Alot of the homes went for for about fifty percent from their high price.

Sometimes with auctions, even though people win them, many may not follow through on the purchase. Most of the buyers looked like investors who plan to rent out the houses.

http://www.ushomeauction.com/

If I were in the market for a SFH or TH, I’d wait awhile and give the crack-down time to really work its magic before buying one in PWC. What I’d be afaid of is that ACLU, etc would succeed in getting the crack-down halted or the PWC officials would lose their will in the face of pressure over costs, “bad” publicity, etc and call a halt or simply stop funding it.

If that happens, PWC will be prime for “investors” buying on the cheap and renting to as many people as they need to in order to turn a tidy profit, creating the same mess you are trying - so far successfully, congratulations! - to correct. I’d like to think that the sub-prime disaster we now have on our hands would have put a stop to lending $400,000 to people who need 4 or 5 incomes plus several renters to afford to pay it back. It’s “investors” that I’d be worrying about.

The average people of PWC have been extremely tolerant of a very bad situation for a very long time. Maybe too tolerant for too long.

I would go so far as to say, of homes priced within 10% of the last 90 days market price (sold homes) there is only a 2-3 month supply. Granted, I only looked at a few elementary school districts.

All of the housing bubble blogs said home prices would bottom out when house to price/rent/income ratios were back to historical norms; that is what PWC has achieved. If they drop any lower, investors will snap them up because even at today’s market price, they are cash flow positive from day one (assuming 100% financing or return on invested equity above market interest).

If you think for one moment that this RE problem is going to get better this year you are a fool. It will be a couple of years before any recovery and then it will be at a very slow pace. You are starting to sound more and more like Stewart and he knows nothing about what he is doing.

This Credit Suisse chart shows the highest number of ARM for the subprime market should hit this summer, meaning there should be even more properties available in preforeclosure or bank owned in the third and fourth quarter of the year. I think Greg’s assessment may be overly rosy, since I doubt the government will step in until after the election, if at all.

I think anyone who would run for office would have to promise to turn the city into a town.

But PWC might have to take MP back if the Park
opted to revert from city staus to that of a town.
It would become like Dumfies (currently the largest
town in PWC). Believe Emporia is the most recent
Virginia jurisdiction to take this step.

I don’t believe PWC would have any choice in the matter if the legal procedures were followed to transition from city to town status (step 1) and annul the town charter (step 2).

I am really, really disappointed with Fran Kassinger for that. Well, that and a whole bunch of other things. Meet the new boss, same as the old boss.

“Guys that might all be true but who is going to run for office here now???”

The same old tired retreads, apparently: Bryan “Never met a tax he didn’t like” Polk, Frank “Boss Hog” Jones, and Cynde “Wallflower” Gardner.

Manassas City schools has recently started a campaign to offer teachers and support staff some incentives to move to the city to fill up the vacant homes.

Also, from information I’m getting, I strongly believe we’ll see another exodus over the summer once school ends.

Were not very far into this thing and we’re seeing some positives already.

My sister also lives in PWC in Bristow and her house is still dropping as well although I don’t know at what rate. I just don’t think a turnaround is happening. It could be my usual sunny outlook on things /sarcasm but I think not.

Here’s a better idea; why not have the Park merge with Manassas city?