How healthy is the real estate market in your area? - CNBC.com Question of the Day

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Mar.20

10:06 AM ET

Tuesday, 20 Mar 2007

How healthy is the real estate market in your area?

Topics:Housing | Federal Reserve | Real Estate

Please include your first name, initial for last name and state ONLY. We will not display your email address in the responses. Thank you.

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Paul Sakuma / AP
Real estate signs posted at a housing complex in Walnut Creek, Calif. Home sales kept falling in July in Northern California along with the appreciation rate of prices, a real estate research firm reported Wednesday. (AP Photo/Paul Sakuma)
"The housing market is rebounding in northeast Phoenix, Scottsdale. Price range of $1 mil to $1.75 mil - very active. Paradise Valley, $2 mill and up is very strong '06 into '07 above $5 mil is 50% ahead of '05 sales. Lots in Scottsdale picking up. The very high end, $1 mil and up is much stronger." -- Brad N.,Arizona

"Very slow! Very bad if you are a seller. Excellent if you are a buyer." -- B.A. Michigan

"Houses come onto the market and sit for months. Although the supply of houses is similar to previous years, the sales take much longer." -- Dan B., Dublin, OH

"In South Florida the home flipping has come to a halt and prices are adjusting down. High property taxes due to inflated home values are killing sales while the government is wildly spending the windfall profits instead of reducing the tax rates." -- Bob P., South Florida

"This market has taken a hard hit but will recover later this year. New homes sales will stay slow until next year while old homes sales will increase the next several months. Lenders are finally realizing the crunch consumers are in and will pullback on the number of new home loans they make. Different areas within different regions will always be hot, while most of the country will stay in a slump through next year." -- Michael A., Tampa Florida

"I'm just starting to see movement in the market. It seemed the winter months were very slow until the last few weeks. Some of these houses were on the market 6 to 12 months. I believe the prices adjusted enough to get a lot of them moving." -- Maryann N., New Jersey

"New York City isn't really experiencing much of a slowdown - prices keep going higher and higher, especially for luxury properties. Now there are more than a few apartments for sale for over 20 million." -- Paula S., New York

"The builders are complaining about the levels however they are spoiled. I think there must be around 25 new houses just in my town and they are all sold. It has slowed however it really needed to. Pricing was out of control. It is a little more normal now. Everyone in real estate will complain because they are used to everyone just snapping up housing as well." -- Robert S., Rowayton CT

"Small, upper town, in Northeast Bergen County close to New York and homes are selling but slower. High taxes more of a concern than housing prices." -- Irene H., New Jersey

"Southern New Hampshire is slowing down, especially in the high-end market. Several high-end developments in the Windham/Salem area have empty homes. Mid range holding it’s own." -- Nelson M, New Hampshire

"One of the people at work owns a tiny ranch worth between 450-480 thousand with 7500 in taxes. New York is one place where we haven’t seen the downturn in prices due to the fact that there is traditionally plenty of work here. You have to make 125-150 thousand dollars a year to really afford that little ranch above. It’s ridiculous. I hope Bernanke raises interest rates to 8% to tank this market that has been born out of speculation. Average people can’t afford this. The cost of living hasn’t gone up to support the fact that houses have climb in many cases over 100% from 10 years ago. For guys who make 60-70 grand your American Dream is you get to rent your own place. Now ain’t that America!!!" -- Thomas H., Long Island, NY

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