Hovnanian cuts prices as home sales cool (20% or more discounts during weekend)

Yahoo! Business News ^ | September 13, 2007 | Jeffrey Gold

[2ndDivisionVet]

Will other homebuilders follow this move, like the car companies would?

[2banana]

Prices need to come down at least 50% to bring us back to historically levels (ie - not cheap and not expensive)...

[HereInTheHeartland]

“Folks are ready to buy, they are just waiting to confirm that there is value out there,”

Definately, there many, many, out there ready to go. When they think they see a bottom they will be jumping in

[org.whodat]

which lowers its price tag to $300,501.

And that is for a two bedroom. Somebody is sick! And they would be mentally sick to pay that kind of price!

[Clemenza]

Welcome to New Jersey!

[padre35]

With that much value disappearing, the market finally seems to be correcting itself, if they can take 240,000 off of the top of the price of a condo, there is more room for price reductions.

[angcat]

My cousin just sold her two bedroom condo in Tarrytown NY for 440,000.

[2ndDivisionVet]

That price would buy a McMansion in Dallas/Ft. Worth and a lot of other places...

[rednesss]

"The largest discounts are on the most expensive homes, including a 3-bedroom condominium by the Hudson River in West New York, which has been reduced $240,000, or 22 percent, to $862,000 this weekend."

Now I'm as big a fan of capitalism as anyone, but some of these bloated home prices tick me off sometimes. There's profit, and then there's obscene gluttonous greed. Why am I rooting for some of these speculators to get their behinds handed to them???? Too many episodes of Flip This House/Rip Off the Unsuspecting Buyer????

[org.whodat]

My cousin just sold her two bedroom condo in Tarrytown NY for 440,000

Well your cousin seems to be the smart one, If she has a nice red pickup and a boat I might give her a call. LOL :)

[XR7]

a 3-bedroom condominium by the Hudson River in West New York, which has been reduced $240,000, or 22 percent, to $862,000 this weekend.

Shoot! At those 'bargain-basement' prices, I think I'll go out and pick up a dozen of 'em!

[tropical]

Not to mention the property taxes...

[Hydroshock]

Ansd what if you were the poor slob who bought one in the smae subdivision and same model in the past few months? You are so shatfed.

[XR7]

This thread really belongs on the FR Friday Silliness Thread: http://www.freerepublic.com/focus/f-chat/1896434/posts

[Larry Lucido]

Oh, well.

[Lijahsbubbe]

Homebuilders and homeowners who want to sell must finally face the fact that they need to lower their prices. Many people aren’t just waiting for the bottom, they just can’t afford these inflated prices.

This is the second phase of the housing correction. Home prices will now start coming down.

[cinives]

Your anger is a bit misplaced. Oftentimes it is the price of land that drives the price as much as the luxury (or not) of the home.

In my local market, even today, a one acre unimproved lot goes for $200K.

[steel_resolve]

"Folks are ready to buy, they are just waiting to confirm that there is value out there," said Michael Skea, vice president of lies and misdirectionfor the company's northeast sector.

[Red in Blue PA]

This reminds me of the jewelers who cut their prices by 20%. Even with the cut, they are still vastly overpriced!

[B-Chan]

Live by the ugly suburban tract house, die by the ugly suburban tract house.

(Inner-city homeowner and loving it)