Putting housing on solid

Putting housing on solid

There are 18 comments on the The Morning Call story from Dec 27, 2008, titled Putting housing on solid. In it, The Morning Call reports that:

A significant component of most homes' listing prices reflects the cost of the land a house is built on.

Join the discussion below, or Read more at The Morning Call.

David-1206

Atlanta, GA

#1 Dec 27, 2008
Housing prices are affected far more by the condition of the real estate, it's LOCATION, the neighborhood, and the gullibility of the home buyer.

The cost of the land is incidental, however when you own the house, one of the benefits is that you own the land it sits on.

In addition, the higher the cost of the home means the riff-raff can't afford to live in your neighborhood.

Oh, if the government owns the land, does that decrease the assessed value for property tax valuation ?
No More Taxpayer Freebies

Easton, PA

#2 Dec 27, 2008
"The study found teachers, police officers and others can no longer afford median-priced homes in the Lehigh Valley, and prompted Lehigh and Northampton County to create a bicounty affordable housing committee and hire a housing coordinator."
The study was conducted at the "height of the market". Since then, the housing market has tumbled and continues to tumble. The median price of a home has dropped and continues to drop. Before the Counties put tax dollars into this give away type of program, the study ought to be reconducted using realistic numbers. Teacher, police, firemen and other so called governent workers are STILL getting raises with secure jobs. Housing is now more affordable than ever. The prices of homes are dropping and mortgage rates are dropping to their lowest in over 40 years. Not sure that the taxpayers need to subsidize the affordability of homes for local govenment workers.
Please

Nazareth, PA

#3 Dec 27, 2008
( shakes head )

More power for the government, YEAH.

Now they won't have to use eminent domain to take your property when they want to redevelop, they will already on the land.

Sounds like more like socialism to me.

I smell a stinky fish.
Please

Nazareth, PA

#4 Dec 27, 2008
on = own
Matt

Harleysville, PA

#5 Dec 27, 2008
"The study found teachers, police officers and others can no longer afford median-priced homes in the Lehigh Valley"

Isn't that why people buy starter homes? Who says your first house needs to be a McMansion. There are certainly plenty around. Half the homes in the valley cost less than $190,000 according to the article. There are plenty under $150,000. What is the problem.
Matt

Harleysville, PA

#6 Dec 27, 2008
These Jenings pf the Valley are like a disease. They have destroyed so many neighborhoods in Allentown and Bethlehem.

“Here's looking at ya!”

Since: Jul 07

Westville, NJ

#7 Dec 27, 2008
Matt wrote:
"The study found teachers, police officers and others can no longer afford median-priced homes in the Lehigh Valley"
Isn't that why people buy starter homes? Who says your first house needs to be a McMansion. There are certainly plenty around. Half the homes in the valley cost less than $190,000 according to the article. There are plenty under $150,000. What is the problem.
Teachers, police officers and others.. can't afford median-prices homes... making $20 plus an hour, and with their spouse working.... come on... So what are we suppost to do, buy them a house too?

“Here's looking at ya!”

Since: Jul 07

Westville, NJ

#8 Dec 27, 2008
Opps!! just a general comment, was not responding to Matt's comment...

Since: Mar 08

Allentown, PA

#10 Dec 27, 2008
If Allentown could only attract people with jobs...
Staberdearth

Allentown, PA

#11 Dec 27, 2008
LookingToEscape wrote:
If Allentown could only attract people with jobs...
I would settle for people who have some sense of respect, decorum, and manners without a sense of automatic entitlement from bigger and bigger growing Mommy government...

Allentown has become that shining welfare village to the west of NYC and Joisey.

It used to be:

"Go West, young man, and grow up with the country."
NOT A Horace Greeley quote!

NOT!

Go west, young gang member, single Mom with father nowhere to be found (gang member...), and human debris in general and dole off of those who "have" or steal it from them or ruin their neighborhoods...
Staberdearth

Allentown, PA

#12 Dec 27, 2008
"...The federal Neighborhood Stabilization Program funding would pay to rehabilitate foreclosed real estate in designated areas, including Catasauqua, Fountain Hill and Slatington, but the two counties envision a wider program that could include private developers...."

**********

Ah..Fountain Hill...still some good areas but the rot from the east keeps a comin'. I vacated the borough over 20 years ago
after extrapolating how long the rot would take to reach my mid borough home... My old house there, once well kept by all prior inhabitants, looks like the schittehole of a typical rental property as does most of the neighborhood. SAD!
DOW6000

Emmaus, PA

#13 Dec 27, 2008
Prices of homes in the Lehigh Valley are no different than all the other HOUSING BUBBLE area's of the United States. They are all responsible for the 1st ever national housing bubble.$190k is actually lower than the peak price of a home around here that was around 235k. Prices are going to continue the downward spiral until they are lower than they were in 2001 which the average Lehigh Valley home at that time was $100k. We experienced a housing bubble increase just like Florida, Arizono, CA and countless other places, we are no different. The only difference between us and them is our local paper and the local realtors have been printing flat out lies about local real estate ever since it started rising at insane double digit prices.

Look no father than at the graph I will link below. It shows the history of housing which is data from over 110 years of housing information. This will make it simple for everyone to see prices are going to keep falling and falling and falling.

http://graphics8.nytimes.com/images/2006/08/2...

It might look blurry when you first open, click on the page and it will increase the magnification and become clear.

The man who created this chart is named Robert Schiller, who created the S&P Home price index. Here's some data on who he is (one of the world's top economist, probably in the top 5)

http://en.wikipedia.org/wiki/Robert_Shiller

When you want the truth about real estate/credit problems look
to these websites, they are the biggest and best

http://patrick.net/housing/crash.html

http://njrereport.com/

http://thehousingbubbleblog.com/index.html
DOW6000

Emmaus, PA

#14 Dec 27, 2008
I predicted this housing bubble would crash 4-5 years ago and 99.99% of everyone on this forum said I was crazy, "they aren't making any more land", "prices never fall", LOL!

The man who created the great laughs was David Lereah the Chief Economist for the National Association of Realtors (NAR) up until April 2007, the time period otherwise known as the “Bubble”. His outrageously bullish forecasts earned him the name: Baghdad Bob of real estate.

You have to check out this link too see the graph put together on all the FLAT OUT LIES told by Lereah and every other realtor in the country especially the Lehigh Valley realtors and Jeannie Bonner (reporter for morning call who lies for the realtors more than they do themself!) please goto this link and get a good laugh from the TRUTH vs REALTORS LIES http://jerseyblog.net/real-estate/realtor-chi...

++++++++++

The economy will not get straight until housing does and that means prices need to get in line with wages and they have been out of touch since the mid 90's. It was during the mid 90's that housing values started rising 3-5% a year and even that was causing a problem that would harm the economy, during the 2002-2007 bubble prices went to double digits and that my friends has sent us into a DEPRESSION! That's right we are in the biggest recession ever right now and IT WILL TURN INTO A DEPRESSION! Thanks too the fed's/greed/realtors lies/media lies.

The biggest ponzai/pyramid scheme ever was played out on any who purchased a home during this bubble, you are better off walking out the front door and not looking back. That row home you paid 185k for is only going to be worth 85k and that's what it would have been in 1997, that single family home you paid 250k will only be worth 110k and that's what it would have sold for in 1997, that's fact folks, sorry to BURST YOUR BUBBLE!!!! LOL, that's so fitting for these era!
Sammy

Emmaus, PA

#15 Dec 27, 2008
This is the same mentality that created the mess. Let the market adjust itself.

"owners" may be required to limit their profits on the future sale of the homes.

Gee...I think sounds like an apartment with tax consequences.

Get rid of these backward thinking politicians.

Since: Mar 08

Allentown, PA

#16 Dec 27, 2008
Staberdearth wrote:
<quoted text>
I would settle for people who have some sense of respect, decorum, and manners without a sense of automatic entitlement from bigger and bigger growing Mommy government...
Allentown has become that shining welfare village to the west of NYC and Joisey.
Allentown needs a mayor with one driving ambition, to bring back homeowners and chase out landlords.
.
Forget the up with people diversity speeches, forget all the feel good garbage.
.
Every program, every dollar possible should be used to bring back homeowners who have jobs (and good character). Let the city parks go to seed, use the money to start restoring the city by making it easier for them to live in Allentown.
.
It's the only option in a slow economy that will work. It's doubtful MicroSoft will be planting it's world headquarters here anytime soon, it's doubtful there will be another Hess's department store in the near future.
.
People who buy homes (and the land underneath them) should be encouraged and protected from the transients rentals attract. These are the people who will rebuild the city and they won't need idiotic schemes like the government owning the land under their house to do it.
Rod

Pottstown, PA

#17 Dec 27, 2008
Ahh yes, under the guise of help, the government takes the land and limits your authority over the home itself. Gee, that sounds right. More socialist BS coming from the "bailout" package. More death for free trade. Our founding fathers must be flipping in their graves!! Welcome to the U.S.S.A.
hangum

Bethlehem, PA

#18 Dec 27, 2008
No More Taxpayer Freebies wrote:
"The study found teachers, police officers and others can no longer afford median-priced homes in the Lehigh Valley, and prompted Lehigh and Northampton County to create a bicounty affordable housing committee and hire a housing coordinator."
.
Yeah and they earn too much for any of the low cost housing programs like the one being written about here. These houses will be for illiterate under achiever welfare types.
economist

Bloomsburg, PA

#19 Jan 9, 2009
What happens if I find oil on my property then?

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