I work in real estate, and I'm wondering what the general public is thinking about

[Adrian Wapkaplett]

the housing market..? are all the media reports scaring buyers off?

[Alex B]

no, the media is reporting what the market is reflecting--people don't want to do anything right now. it's stock market time again.

[TUBBY]

No, wanting $250K for a 2 bedroom house when 3 years ago the same house was $100K is scaring me off

[?????]

It's not the buyers who are scared.

The market's just so saturated with homes right now because of people defaulting on loans and the glut of new homes left over from the construction bubble. This glut of unsold homes and massive wave of foreclosures is what's making the situation look bad.

It's definitely a buyer's market now. Plus the FED just lowered the key interest rate, (and will probably lower it again soon to discourage inflation). I'd be looking for a home if I lived in the States. Especially in a hot market down south or out west.

Peace.

[The Count]

I live in Canada & I know several people in the lumber industry up here & they say the US building contractors are crying for our good Canadian softwood lumber, because not only do the owners of the homes want it, the builders know it's good quality softwood lumber. Your government is only allowing a small amount of our lumber through, therefore you have a shortage of good lumber to meet the demand for new home growth, therefore the cost of building your homes is higher and the mortgages are more expensive. Meanwhile, our government is busy finding overseas markets for our lumber, lumber that used to flow down across the border freely, until , you guessed it, BUSH has struck again !! He refuses to open up your markets to our lumber, thinking he is protecting your industry. Your industry can't supply the lumber needed.

[Yummy?Mummy]

I'm not sure, I'm currently in the middle of selling my home. Put it up on the market 2 weeks ago and had 4 viewings. Buyers are picky. They want something cheap but completely finished, at least that's how it is in small town Ontario.

[miss schlonky]

I live in inner city Sydney, am an accountant, keep up to date with economics and it makes perfect sense to me to rent instead of getting a mortgage. If I did buy a house/land it would be somewhere outside of Sydney which has fertile soil and a reliable water supply. Financial profit wouldn't be my motivation. Many people I know who also haven't already bought their first home feel the same way. The current city market is ludicrous.

[Jere B]

our house has been for sale for months.its not a sellers market right now .prices are down and what we are asking is too much .I.E. the house across the street sold for 219,ooo it has an acre less land and no garage and less square footage.we cant get people to even look at ours.its priced at 195,000.most Realtors around here are saying that there is too much inventory to pick from,too many houses for sale.when we bought ours we had to bid full price to get it .there wasn't many houses on the market then.

[lilbitbeechy]

I only buy cheap anyways so it doesn't matter what the media says- real estate is generally a bunch of overrated hype. People buy for one of two reasons, to live for less then rent and not have to deal with owners BS or to rent it out for profit, which in this market is difficult unless your a slumlord.
Blame mortgage companies for less people buying.