Decline in Lehigh Valley Housing Prices Continues: Median price...

The pace of price erosion in the Lehigh Valley housing market accelerated in February, with median prices falling to $167,000, a 12.3 percent drop compared to a year ago, according to a report by Prudential ... Full Story
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“Don't Tread on Me”

Since: Jun 07

Lehigh Valley, PA

#1 Mar 16, 2009
This is NOT good. Cheap housing will attract more welfare parasites from New Jersey. I would rather see the vacant homes in Allentown condemned and demolished instead of having them sold to sugar daddy type Obama voters.
Resident

Allentown, PA

#2 Mar 16, 2009
What goes up, must come down. House prices in the Lehigh Valley have been inflated for years. People are paying 200,000 for townhomes in Allentown. It's not what they're worth, it's what people are willing to pay. Now people aren't willing to pay, so the prices are coming down to where they should have been to begin with. Besides, with inflated house prices comes higher taxes.
Joe Blow

Bronx, NY

#3 Mar 16, 2009
Lower housing prices may attract the parasites from NJ/NY, but the tightened credit standards will prevent them from getting loans. The days of "Julio Martinez" from the Bronx getting a loan on his $9/hr. pay to buy a house on 7th Street are over.

Allentown should use that $300,000 in county housing money to buy a bunch of falling down ghetto rowhomes and demolish them.
ManBear

United States

#4 Mar 16, 2009
Flavious_Maximus wrote:
.
You best watch your Dont tread on me Icon - some people dont appreciate it.

See you at the Tea Party

http://www.columbiatribune.com/news/2009/mar/...
joe poli

AOL

#5 Mar 16, 2009
A lot of junk housing was overpriced. Builders are giving incentives on extras for new housing.
joe poli

AOL

#6 Mar 16, 2009
Joe Blow, surely you jest; Obama is going to move many more people from the inner cities to areas with cheaper housing. I know all about his housing secretary who has radical ideas about housing. They will use HUD to finance these loans. The worst is yet to come.
comment

Seoul, Korea

#7 Mar 16, 2009
Joe Blow wrote:
Lower housing prices may attract the parasites from NJ/NY, but the tightened credit standards will prevent them from getting loans. The days of "Julio Martinez" from the Bronx getting a loan on his $9/hr. pay to buy a house on 7th Street are over.
Allentown should use that $300,000 in county housing money to buy a bunch of falling down ghetto rowhomes and demolish them.
I agree. Allentown can start tearing down buildings by buying them and aggregating land to then resell to developers in a more robust market for a profit. I suggest they do so along Front Street or any lots that border park land.

Also, hitting a new low trade price on a reversal of inventory (or less inventory) is indicative of a bottom. This is your last chance, if you qualify for a mortgage, for rock bottom prices. For $170,000 you can pick up a lot of home in Allentown. Time to buy.
Claire

Harrisburg, PA

#8 Mar 16, 2009
Not only this, but it will also allow scum to infiltrate the nicer neighborhoods of the quiet, outlying areas of the Lehigh Valley, as well.
Flavious_Maximus wrote:
This is NOT good. Cheap housing will attract more welfare parasites from New Jersey. I would rather see the vacant homes in Allentown condemned and demolished instead of having them sold to sugar daddy type Obama voters.
RonMania

Easton, PA

#9 Mar 16, 2009
joe poli wrote:
Joe Blow, surely you jest; Obama is going to move many more people from the inner cities to areas with cheaper housing. I know all about his housing secretary who has radical ideas about housing. They will use HUD to finance these loans. The worst is yet to come.
HUD is destroying America neighborhood by neighborhood.
The Bear

United States

#10 Mar 16, 2009
Why is the Mcall relying on information SUPPLIED BY REALTORS!?! Isn't it comparable to attempting to evalute the economic viability of insurance companies by relying on information provided exlusively by AIG?

Realtors have a vested interest in making the real estate market appear better than it is.
joe poli

AOL

#11 Mar 16, 2009
Ron Mania, I agree; the objective of HUD is twofold (or more): To forcibally integrate areas of the country which have few or no minorities and to distribute illegal aliens around the country so no one notices.

Hud has done this to areas like the Coal Region and to cities around the country which are the size of Allentown et al. You will see the same problem if you go to Peoria, Illinois, Springfield, Mass. or Bangor, Maine. We have been invaded and we lost!
STEELERSROCK

Emmaus, PA

#12 Mar 16, 2009
The Bear wrote:
Why is the Mcall relying on information SUPPLIED BY REALTORS!?! Isn't it comparable to attempting to evalute the economic viability of insurance companies by relying on information provided exlusively by AIG?
Realtors have a vested interest in making the real estate market appear better than it is.
Right on brother! They have been giving EXCLUSIVE interviews based COMPLETELY on the local realtors and their own economist from Bethlehem. The fact is I've been saying this since 2005 that prices were completely inflated and prices will end up back to pre 2000 levels before this disaster is over. Prices were rising too fast since the mid to late 90's. During that time prices were rising 3-5% and that was nuts! That was during the DOT.COM BUBBLE. Next we have the HOUSING/CREDIT BUBBLE and prices more than doubled! Now they are claiming one thing but in 2006 the average home was almost $230k that's more than double from 2000 when the average Lehigh Valley home was around $100k. All the STUPID people that bought are completely screwed and Obama's bailout does not help 1 person in the valley. The reason is everyone who purchased during the bubble years are all underwater. Unless you bought from your family and they sold you a home based on reality, your done!

Prices will get back to mid 90's values and that's what the medium income around this area can afford. You will NEVER see the insane housing values we had during this bubble in this century. All you have to do is view this chart that was created from Robert Schiller (Yale economist and co founder of the S&P home price index) who's one of the best in the world at watching & understanding the housing market to realize how nuts this was.

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

The Lehigh Valley is no different than FL, CA, NV, NJ, NY and every other place that experienced a housing bubble. You'll never hear that from the morning call because they get their biggest revenue from realtors ad's! It's no wonder how bias they are and it's no wonder they are heading for BANKRUPTCY! No my posts have been deleted time and time again because they know I am right!

Here's the only website you need to get REAL NEWS DAILY that only deals with the housing bubble and the credit crisis. Now of course all the FOOLS who bought during this time and or 2nd mortgaged or 3rd mortgaged themselves to death and bought lavish cars, electronics, vacations etc will disagree but just ask them to try and sell their house and watch as they realize they ALREADY have lost abour 30% of value and it's going to keep going down and down until it's priced according to reality. That means mid 90's and get ready!

How foolish were people when we just went through a DOT.COM bubble???

Get the facts...

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

Allentown, PA

#13 Mar 16, 2009
test
Westside Homey

Bethlehem, PA

#14 Mar 16, 2009
This forum is populated by right wing nutz who love to blame Obama for everything...get over it and get a life.
The minorities you fear moving into your neighborhoods will have to have great credit to get a mortgage these days and that means a well-paying stable job, educated and responsible at paying their bills on time. Your credit needs to be golden to even get a FHA mortgage and FHA is the only ones giving out mortgages. Their standards are high for the borrower and the house that the loan is for so most of the slums of A-town will not qualify for these mortgages.
A-town and the rest of the Valley would be smart to use HUD money for adaptive reuse of the run-down properties through out the valley.
Knocking minorities only shows your insecurities and lack of intelligence.
IMO

Allentown, PA

#15 Mar 16, 2009
RonMania wrote:
<quoted text>HUD is destroying America neighborhood by neighborhood.
Not only that, it is allowing scum bags to live better then working people, not to mention is highly inflating the rent of rental apartments.

For instance: we just helped moved a neighborly lady into a Senior Citizens complex. The rent is HUD assisted. The full price of rent is $799/month; the place is barely worth $400. That is what this woman will pay out of pocket,$400 and the rest HUD pays.

There is no way the apt is worth $799/month.

I also so a rental home $1500/month (now I make a fairly decent salary and could never afford $1500/month rent...the ad said: Section 8 approved.(I wouldn't qualify for section 8 either.)

HUD is falsely inflating the values of rentals.
Theresa

Tobyhanna, PA

#16 Mar 16, 2009
OK but who is buying those huge estates in the Saucon Valley?and that nice huge house being built in Trexler Park Estates?
Alburtis

AOL

#17 Mar 16, 2009
Theresa wrote:
OK but who is buying those huge estates in the Saucon Valley?and that nice huge house being built in Trexler Park Estates?
Take your same job here in the valley and move it to NY city.....3-4 times the pay. Housing is also 3-4 times the price of homes here. So figure it out...Saucon Valley is hub for NY workers. Easy access to I-78. Why would you pay $1 million for a home you can get here for $400,000 and only commute an hour and half. Simple math.
IMO

Allentown, PA

#18 Mar 16, 2009
Alburtis wrote:
<quoted text>
Take your same job here in the valley and move it to NY city.....3-4 times the pay. Housing is also 3-4 times the price of homes here. So figure it out...Saucon Valley is hub for NY workers. Easy access to I-78. Why would you pay $1 million for a home you can get here for $400,000 and only commute an hour and half. Simple math.
And absolutly no quality of life, no time spent with your children, etc...

I'd rather have the quality of life then a 1/2 million dollar home.
Amused Crack-er

Easton, PA

#19 Mar 16, 2009
funny wrote:
test
But I forgot to study...
STEELERSROCK

Emmaus, PA

#20 Mar 16, 2009
Theresa wrote:
OK but who is buying those huge estates in the Saucon Valley?and that nice huge house being built in Trexler Park Estates?
Drive around to 75% of the housing developments built the last few years. 3/4's are empty! The suckers have dried up. The ponzi/pyramid scheme is over.

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