[GodGunsGuts]

ping

[ladtx]

Prices fell everywhere in the country, with the Northeast and West most affected.

The MSM is slipping. That should have been, "women, children and minorities most affected." Some editor is going to get fired over this.

[Mikey_1962]

Dow hit a new record;

Oil Price Dropped Again;

NASDAQ at 6 year high;

Durable Goods UP largest amount in 6 years;

Terrible, just Terrible

[Mase]

Goldbug in the house ping.

[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.

[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.

[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...

[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.

[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?

[Mase]

The price of existing homes last month fell 2.2 percent, the largest monthly decline in the almost four decades

If I didn't know any better this might scare me.

• In September the Office of Federal Housing Enterprise Oversight (OFHEO) released its House Price Index. Even though there has been a slowdown in price appreciation, home prices were 10.06% higher in the second quarter of 2006 than they were in 2005.

• This slowdown is really just a reduction in the rate of increases compared to the past. For example, in the second quarter of 2005, the yearly home price appreciation was 14%.

• Over the past 12 months home price appreciation in Florida, Idaho and Arizona has been more than 20%. In Washington it was 17%, California 14% and New York 10%.

• Annual home price appreciation since 2000 has averaged about 9%. During that same time the Dow is up around 1%. In the 1990's home price appreciation averaged 2.9% while the Dow grew by almost 300%.

Housing has slowed so you become purveyor of doom and talk about fundamentals that don't exist. Over the past two months housing has slowed a great deal and you've cited that as vindication of your doomsaying. What you fail to recognize is that over that same two month period the Dow has increased by more than 6%. This tells me that investors are confident in our economy and that your fundamentals are fundamentally flawed.

[MeneMeneTekelUpharsin]

Bump for reference. Housing prices around here are dropping. So, I don't know exactly what's going on. Seems like a LOT of people have stakes on which way this thing goes. The first casualty of war (any type of war) is ... truth... isn't it?

[lawdude]

PLEASE NOTE.

This is a drop in price, not necessarily value.

[Doctor Stochastic]

However the tax-valuations are still up.

[Chena]

Bookmarking. Thanks for the post, GodGunsGuts.

[Pelham]

That can't be. Real estate only goes up.

In SoCal condos and $1 million properties aren't moving but sellers don't appear too eager to lower their expectations. Greed is still in the drivers seat and Fear will just have to wait its turn.

[roaddog727]

WOW.

I just checked my home price on zillow and it showing that my home price went up over the last 2 weeks.

[Poser]

Great news. This means more people will be able to afford their own home and it has no effect on those of us who already own homes. If we have to move, the lower price we get will be offset by the lower price we have to pay for a new home in a different location.

The only downside here seems to be for speculators who buy houses hoping to flip them quickly for more money. Anyone numb enough to buy at the recent peak prices is realizing the risk they took.

[Caipirabob]

Still a net increase of 230% over my initial purchase price.

[goldstategop]

It couldn't last forever. I want to move out before Thanksgiving and I've had to slash my asking price twice.

"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