Posted on 08/23/2006 6:20:05 AM PDT by Panerai
Bay State house sales plunged a stunning 27 percent in July, the biggest drop in 11 years, new figures show, and experts see few signs of a turnaround any time soon.
“It’s a pretty dramatic decline,” said Tim Warren of market tracker The Warren Group, which reported yesterday that just 5,070 Massachusetts houses changed hands last month.
That’s the market’s worst July sales volume since 1995.
“We’re not pressing the panic button yet, but we are watching the trend lines very closely,” Warren said.
Prices are also dropping. Warren reported that median house-sale prices fell at a 6.1 percent annualized rate in July to reach $339,000. That’s 6.8 percent below last summer’s peak of $364,000.
Lots of would-be home sellers are finding no takers.
Erika Cummings hasn’t gotten a single offer on her West Roxbury home despite cutting her asking price three times since listing the place in May.
“It’s really weird,” said Cummings, who just four years ago had buyers outbidding each other for the last home she sold.
(Excerpt) Read more at business.bostonherald.com ...
hey...what are doing posting hydroshock's & ex-texan's articles ?
Truth hurts don't it?
Is there a war on or something? I saw some of this yesterday. Forgive me if I get this wrong, but there seem to be people on this site who believe that housing is in trouble, and others who don't believe so. Is that correct, so far. Furthermore, those two factions appear to be at each others' throats, though I don't know why. What's going on?
I post these article to worn people the the economy is looking to get choppy for the next year or more. Some do not want me saying it.
"Desire is the root of all dissapointment."
Yes, your routine is wearing thin.
MA has been losing population for 40 years. How prices moved up in that market I'll never know.
Who is Yardeni?
LOL - Classic!
Google him yourself.
I was wondering when this was going to happen. I'm seeing prices on the coasts that are five times higher than homes are selling for here in East Texas. Clearly that is unsustainable. I saw a hovel in California sell for $550,000 and rehabbed and sold for nearly $800,000. This is craziness. I wouldn't have paid $25,000 for it. Even the floor was rotted out. Sheer lunacy.
The solution: Live in east Texas. I liked it better there anyway.
But there ain't no denying, someone is paying a lot of money. Hey, God bless them. But no one is forcing me to, so I don't give a sh..
There is a show on HGTV that I am kinda hooked on. Designed to Sell. A real estate 'expert' does a walk thru (in its orginal condition) and then a designer/carpentry crew comes in and with the homeowner changes are made to get the seller top dollar. They show the improvements made; how the $2,000 budget was spent, etc. It just blows me away when they show a collage of 'other homes in the neighborhood have recently sold for...' and they are like $600,000 for a two bedroom, one bath, galley style kitchen, 1100 sq. ft. early 1950s monoply house. And I just shake my head and wonder who can pay the mortgage on $600,000 for that?
People on REALLY creative financial loans that are going to get their lunch eaten in a couple of years.
Surely, you jest. He is a Yale educated PhD in economics who was the chief economist for Prudential Securites. Now he runs a private investment group.
And stop calling me Shirley.
Yep, world wide economic recession because of the computer glitch, according to Ed Yardeni...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.