[nychiefsfan]

Lawrence Yun, senior economist for the Realtors, noted that household formation had slowed. He said that implied many people had decided to put off buying a home and were doubling-up in rental units or moving back home with parents.

"It appears some buyers are simply waiting for more signs of stability before they get serious about getting into the market," he said. "The lack of buyers' confidence is a major factor in the lower sales."


He said activity in the existing home sales market, which accounts for about 86 percent of annual sales, would continue to suffer until builders were more successful in trimming their production levels for new homes, which make up the other 14 percent of annual home sales.


The National Association of Home Builders reported earlier this month that builder sentiment dropped in June to the lowest reading since February 1991, reflecting the spreading troubles with subprime mortgages, which go to borrowers with weak credit histories.

Home Sales Hit Slowest Pace in 4 Years (http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2007/06/25/national/w070221D69.DTL&type=business - broken link)

We could expect nothing less from Yun. He points blame everywhere else except for the price. Now he's saying that it's the new home builder's fault.
I don't understand how anyone can believe anything Yun says.

[nychiefsfan]

Originally Posted by dna101103

BRAVO ! Well said ! NYChiefsfan....

In my best Elvis voice: "Thank yuh...thank yuh very much"
NYCF

[Obrero]

Originally Posted by nychiefsfan

Anytime, my friend.
Florida's Existing Home Sales, Median Price Down in May 2007

You are, indeed, the master of the internet.

[SRQ single]

[quote=lostbuyer;950209]

Originally Posted by SRQ single

You are missing the point... It's not so much about the house as it is about the location of the land...Also not to insult you but why do you feel that someone that has paid 20+ years on a mortgage, interest, repairs, upgrades inflation etc should sell for only 100K above what their INITIAL investment was??? After paying on a 20 year mortgage one has more than 100K interest into it not to mention taxes closing costs etc... Thats unrealistically silly!

why should the next buyer have to reimburse you for your interest??your loan =your interest...your repairs,your mortgage,you taxes,plus you were using it by living in it..so getting that money back is silly....the buyer is responsible for paying you what the house is actually worth,not what you feel you should get, for what you feel you have wasted on the thing...thats like me selling a car and wanting to get reimbursed for all the gas ive wasted,all the oil changes,all the repairs..or when someone wants to sell something for 5 times what its actually worth just because to them it means something...doesnt mean it actually is worth that much...

Okay then I guess I made money on my other properties since I've always thought of my interest paid as part of my home cost...
Hmmm Sooo, what do you feel is a fair percentage rate of appreciation on a home investment per annum??? Do upgrades count ie: rewiring, pool, replumbing, stone instead of formica, central ac etc...

[JimKing]

Why should a seller expect a big profit after 20 years? Houses get older, they can depreciate like other assets.

All those costs are part of the price of living in a house. You were using the house during those 20 years. Sure many people sell at a profit after 20 years, but it is not a divine right by any means.

There is no "fair rate" of appreciation on a house. It depends on location, maintenance, the bad luck of a new housing development being built right next door, etc. There is no fair appreciation rate....it is what ever the market decides it is at that particular point in time.

[lostbuyer]

[quote=SRQ single;950519]

Originally Posted by lostbuyer

Okay then I guess I made money on my other properties since I've always thought of my interest paid as part of my home cost...
Hmmm Sooo, what do you feel is a fair percentage rate of appreciation on a home investment per annum??? Do upgrades count ie: rewiring, pool, replumbing, stone instead of formica, central ac etc...

yes they do count but just because I spent 100k on a pool doesnt mean my house is automatically worth 100k more........I see the property increasing, but to the point of getting all the money paid back,if all houses were sold based on getting everything invested back, how much would house prices be???probably higher than they are today....which is already to much...

[SKB]

Chief, Here is some proof that the prices are starting to reflect the housing crash.

Here is a home MLS # R2745442 that just took a 30% haircut from it's peak price. I had been watching this particular property.

Turn Key Home Builders New Homes for Sale

Originally listed for 384,900 it just sold $269,100 on May. 30, 2007.

Check out TCPalm Real Estate St Lucie county real estate sales May 24.

[rstate]

Here's a question for everyone on this post. Do you think you're a
1) real estate expert
2) real estate intermediate
3) real estate novice

and do you think you can predict the bottom in the market that you live in (within 5-10%) and if someone offered to sell you a house today at your predicted bottom price, would you feel confident enough to buy it?

[Mike1306]

Originally Posted by SKB

Chief, Here is some proof that the prices are starting to reflect the housing crash.

Here is a home MLS # R2745442 that just took a 30% haircut from it's peak price. I had been watching this particular property.

Turn Key Home Builders New Homes for Sale

Originally listed for 384,900 it just sold $269,100 on May. 30, 2007.

Check out TCPalm Real Estate St Lucie county real estate sales May 24.

Please explain to me how this is proof of anything except proof that it was listed too high to start with.

[LMB]

Originally Posted by Mike Peterson

The age of the house should not matter too much in how long it takes to double in price. This is because in any certain area the appreciation rate will generally be the same for all the homes in that area.

There are too many factors to really say how quickly a home should double in price. Based on 5% a year I believe it would work out to about 12 years or so.

You're good! We built a home in Orlando 12 years ago. Sold recently for exactly double.