Posted on 08/28/2007 10:10:28 AM PDT by Hydroshock
NEW YORK - U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the group said Tuesday.
The decline in home prices around the nation shows no evidence of a market recovery anytime soon.
MacroMarkets LLC Chief Economist Robert Shiller said the declining residential real estate market "shows no signs of slowing down."
The index tracks the price trends among existing single-family homes across the nation compared with a year earlier .
(Excerpt) Read more at msnbc.msn.com ...
up just long enough to reset property taxes
Tell me about it—my town was being “nice” to me when they only upped by rate to $19 per $1000 assessed value.
That could be viewed as a good sign. One of the problems with the real estate industry is that prices adjust so slowly to changing market conditions. However, this time it looks like they may be moving a little faster.
How much did the prices inflate over the last 10 years?
Are we so screwed up that we think nothing stays the sam,e or goes down?
I hazard a guess that the average gain over cost of houses sold this year was WAY over 100%. Keep in mind most people live in houses for a while.
Are we really only concerned about speculators?
Won’t the prices keep declining until the end of the “downturn”, and start climbing immediately after the “downturn”?
So can a decline in price really be used to determine how much longer things will be declining?
Wow. Our county uses a “per hundred” assessed value, so it sounds so much better.
But our rate is only like $0.83 per hundred.
That’s what happens when your housing prices shoot through the roof, they can lower the per-dollar tax rate. Our rate has dropped by almost half, but we are still paying 20% more than 6 years ago.
Just over $10 here.....
Amazing how much they provide for how little I pay...
The stock market is not liking it. And the Fed has let the effective funds rate creep back up to 5.25%.
Better to buy now than two years ago!
“Standard & Poor’s began its nationwide housing index in 1987, the group said Tuesday”
I remember people in 87 getting caught with high mortgages when prices dropped then. I recall prices in very stable areas dropping 20%
This is BS - house payments remain relatively level - if rates go down, prices go up - if rates go up, prices come down.
Its not rocket science - its called “the monthly payment the market will bear” and it does not change much.
Oh, and that’s in an area where the average home price is below the national average....
I love where I live, I’m at about 7$ per 1000
http://www.cnbc.com/id/20476406
Consumer Confidence Falls To Lowest Level in a Year
The hits just keep on coming today. But I still have doubt if we will see a rate cut. The fed is doing everything it can not to. And if we do it will most likely be small, 1/4 to 1/2 not the full 1 pint drop some want.
Youre ignoring the supply....
All Volcker did was cause a bad recession. It was Reagan who put an end to stagflation.
Confidence still came in ahead of expectations so that wasn’t too much of a negative. The Fed can’t cut rates because that would be an admission that they were wrong, and those overinflated egos can’t have that. But the longer they wait, the more they’ll have to cut rates when the finally surrender.
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.