US housing market 'freefall' continues

in2perspective ^ | september 21, 2006 | Laurie Osborne

[RobRoy]

I usually leave it to the reader here to google their own stories, but This one was worth presenting on it's own. There are lots of very poignant "sound bites" in this article.

[RobRoy]

Ping

[CWOJackson]

Fantastic news! Damn Bush and his housing price bubble!

[RobRoy]

I don't think this has anything to do with bush. In fact, I think it would have been worse with kerry or Gore.

[JimRed]

This so-called "free fall" is just a correction back to what used to be normal. Instead of top dollar taking 15 to 45 days like it did a couple of years ago, it's now taking 90 to 120 days. Instead of 15-25% appreciation in a year's time we're only going up 3-7%. It is nowhere near a crash yet, no matter how desparate the RAT media is to scare people.

[CWOJackson]

While I would normally agree with you, this close to an election I'm positive it's Bush and the Republicans faults.

[Moonman62]

Old news with a new title.

[Moonman62]

Again, Ben Bernanke finds himself between a rock and a hard place. But given the choice between increasing pressure on homeowners on one hand, and risking inflation taking off on the other, we’re almost certain he’ll choose the latter. That’s bad news for the dollar.

A weak dollar will bring back more foreign investors to out real estate market ;-)

[RobRoy]

Check this out: http://news.google.com/news?hl=en&ned=us&q=housing+freefall&btnG=Search+News

And this:
http://news.google.com/news?hl=en&ned=us&ie=UTF-8&q=real+estate+bubble&scoring=d

And even this:
http://news.google.com/news?hl=en&ned=us&ie=UTF-8&q=real+estate+bubble&scoring=d

[alloysteel]

This is "freefall"?

I have seen freefall, and this ain't it, yet.

Freefall is interest rates at 17%, and no buyers, at ANY price. Freefall is a billbord outside town, saying, "Will the last person to leave Seattle please turn out the lights?" Freefall is fires raging through a neighborhood and nobody calling the fire department. Freefall is a mortgage company running away from a voluntary conveyance by a mortgagor who just wants to get out from under.

[goldstategop]

The Drive By Media keeps talking down the economy. Gloom and Doom. We're all gonna die! And yeah - the onset of another Great Depression is just waiting around the corner. The Democrats are counting on everything to go south by November. Its the only prayer they have of winning.

"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

[stylin19a]

from the same web site

nationwide-house-prices-unseasonably-strong

[stylin19a]

of course, that's in the UK

[RobRoy]

No, not yet.

Many comments from people saying it isn't that bad remind me of theold joke about the guy that feel off a 30 story building. As he passed the 4th floor someone yelled out, "are you ok?"

His response, "So far, so good."

This thing has barely begun.

[NittanyLion]

Just sold my house on Sunday. The return over the last 3.5 years was 10% annually. While the market has slowed in my area, a well-kept home at a reasonable price will still sell. You just won't get panic bidding in an attempt to buy the house, as was occurring last year.

[quantim]

I dare say developers may have gone a little overboard in recent years in some areas.

In my area (suburban Detroit) the economy is rather strong compared to the rest of the state but not enough to support all the housing starts. You can go mile after mile after mile in any direction and there are 1000's of new homes being built by developers, or finished and just sitting there. Many local developers have hosed themselves already.

Interesting though, new homes over $600,000 are selling fast, go figure.

[RobRoy]

I think it will be after November. I think it will really sink in when the annual boom in real estate business does not materialize next year.

[Centurion2000]

Freefall is interest rates at 17%, and no buyers, at ANY price. Freefall is a billbord outside town, saying, "Will the last person to leave Seattle please turn out the lights?" Freefall is fires raging through a neighborhood and nobody calling the fire department. Freefall is a mortgage company running away from a voluntary conveyance by a mortgagor who just wants to get out from under.

Ahh ... you must be refering to the Carter years ;)

[RobRoy]

I also am waiting to see if it sticks. Not to compare it to stocks really, but before the stock market crash of '29 there were mini-crashes followed by temporary regains. Where this whole real estate bubble thing is gonna go will be VERY apparent, one way or the other, by next April.

[RobRoy]

"Interesting though, new homes over $600,000 are selling fast, go figure."

So far...