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Old 02-13-2009, 09:58 AM
 
Location: 3rd rock from the sun
3,857 posts, read 6,940,056 times
Reputation: 1817

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Quote:
Originally Posted by luplor View Post
The newspaper is self contradictory, increase in housing prices, but tripling in foreclosures, massive house building, but surplus of empty houses, EP unaffected by recession, but Shapleigh states recession will hit EP by May 2009. As I help my son look for a house, I find MANY houses have reduced their prices, that contradicts the newspaper. Makes me wonder who is writing these stories. Looks someone is trying to put a positive spin on what's really happening and someone else is stating the truth.
Nobody is manipulating it. It's median house prices taken from MLS data. This data set had been used for years. It doesn't look at number of listings or unsold homes or listing vs sold prices - only the median price of houses that actually sold in Q4 2007 vs Q4 2008. Additional stats would be useful though.
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Old 02-13-2009, 11:45 AM
 
270 posts, read 624,518 times
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Gary, I read the articles, both in todays newspaper, two different sections. The contradictions are there. As for stats, I am saying what I saw myself, as we look for houses.
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Old 02-13-2009, 12:02 PM
 
Location: 3rd rock from the sun
3,857 posts, read 6,940,056 times
Reputation: 1817
Agreed that it doesn't seem that way when home shopping or browsing the home adverts.
Al I can think of is that it compares Q4 2007 to Q4 2008. Maybe prices were higher in Q1-Q2 & Q3 2008 but dropped back to 2007 levels in Q4. I'd expect Q1 2009 to be down.
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Old 02-13-2009, 12:08 PM
 
270 posts, read 624,518 times
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Sad for the sellers, great for the buyers, maybe for the buyers. It's tough getting a home mortage. Let's hope things pick up dramatically.
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Old 02-13-2009, 12:25 PM
 
34 posts, read 81,168 times
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I got pre approved for a mortgage so at least I don't get my hopes up then get let down. I been through that one before. I'm just going nuts waiting to get there and start looking!! To bad they make buying foreclosures and REO houses such a pain in the but to buy, probably a lot of good deals out there right now
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Old 02-13-2009, 12:39 PM
 
Location: Rockport Texas from El Paso
2,602 posts, read 8,501,549 times
Reputation: 1606
Interest rates had gone down in early January but they are up now.

You asked for statistics look at my earlier post. CHECK THE SITE I gave you - they combine groups of data and they are totally independent- I've read them for a few years and their predictions are great- they predicted price declines in many of the markets I follow 2 years ago-- and they were right!

Prices will go down in 2009 even in El Paso
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Old 02-13-2009, 12:45 PM
 
270 posts, read 624,518 times
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Any prediction for east coast around PA?
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Old 02-13-2009, 04:56 PM
 
Location: Rockport Texas from El Paso
2,602 posts, read 8,501,549 times
Reputation: 1606
Luplor click that thread I posted. It has PA too. Most of it is declining. There's a great old building near the river in Monongahela I'd go in with you. Used to be the City Trust Bldg on 170 West Main- check it out on Windows live or Google
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