Welcome Guest [Log In] [Register]
Welcome to The New Coffee Room. We hope you enjoy your visit.


You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free.


Join our community!


If you're already a member please log in to your account to access all of our features:

Username:   Password:
Add Reply
More Bad Housing Statistics
Topic Started: May 27 2008, 10:53 AM (313 Views)
QuirtEvans
Member Avatar
I Owe It All To John D'Oh
Quote:
 
One showed that home prices in 20 major metropolitan areas fell 14.4 percent in March from a year earlier. The other showed sales of new homes, although up slightly in April, remained mired near their lowest levels since 1991.

While Wall Street is growing hopeful that the economy might dodge a recession, many economists warn that the pain in the housing market may last for several years. Even local markets like Seattle, which once seemed immune to the slump, are weakening. Prices nationwide might fall as much as another 10 percent before a turnaround takes hold, economists said.

* * * *

Sellers confront a sober reality: There are more than 4.5 million homes on the market nationwide. The way houses are selling, it would take nearly 11 months to clear the market. The last time so many homes were for sale was in the early 1980s, when the economy was in a deep recession and interest rates were two to four times as high as they are today.

For the most part, sales keep falling. Sales of existing single family homes tumbled 20 percent in the first four months of the year from the comparable period a year ago and are running at their lowest levels since 1998. Sales of new homes have fallen 42 percent over the last year. The Commerce Department reported Tuesday that sales increased 3.3 percent in April from March, when sales tumbled 11 percent, although the increase largely reflected a statistical revision to the earlier figures.


http://www.nytimes.com/2008/05/28/business/28home.html?hp
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
Offline Profile Quote Post Goto Top
 
lb1
Member Avatar
Fulla-Carp
Bad is a matter of perspective. I see a buyers market opening up.

lb
My position is simple: you jumped to an unwarranted conclusion and slung mud on an issue where none was deserved. Quirt 03/08/09
Offline Profile Quote Post Goto Top
 
Rainman
Member Avatar
Fulla-Carp
I see everything taking a nose-dive as rising fuel prices destroy the purchasing power of the middle class.
Offline Profile Quote Post Goto Top
 
QuirtEvans
Member Avatar
I Owe It All To John D'Oh
Rainman
May 27 2008, 02:12 PM
I see everything taking a nose-dive as rising fuel prices destroy the purchasing power of the middle class.

Yeah, that and rising food prices. But that's what I see happening too.

It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
Offline Profile Quote Post Goto Top
 
Frank_W
Member Avatar
Resident Misanthrope
Rainman
May 27 2008, 02:12 PM
I see everything taking a nose-dive as rising fuel prices destroy the purchasing power of the middle class.

You and lb are both correct. Strange times we live in.... :crazy:
Anatomy Prof: "The human body has about 20 sq. meters of skin."
Me: "Man, that's a lot of lampshades!"
Offline Profile Quote Post Goto Top
 
lb1
Member Avatar
Fulla-Carp
Frank_W
May 27 2008, 11:21 AM
Rainman
May 27 2008, 02:12 PM
I see everything taking a nose-dive as rising fuel prices destroy the purchasing power of the middle class.

You and lb are both correct. Strange times we live in.... :crazy:

I just made and offer on 54 acres of ground at $800 per acre. The guy is holding at $1100 per acre, but 18 months ago it would have brought $3000 an acre any day of the week.

lb
My position is simple: you jumped to an unwarranted conclusion and slung mud on an issue where none was deserved. Quirt 03/08/09
Offline Profile Quote Post Goto Top
 
Frank_W
Member Avatar
Resident Misanthrope
Think he'll go $900? Still a hell of a deal, even at $1G. :thumb:
Anatomy Prof: "The human body has about 20 sq. meters of skin."
Me: "Man, that's a lot of lampshades!"
Offline Profile Quote Post Goto Top
 
lb1
Member Avatar
Fulla-Carp
Frank_W
May 27 2008, 11:38 AM
Think he'll go $900? Still a hell of a deal, even at $1G. :thumb:

I'll wait a couple weeks and if he hasn't found a buyer I'll lay cash on the table. Green is good for at least 25% when someone is pressed.

lb
My position is simple: you jumped to an unwarranted conclusion and slung mud on an issue where none was deserved. Quirt 03/08/09
Offline Profile Quote Post Goto Top
 
Larry
Member Avatar
Mmmmmmm, pie!
I guess if you're looking for doom and gloom Quirt, you'll find it. I look for the positive - so I was pleased to hear on the news today that oil prices have dropped and are expected to continue to drop because the high prices have been a bubble, the stock market is up, meaning they may just know something we don't know yet, and most importantly - housing sales are up.

Of the Pokatwat Tribe

Offline Profile Quote Post Goto Top
 
Red Rice
HOLY CARP!!!
lb1
May 27 2008, 11:09 AM
Bad is a matter of perspective. I see a buyers market opening up.


Agreed. I'm thinking Florida would be a nice place for a second home.
Civilisation, I vaguely realized then - and subsequent observation has confirmed the view - could not progress that way. It must have a greater guiding principle to survive. To treat it as a carcase off which each man tears as much as he can for himself, is to stand convicted a brute, fit for nothing better than a jungle existence, which is a death-struggle, leading nowhither. I did not believe that was the human destiny, for Man individually was sane and reasonable, only collectively a fool.

I hope the gunner of that Hun two-seater shot him clean, bullet to heart, and that his plane, on fire, fell like a meteor through the sky he loved. Since he had to end, I hope he ended so. But, oh, the waste! The loss!

- Cecil Lewis
Offline Profile Quote Post Goto Top
 
Rainman
Member Avatar
Fulla-Carp
If a gallon of gas was $10/gal., would that destroy the economy?

How about $8/gal.? $6??

So. . . where's the tipping point? Whatever it is, we seem to be moving towards it, not away from it.
Offline Profile Quote Post Goto Top
 
QuirtEvans
Member Avatar
I Owe It All To John D'Oh
Larry
May 27 2008, 03:01 PM
I guess if you're looking for doom and gloom Quirt, you'll find it. I look for the positive - so I was pleased to hear on the news today that oil prices have dropped and are expected to continue to drop because the high prices have been a bubble, the stock market is up, meaning they may just know something we don't know yet, and most importantly - housing sales are up.

Stock prices were up mildly. I'm reasonably sure that today's DJIA change was well below-average daily volatility for the year, and certainly for the last couple of months.

Oil did drop, today. We'll see if it sticks.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
Offline Profile Quote Post Goto Top
 
Frank_W
Member Avatar
Resident Misanthrope
lb1
May 27 2008, 02:54 PM
Frank_W
May 27 2008, 11:38 AM
Think he'll go $900? Still a hell of a deal, even at $1G. :thumb:

I'll wait a couple weeks and if he hasn't found a buyer I'll lay cash on the table. Green is good for at least 25% when someone is pressed.

lb

Awesome... :thumb: Good luck!
Anatomy Prof: "The human body has about 20 sq. meters of skin."
Me: "Man, that's a lot of lampshades!"
Offline Profile Quote Post Goto Top
 
Frank_W
Member Avatar
Resident Misanthrope
QuirtEvans
May 27 2008, 03:09 PM
Oil did drop, today. We'll see if it sticks.

Depends on whether they mixed it with enough detergent, or not.

:devilgrin:
Anatomy Prof: "The human body has about 20 sq. meters of skin."
Me: "Man, that's a lot of lampshades!"
Offline Profile Quote Post Goto Top
 
Larry
Member Avatar
Mmmmmmm, pie!
Just saw this on the financial news - home prices are rising in about a third of the nation.

Of the Pokatwat Tribe

Offline Profile Quote Post Goto Top
 
« Previous Topic · The New Coffee Room · Next Topic »
Add Reply