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The banks are waiting to see if the incoming Obama administration will bail them out further. So is every other major industry in the US.
Once that foolish hope is shattered within the next few months you'll see the economy of this nation tank like a plunging rock bringing down homeprices with it.
these banks guys are total jerks. they used 1/2 the month to buy chinese securities already. i wrote my senator i hope she cuts them off.
if hard times so be it, but these guys are nothin but thieves.
The media is clearly over hyping the areas that have seen declines. The lower hudson valley in NY where I live has seen little decline if any. The towns I live around are slums but home values are up 400% since 2000, doubled since 2006 and see no sign of decline. A decent home even in those areas is upwards of 400k and in nicer areas over 500k and up.
How can people afford that, those prices are nuts. The house next door to me was only 130k in 1999 and now is over 400k. It is just insane.
What is worse since the annoucement of bailouts I have watched foreclosures virtually disappear from the listings. Probably the banks holding on to them waiting for our taxpayer dollars. Now people like me that saved and did do not do anything irresponsible will be picking up the tax tab for these bastards to keep these home values high.
It just does not make sense to buy now with home prices still so overvalued.
See Orange County NY stats below:
Year Quarter Housing category Median sales price Change in median, past year Inventory Change in inventory, past year Unit sales Change in sales, past year Months of inventory
Orange 2008 3rd quarter Single family homes $288,000 -12.7% 3,181 -4.7% 569 -25.8% 16.8 Details
Orange 2007 3rd quarter Single family homes $330,000 1.5% 3,338 2.0% 767 -14.0% 13.1 Details
Orange 2006 3rd quarter Single family homes $325,000 0.0% 3,274 18.9% 892 -19.7% 11.0 Details
Orange 2005 3rd quarter Single family homes $325,000 10.2% 2,753 23.2% 1,111 0.1% 7.4 Details
Orange 2004 3rd quarter Single family homes $295,000 15.7% 2,235 3.5% 1,110 8.9% 6.0 Details
Orange 2003 3rd quarter Single family homes $255,000 13.3% 2,160 18.2% 1,019 2.9% 6.4 Details
Orange 2002 3rd quarter Single family homes $225,000 1,827 990 5.5 Details
Here's stats for Westchester...the most exclusive and closest county to NY city. Looks like prices have doubled since 99, and are starting to drop in price.
County Year Quarter Housing category Median sales price Change in median, past year Inventory Change in inventory, past year Unit sales Change in sales, past year Months of inventory
Westchester 2008 3rd quarter Single family houses $710,000 -2.7% 4,046 2.8% 1,315 -21.7% 9.2 Details
Westchester 2007 3rd quarter Single family houses $730,000 1.9% 3,934 -7.9% 1,679 5.5% 7.0 Details
Westchester 2006 3rd quarter Single family houses $716,125 0.6% 4,273 21.4% 1,592 -20.5% 8.1 Details
Westchester 2005 3rd quarter Single family houses $711,700 3.9% 3,519 14.7% 2,002 -5.0% 5.3 Details
Westchester 2004 3rd quarter Single family houses $685,000 16.4% 3,068 11.5% 2,108 5.9% 4.4 Details
Westchester 2003 3rd quarter Single family houses $588,250 3.1% 2,752 9.3% 1,990 9.6% 4.1 Details
Westchester 2002 3rd quarter Single family houses $570,750 20.2% 2,518 20.0% 1,816 -4.8% 4.2 Details
Westchester 2001 3rd quarter Single family houses $475,000 10.5% 2,099 -0.4% 1,908 0.1% 3.3 Details
Westchester 2000 3rd quarter Single family houses $430,000 17.8% 2,107 -15.8% 1,907 -15.5% 3.3 Details
Westchester 1999 3rd quarter Single family houses $365,000 7.4% 2,501 -27.9% 2,256 -0.8% 3.3 Details
Here's stats for Westchester...the most exclusive and closest county to NY city. Looks like prices have doubled since 99, and are starting to drop in price.
County Year Quarter Housing category Median sales price Change in median, past year Inventory Change in inventory, past year Unit sales Change in sales, past year Months of inventory
Westchester 2008 3rd quarter Single family houses $710,000 -2.7% 4,046 2.8% 1,315 -21.7% 9.2 Details
Westchester 2007 3rd quarter Single family houses $730,000 1.9% 3,934 -7.9% 1,679 5.5% 7.0 Details
Westchester 2006 3rd quarter Single family houses $716,125 0.6% 4,273 21.4% 1,592 -20.5% 8.1 Details
Westchester 2005 3rd quarter Single family houses $711,700 3.9% 3,519 14.7% 2,002 -5.0% 5.3 Details
Westchester 2004 3rd quarter Single family houses $685,000 16.4% 3,068 11.5% 2,108 5.9% 4.4 Details
Westchester 2003 3rd quarter Single family houses $588,250 3.1% 2,752 9.3% 1,990 9.6% 4.1 Details
Westchester 2002 3rd quarter Single family houses $570,750 20.2% 2,518 20.0% 1,816 -4.8% 4.2 Details
Westchester 2001 3rd quarter Single family houses $475,000 10.5% 2,099 -0.4% 1,908 0.1% 3.3 Details
Westchester 2000 3rd quarter Single family houses $430,000 17.8% 2,107 -15.8% 1,907 -15.5% 3.3 Details
Westchester 1999 3rd quarter Single family houses $365,000 7.4% 2,501 -27.9% 2,256 -0.8% 3.3 Details
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Can you post the source for this? It's good info, thanks!
We sold our house and have looked at over 40 houses. They have all been overpriced and under updated (is that a phrase?) We would have preferred to find a home that was not a short sale but about 8 out of 10 were short sales. We put an offer on one, the first week in December and are hoping to hear about the appraisal this week. We have been living at my in-laws for the last 3 months and I thought we would be here 1. So much for a buyers market. The market here is stalled. Sellers either can't or won't reduce their price, there is a lot of inventory, and most of the inventory is bank owned. Good luck!
We got one yesterday. It’s a brand new house the builder was unloading at cost. The area is a nice area in the hills above the valley where I live. The buildable land in those areas is more finite, so hopefully that will keep values up relative to other areas. I could have previously not even been able to consider that kind of lot. The home is the minimum size for the neighborhood (which is good because the other homes around us are larger and more elaborate, which should keep our value up also). Since none of the homes are more than about 4 years old in the area, our house is also the lowest price a house has ever sold for in the neighborhood. I feel we got a relative bargain. I hope I prove correct in a few years from now.
Congrats CoolCats....glad you found a home. Builders are giving alot of centives now days too to sell their inventory. I have a friend that bought a new home and the builder finished the basement for free.
We close on our home in Utah on the 29th.....it was a great Christmas present
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