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  • From: Clansgian AT wmconnect.com
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Ozark place
  • Date: Mon, 24 May 2010 10:20:37 EDT



> >I just took a look and land is going for around $7k to $10k and acre
> around here.
>

Going for or listed for?

The listed price for real estate around here has dropped by a considerable
amount, but not nearly so much as it has dropped for actual sale prices.

One thing that is clearing the air is that the average price for real
estate had been muddied by the fact that banks were buying back their own bad
investments for exagerated amounts so that the "assest" wouldn't look so bad
on
their books. These 'transactions' were calculated in as part of the
'value' of real estate in any given area. With far less capital to slosh
about
now of days, there isn't nearly as much of that going on. Many markets are
simmering down to 'arm's length' type of transactions and prices are becoming
much more realisitic (that is, based on incomes and assests and not based on
the hallucination that prices will go up forever).

This area isn't particularly hard hit as far as the overall real estate
bust goes, and yet the number of long term for sale signs is legion. Also
(and
this surprises me, maybe someone can enlighten me) I know of half a score
of properties that have been vacated due to foreclosure and yet there are no
'for sale' signs on the properties. I am told this is not uncommon. Why?
But it means that even when I drive by an area with a for sale sign on one
out of every five properties, the number that are really vacant or for sale
is larger.

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