Housing Market Views From Across the U.S.A.

The housing market is certainly a hot topic these days, but given the undeniable fact that mortgage loan costs vary so much depending on where you reside, the state of the market is all relative.

That’s why CNBC made this topic - “How healthy is the real estate market in your area?” - its question of the day and invited readers to send in what they thought. The results from across the U.S. of A. may surprise you…

“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, home sales take much longer.” — Dan B., Dublin, Ohio

“The housing market is rebounding in northeast Phoenix, Scottsdale. Price range of $1-1.75 million - very active. Paradise Valley, $2 mill and up is very strong ‘06 into ‘07 above $5 million is 50 percent ahead of ‘05 sales. Lots in Scottsdale picking up. The very high end, $1 million and up is much stronger.” — Brad N., Arizona

“In the South Florida housing market 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. [Florida mortgage] 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 6-12 months. I believe the home 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 home 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, Connnecticut

“Small, upper town, in Northeast Bergen County close to New York and homes are selling but slower. High taxes more of a concern than home 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 $450,000-480,000 with $7,500 in property 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 $120,000-150,000 a year to really afford that little ranch above. It’s ridiculous.”

“I hope [Federal Reserve Chairman Ben] Bernanke raises mortgage interest rates to 8 percent to tank a 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 percent from 10 years ago. For guys who make $60,000-70,000 your American Dream is you get to rent your own place. Now ain’t that America!!” - Thomas H., Long Island, NY

SOURCE: CNBC