Posted on 10/13/2006 8:25:22 PM PDT by ex-Texan
Report Predicts Price Declines In 100 U.S. Cities Over Next Few Years . . .
Home buyers have another reason to sit on their hands.
In the latest news from the slumping U.S. housing market, a report released this week says that median house prices are likely to decline more than 10% over the next few years in 20 metro areas, including Las Vegas, Tucson, Ariz., and Washington, D.C.
The report, by Moody's Economy.com Inc., a research firm in West Chester, Pa., also says that the slump won't end quickly. Indeed, according to the report, prices may keep falling until 2008 or even 2009 in some areas. In all, prices are falling or likely to decline soon in about 100 metro areas, the firm says.
* * * The study comes on the heels of a survey from the U.S. Census Bureau showing that 35% of American homeowners with mortgages last year spent 30% or more of their household income on housing costs, including loan payments, real-estate taxes, insurance and utilities.
In 2003, a similar survey found that 30% of such homeowners were spending that much on housing. The new survey illustrates the strain on household budgets that has already helped slow house-price increases in some areas and push them modestly lower in others.
(Excerpt) Read more at biz.yahoo.com ...
*Ping*!
I guess that is why we chose to buy a home we could afford
In a store today, the owner (a friend of mine) was conversing with a local real estate guy, who was telling her that nothing, but nothing is selling here. I joined in the conversation and he opined that housing is just too expensive - local people cannot afford it. Now that Californians aren't pouring over the border with big bucks, that's it.
Talked to another realtor yesterday on the phone and he sang the same song. Said that the ranks of realtors are going to thin out, as well.
New houses are now listed under "Houses for Rent".
How is it doing in P'land?
And we all know how good your predictions are. Last year you predicted housing in New York would fall 40 per cent in 6 months. It went up.
Basically, the same old stuff. A brand new condo development sits totally empty. It looks abandoned. No cars are parked in the driveways. The builders have new signs up saying "Zero Down!" and "Prices Reduced!" Television ads are running on week ends advising people to buy foreclosures. Mortgage ads still run 24/7 on the radio. They are still pitching teaser rates of 2.5% and zero down loans.
Although a lowering in interest rates and energy prices are taking some pressure off families, I still think that with the massive number of arms reseting the future is rocky to say the least.
The realtors I talked to recently all said that until prices come down drastically, people around here, at least, are just not going to buy. And they are not buying.
I noted on another thread a few days ago what my realtor friend in HI said. I'll have to ask him what it's like on hte other islands. On the Big Island, prices are down 20% and more. Tons of inventory.
If prices are falling, why buy today? You may save by waiting till tomorrow.
The prices haven't fallen much yet here; a lot of price reductions but apparently not enough to entice anyone to buy. The Californians loaded with cash have dried up and local people can't afford the inflated prices. Still way too inflated.
It'll be interesting to see what happens in the next say half a year.
Hmmm...I wonder if that mean rents will go down, rather than up, as real estate continues to decline. If what you're saying represents a trend, that means there will be a glut of rental properties in the not too distant future.
LOL! Another lapdog sycophant hired to promote socialist/Dimocratic fear to the ignorant.
If you'll buy that, I'll throw the Golden Gate in free.
Already here in our admittedly small valley (about 17,000 people), the local paper has about 3X the usual amount of rentals. The newly built houses have really high rents, builders trying to cover their payments, about $1100. Don't know if anyone is renting them. The "regular" houses, though, have gone down a bit - for instance, you can rent a couple bedroom house on acreage for under $600.
I'll ask my realtor friend in HI what's happening on the other islands, and also about rentals.
A house down the street from our family homestead (in suburban Boston) was put on the market last February for 1.25 million.It just sold a month ago for 880K.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Another absurd lie from GGG. Must be a day ending in "y."
Oh, I'm sorry. Did you want to share the credit with your posse?
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