A Record Drop In Home Prices

Washington Post ^ | October 26, 2006 | Kirstin Downey

[GodGunsGuts]

The price of existing homes last month fell 2.2 percent, the largest monthly decline in the almost four decades the number has been tracked, according to an industry report released yesterday.

Nationwide, the number of existing single-family homes sold fell 14.2 percent in September compared with September 2005, according to the report from the National Association of Realtors. The number of sales has fallen each month since March.

Prices fell everywhere in the country, with the Northeast and West most affected. Declines were more moderate in the South, which includes the Washington area....

[Nathan Zachary]

The price of existing homes last month fell 2.2 percent, the largest monthly decline in the almost four decades the number has been tracked.

Houses are still 5 times what they cost 40 years ago. Housing prices will have to fall an awful lot before things get as "bad" as they were 40 years ago.

[Nathan Zachary]

They should have bought gold 4 years ago.

[eyedigress]

I agree, even 2 years ago it was at 412.00.

[Barney Gumble]

This is MSM slight-of-hand. They want to complain about the economy, but can't. They'd love to complain about the Dow, but can't. So they focus on a slight correct in housing. I bet the MSM has ran many more articles on the housing adjustment than the Dow at 12,000.

[Barney Gumble]

Gold is a lousy long term investment.

[GodGunsGuts]

I don't know about lousy. But it has most certainly been an excellent investment for the last five years.

[Wayne07]

Gold and housing are both bad long term investments - so both sides have their delusions.

[Stultis]

!

See also:

Days Before Halloween, NBC Treats Real Estate Like Dawn of the Dead ^

Posted by freemarket_kenshepherd On News/Activism ^ 10/26/2006 1:16:36 PM CDT · 13 replies · 401+ views Business & Media Institute ^ | October 26, 2006 | Ken Shepherd If NBC’s Carl Quintanilla is in a bind about what to wear to the NBC News Halloween party, he could always go as a “housing bubble.” With only five days until Halloween, NBC “Today” show sought to spook viewers with yet another negative story on the housing market. But Quintanilla dressed up his attack on the economy with the same disguise The New York Times used a day earlier: a look at how hardware retailer Home Depot (NYSE: HD) is changing its business model to retain customers during a cooling housing market. “There’s even more bad news for the housing...

[GodGunsGuts]

Gold/PM stocks are presently a good long-term investment because of the fundamentals (money supply, national debt, triple deficits, etc).

[Toddsterpatriot]

What price could I have bought it for?

[RockinRight]

I'll start:

We're Doomed!!
It's Bush's Fault!!
Housing Bubble!!
Greenspan's Fault!!
Buy Gold!!

Did I cover it all?

[rabidralph]

Oh, the humanity! Now, the American Dream of home ownership is within sight again for the middle class.

[djf]

So have the Feds. If they raise rates, tens of thousands of ARMS will adjust upward.

If they don't, foreign investors will flee the dollar.

[Toddsterpatriot]

If they don't, foreign investors will flee the dollar.

LOL!

[defenderSD]

Just a normal correction in a market that was overextended to the upside. This happens every day in the stock market. Are you ever going to move on to another subject?

[GodGunsGuts]

==Against what currency and over what time frame?

Against our major trading partners, and in a shorter time that it took to go from 120 to 80.

==Has the government not been able to sell any of it's debt instruments because of this fear of being left holding the bag?

This is nothing new, Mase. We have been warned, and will continue to be warned until the rest of the world decides to take action to protect themselves from our deficits (or until we take action to lower our deficits). When the US begins to take serious steps to address the triple deficits (not to mention the national debt) that is when I will exit gold...and not a moment sooner.

http://www.boston.com/business/globe/articles/2005/02/05/world_banks_warn_us_on_deficits/

[defenderSD]

That is hilarous. Foreigners will flee the dollar for what....for gold...LOL? The US is the best place to invest in the entire world and foreign investors will continue to buy dollars so they can invest in America.

[defenderSD]

That is such a dumb headline. The "record drop" is merely a small percentage of correction of the record rally in home prices. You always get bigger corrections after bigger rallies. Do these people learn anything in journalism school other than how to write?

[Toddsterpatriot]

Against our major trading partners, and in a shorter time that it took to go from 120 to 80.

You have any context, charts or facts to flesh out your panic? Or are we supposed to just translate your gibberish from your native goldbug?

[bruinbirdman]

"78m baby boomers retiring. . . .The baby boomers will start to hit 63 in 2010."

Hint, very many baby boomers retired early. They just haven't started to draw SS yet. Early retirees don't need it.

yitbos