Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The S&P/Case-Shiller home-price index dropped 10.7 percent from January 2007, after a 9 percent decrease in December. The gauge has fallen for 13 consecutive months.
Price declines will continue as foreclosures add to a glut of unsold properties, and stricter lending rules make it harder to get financing. Declining values leave homeowners feeling less wealthy and with less home equity to borrow against, undermining consumer spending and pushing the economy closer to a recession.
OFHEO numbers look bad as well : http://www.ofheo.gov/media/hpi/MonthlyHPI32508.pdf (broken link)
Quote:
WASHINGTON, DC – U.S. home prices fell approximately 1.1 percent on a seasonally-adjusted basis between December 2007 and January 2008, according to OFHEO’s new monthly House Price Index. For the 12 months ending in January, U.S. prices fell 3.0 percent. Since its peak in April 2007, the monthly index is down 4.1 percent.
Just more evidence that the downturn is speeding up nationwide.
Yes, the number of sales has increased and probably will continue with dropping prices. Of course, all of this varies by region. I know I'm in the minority, but I think prices are near the bottom and will stabilize soon.
Silver lining. The Case/Shiller data comes one day after a report from the National Association of Realtors that showed a modest increase in sales of existing single-family homes in January, thanks to the plunge in prices.
Mike Schenk, senior economist for the Credit Union National Association, says the decline in home prices is a symptom of serious economic problems, but adds that the environment is improving for home buyers.
"Affordability is actually quite high," he said. "This is a pretty good market to consider taking the plunge. And it's going to get better as we go forward."
No, it's gonna be bad...No, it's gonna be good, No, bad, No good! Oh to heck with it, it's gonna be whatever it is, wherever you are!
Sales in February 2008 were slightly higher than sales in January 2008... hence the increase. However, sales in February 2008, as compared with February 2007 were down about 24% !!
Down 24% from a year ago at this time... is this what people are calling a recovery?
What is weird is that I don't see much of a price drop however I do understand this is only an average of select markets. The homes I see are still way overpriced by about 80k which is about 20% still... we still have a ways before we reached pre-overinflated prices but that is only in some markets... I am looking at land prices in nicer areas and notice they are still way, way overpriced by about 300-600k... I wonder what these land owners are thinking... maybe they bought at ridiculously high prices and can't stand to take a loss?
"Unfortunately, house prices continue to decline and the decline continues to be really nationwide,’ said David Blitzer, who chairs S&P’s index committee.”
Quote:
“The weakness is not contained to the bubble areas,’ said Michelle Meyer, an economist at investment bank Lehman Brothers in New York. ‘It has spread to the rest of the nation.’
Quote:
“House price depreciation accelerated in February, according to FBR analyst Michael Youngblood, citing data from data provider LoanPerformance.”
“Foreclosures are occurring at the highest rate in decades — and as a result, lenders are acquiring homes faster than they can sell them off. Last year, sales of foreclosed homes rose just 4.4%, while the supply more than doubled, according to First American CoreLogic.”
Sales in February 2008 were slightly higher than sales in January 2008... hence the increase. However, sales in February 2008, as compared with February 2007 were down about 24% !!
Down 24% from a year ago at this time... is this what people are calling a recovery?
That is what they should have reported. Instead they fluffed up the number by only reporting month to month.
But wait... there's even more news that just came out today...
Quote:
New home sales fell to their lowest level in 13 years in February, according to a key government report on the battered housing market released Wednesday.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
