized, McMansions and the ones under construction smaller and more efficient. I know I'm probably dreaming or smoking some of that stuff Phelps was doing.   ???
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Offline diyfrank

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Re: 19 million vacant houses and we're building more?
« Reply #2 on: February 03, 2009, 07:00:48 PM »
I think a a lot of them are the one's in places like Detroit where they can't sell em even for $1,000.
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Offline glenn kangiser

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Re: 19 million vacant houses and we're building more?
« Reply #3 on: February 03, 2009, 07:04:22 PM »
There is a sign near our other place where the numbers are taped on --- they keep dropping -

Tons of empties in the valley - what happened to the kids growing up needing houses? hmm
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Offline Squirl

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Re: 19 million vacant houses and we're building more?
« Reply #4 on: February 04, 2009, 07:33:10 AM »
Part of the psychology of the market is that it is hard for people to sell at a loss.  We studied this in school with some commodities market traders.  They will hold on to these to long, unable to sell them.  Without being lived in these houses will rot quickly. They will end up taking almost a total loss instead of a partial loss. It is times like these when the market fails.

Offline Jens

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Re: 19 million vacant houses and we're building more?
« Reply #5 on: February 05, 2009, 04:50:50 AM »
Wall off sections, and turn them into apartment houses, just like what happened with victorians and big craftsmans, except in this case the houses aren't good places to begin with. 

My wife and I were driving through a neighborhood of million dollar houses where I was working in New Hampshire, "yup, these will be turned into the new projects when the market falls, and they all get repossessed."  This was two years ago.
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