Home Sales Rise in 12 states, belying bubble burst babble.
I'm curious how much it is still up since the Chicken Littles started screaming.
Housing market explained in 13 words...
Market picks up
Market slows down
Market picks up
Market slows down
repeat
The housing market has been in need of a correction for some time. Too many places with way over inflated prices.
7 years ago I was in Las Vegas for a conference and home prices weren't too much higher than here in Indiana. Went out there last year for a vacation and prices had grown 300 to 400% higher than here. Any wonder why Nevada is seeing a dip in sales?
It may be a source of much hilarity here on FR but people trying to sell their houses right now aren't feeling so good. Those with option ARMS are feeling poorly also.
*rolling eyes*
Of course this is absolute proof the ex-Texan was right all along about the Housing Bubble. At this rate we will meet his prediction of a 40% decline in about 33 years.
WSJ Report on the radio this morning commented about the decline in new construction. They said that the Gen Xers are in the home market now and they are also carrying 70% of the debt load the boomers are carrying, but are only at the beginning of their careers. The builders have been catering to the McMansion crowd and have neglected the needs of the Gen Xers, which is estimated to be 50% of the new home market. They need homes, but McMansions aren't in their range of affordability.
That's a completely phony statistic since most sellers are still in denial and have not dropped prices to the selling level.
I'm just waiting for the distressed ARM home-buyers to find that their home is too expensive for them - then cash them out @ .50 cents on the dollar, lowlife-bottomfeeder that I am......
Which 12 states went up? Looked at the article and no mention of them?
Hmmm... 1.2% drop = $500,000 lost... Guess his real estate porfolio was worth about $41.6 million?
That 1.2% year over year decline means that a person who brought a house a year ago with 5% down, lost 24% of his or her investment. If the stock market dropped 24% in one year, most people would call the decline substantial. They might also use words like "tank," "crash," and "bear."
In our San Francisco Bay area county -- the bubble remains fully inflated..
Santa Clara County: Median price of Single Family Home:
Sept 06.........$769,000
Aug 06...........$770,000
Sept 05.........$733,000
Location, location, location.....
Semper Fi
what was the month to month fall....that is the question...some of these areas were still rising from last year.
>>>Home prices also dropped: The realtors' survey showed that the midpoint price for an existing home sold during the summer dipped 1.2 percent year over year to $224,900. Some 45 metropolitan areas saw home prices decline.
In Britain the government is warning of a 40% fall in home values. We will be sure to follow once the ball gets rolling.
We sold our house in soviet WA state last February to a couple of liberals and got twice what we paid for it. Now the market for houses is down there and they are stuck with the overpriced house. Man, it is fun to stick it to liberals!!!!
Our local paper did a story on this last Sunday - housing prices are down from a few months ago, but they're still UP from a year ago. So, Florida's doing just fine. Why trumpet only the bad - the whole truth is more interesting.
So where is everybody living, in refrigerator boxes?
Oh, wait, guess it just means they aren't moving. They still have a house.