Posted on 03/21/2011 8:19:27 PM PDT by george76
US house prices have tumbled to their lowest in almost a decade, raising the prospect that even a recovery in the labour market may not be enough to pull prices from their slump.
The median price of a previously owned home in the US fell to $156,100 (£96,800) in February, the lowest level since 2002, the National Association of Realtors (NAR) said on Monday. The overall volume of purchases declined 9.6pc during the month, weaker than was expected on Wall Street.
The collapse in house prices helped precipitate America's worst recession since the Great Depression, and a recovery is proving elusive.
Despite the construction of new homes falling to a record low level, the market remains burdened by an excess of supply
(Excerpt) Read more at telegraph.co.uk ...
Long way to go yet...
“Affordable housing” is everywhere. Unfortunately, most Americans cannot afford a house these days. Thanks Barry!!!
Yet somehow the assessed value of my home keeps rising.
This unique trainwreck version of a no-jobs recovery continues to baffle the experts.
I think I’m turning Japanese I think I’m turning Japanese I really think so.
Misery loves company.
About the time we work thru this surplus, the other shoe will drop. Boomers will be dumping their homes into the market as they die off or go to old folks homes.
Unexpectedly.
Even if you can somehow afford the house, you cannot and will not be able to afford the taxes.
My half a house 13 feet wide duplex 3 floors is worth more assessed than i can sell it for...go bloombug
Yeah, well do you expect the government to do with less just because you have to?
If they don't raise the assessed value, then they will raise the tax rate.
You may weigh less, but they will still take the same pound of flesh.
My BIL's house has dropped $100k, and his tax bill is the same.
You must give more for the state!
Yeah, my tax bill hasn’t changed much either here in Everett WA, but my home value has dropped by $120k from it’s peak. I’m glad I listened to all of those “paranoid naysayers” about the inevitable housing collapse and refused to dip into the equity. Now I’m still ahead, but just barely.
I sold my two in 2005. I dodged the bullet...I now live in a small, easy to keep/maintain house. (BTW, one of the two is vacant and on the market)
Life is good.
70% of PHX AZ homeowners are under water. No end in sight.
Gud for you. I’m not underwater, but I don’t look for it being a real nest-egg in another few years.
Mine keeps going down. Our county has a statute tying property taxes to market value of homes, and yet somehow property taxes keep going up. I've heard the county assessor give his talk at numerous functions, where he refers to his various "models and formulas", and am still baffled as to how taxes keep going up despite the law.
Sadly, he ran unopposed (again) last election... so more of the same. Ugh.
Checked my cousin’s house in Central FL today on Zillow. Shocking that he has lost all gains going back 10 years! bought it in 1990 for $290,000. High as $795,000 in 2006-7. Now $360,000. Stunning.
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