Did the price of houses fall in the US during the mortgage crisis?

Question

during the subprime mortgage crisis i mean

Answer 1

DUH

And still falling in many areas of US

some areas are stabilizing, some still falling

FL, NV, CA, MI particularly hardhit

Answer 2

Most definately....this might put it in perspective for you. I bought this house for 165,000 last August & it is listed for 130,000 now so that hopefully I can get 120,000 out of it.

Answer 3

Yes.  The houses have all been devalued.  I grew up in the seventies and have never seen houses go down in value before.  Makes you wonder if it ever was a good investment.

Answer 4

Where have you been?

Answer 5

Yes, because of the sub prime crisis house values have dropped because of the people buying a more house then they can afford....So then they got foreclosed on and the bank sold the property for a lot less then they should have....or the smart people who realized that they now cannot afford their house's are selling it at rock bottom prices also which is bring down values...

Answer 6

In most, but not all areas.  I live in Texas and we've actually seen appreciation in a few areas while many others have seen drastic devaluations.

Answer 7

Absolutely. It has everything to do with adjustable rate mortages.  Lenders gave people WAY more than what they could afford, telling them they could have a very low interest rate that would gradually increase over time.  So, people who could really only afford a 100K loan, were getting approved for a 250K loan.  And when the rate increased and their mortgages went up sometimes double, they couldn't pay anymore.

That's why million dollar homes are being sold for a half a million and I saw a gorgeous home for 15K that easily costs 150K.  They're all foreclosed! That's the thing. I feel really bad for people's luck, but for me, it's the best time in my life and the perfect time to buy.  I can get a beautiful home for dirt cheap and my mortgage payments will be half of what i'm paying to rent.