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Post by duff on Sept 9, 2007 13:14:27 GMT -5
With the "Subprime" Loans in such a mess real estate is NOT moving as fast as it was a few years ago. Land values may very well decline in the comming future if things get worse. Great uncertainty, in the economy, is also taking a toll on the real estate industry. I really doubt Indiana will see any affect of the market hit on property due to subprime lending. We are dirt cheap here in most areas, land prices will continue to increase. I've seen places in Parke go for around $2500/ac of woods, no crops or buildings. Keep your eyes peeled and your feelers out, you'll find the right place. |
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Post by drs on Sept 10, 2007 7:01:07 GMT -5
I really doubt Indiana will see any affect of the market hit on property due to subprime lending. We are dirt cheap here in most areas, land prices will continue to increase. I've seen several pieces of land & homes here, in several counties, that have been on the market for a long time. Some around four years and this is with reduction in asking price. The ONLY land that is increasing in value is tillable land for crops due, in part, to the interest in Bio-fuels & EthanolI've seen places in Parke go for around $2500/ac of woods, no crops or buildings. Keep your eyes peeled and your feelers out, you'll find the right place. If I found such a place I would NOT pay that amount of money for rough wooded land. The most I would pay would be $800/Acre and I wouldn't be interested in nothing less than 30 acres. Like I said the "Sub-prime" & adjustable rate lending have many of the borrowers in a position that they can no longer make timely payments. It was a mistake for the Banks to lend out "easy money" to just anyone back in the "Go-Go" '80's & '90's so now it's time for payback and they don't have the money. Same goes for credit cards. People spent money like Drunken Sailors, instead of saving. If one really want to buy land they should either pay for it in cash or sell their present property/home and move to that chosed spot, or forget it!patrick.net/housing/crash.html |
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Post by duff on Sept 13, 2007 20:47:04 GMT -5
Or inherit it....
Good luck finding any ground for $800/acre unless it is landlocked, several sections worth waste land, or a swamp/floodplane. I did have my eye on 210 acres for $60K last year. Some of the best flood ground Vermillion County has to offer.
Those lending schemes were trouble just waiting to happen, I was amazed at the intrest only loans, and other scams. Just asking for trouble.
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Post by Harley on Oct 28, 2007 12:00:40 GMT -5
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