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....

[nopardons]

Sorry that I'm a late for the party, but when you pinged me, I was not on line, since I was in the midst of a VERY important, somewhat secret conference call, the news about which is going to make a gigantic impact on our markets, in February. And yes, part of it was about what we have previously talked about, but the news that is to come out next February, is something NEW! :-)

[nopardons]

Not nearly as good as a seat on the NYSE! :-)

[nopardons]

HORSEFEATHERS !

[nopardons]

bttt

[Doctor Stochastic]

However the tax-valuations are still up.

[GodGunsGuts]

I post on all sorts of subjects. But I have decided to focus my attention on the housing market and gold so I can point and laugh at all the hyenas who have made it their policy to gang up, harass, ridicule and intimidate anyone who dares to disagree with them. In short, I'll stop posting about these topics once these phonies have been shown to be the charlatans they really are.

[GodGunsGuts]

[Chena]

Bookmark. (Gold has done very well for this family. We've bought it, mined it ourselves, and are keeping a watchful eye on it.)

To those gold "duds" out there who may want to argue with me, don't bother. You have your opinions, we have ours. Personally, our opinion has been a good thing for us. :)

[Chena]

Bookmarking. Thanks for the post, GodGunsGuts.

[djf]

Hey! According to Toadster, that can't possibly be true!

So I feel safe and can sleep at night, especially since his wisdom just keeps overflowing...

;-)

[GodGunsGuts]

You are a purveyor of Keynesian cradle to grave debt dogma. People like you are the cause of doom and gloom. I simply report the effects of the disastrous policies you and your fellow debt-mongers advocate.

[defenderSD]

Well it's all a matter of how far housing prices will correct. I think it will be a fairly modest correction of 0-20% depending on the location, and typically about 5% to 9% off the peak from last year. Migration patterns play a big role in this kind of correction: last I heard about a month ago, existing home prices were up 7% in the Phoenix area in the last 12 months and that's because there's a steady flow of Americans moving into Arizona every month. The Midwest and the northern plains are going to have a bigger correction because people are moving out of there.

I don't think anybody is saying prices will not correct back down and give back some of the gains of the last few years, but the real estate optimists at FR are not expecting a big financial crisis from real estate. Some people have been a little nasty with you and I'd like to see them tone down their language, but that's the way it is on the internet. I've been yelled at a few times for arguing against deportation of illegal immigrants who are working and who are not criminals.

[GodGunsGuts]

Like a backed up septic tank...

[Petronski]

Like a backed up septic tank...

[GodGunsGuts]

I disagree with your position on illegals, but I would rather debate the issue than be rude about it. The people I'm talking about travel in packs and use ridicule and ad hominem to goad their opponents into loosing their cool (and hope they will suffer the consequences of the same). Notice I never go hunting for them on their posts. I also completely disrespect the fact that all they ever seem to do is sucker punch those who are honest enough to state a position, while never actually stating a position of their own.

[bruinbirdman]

I think you defined almost perfect liquidity.

yitbos

[djf]

They rarely use facts to back up their positions. I'm inclined to think they do cheerleading shift work at some financial institutions.

Remember, the dollar long ago ceased being a thing of substance. Now it's just promises. Promises of more dollars.

Think about it.

If it was a private group trying to pull it off, it would be the biggest confidence game in the world.

[GodGunsGuts]

Your low-down tactic of sliming a fellow FReeper's website pretty much puts you in the same category as those who deface private property with graffiti IMO. And besides, why are you addressing it to me? If you are going to slime ex-Texan's website, you should be addressing your miserable comments to ex-Texan.

[GodGunsGuts]

And the conservative thing to do is to point out the policies that have been undermining the dollar, while at the same time advocate policies that will help remedy the same. The problem with the hyena pack is that they not only refuse to recognize that the dollar is being undermined, they actually encourage it.

[GodGunsGuts]

Aint that the truth! Thanks for the great reply--GGG