Home Prices Post Biggest Drop in 21 Years (sales, new house)

[kalim2008]

Home Prices Post Biggest Drop in 21 Years

The S&P/Case-Shiller National Home Price Index saw an 18.2% decline in the last quarter of 2008, and the 20-city index fell 18.5% in December alone

Home Prices Post Biggest Drop in 21 Years - BusinessWeek

Other cities that were holding up relatively well until recently are now seeing a quickening pace of declines. The year-over-year price decline in the New York metro area, which is at the center of the financial meltdown, was 9.2% in December, compared with 8.6% in November and 7.7% in October.

Stuart Hoffman, chief economist for Pittsburgh's PNC Financial Services Group (PNC), said home prices will probably fall for years to come (though the declines will get smaller and smaller). Most metro areas won't start to see price increases until 2011 or 2012, he said.

[johnfrisco]

CBS Evening News just said the average home price in Detroit is $7,000

[todd72173]

Glad I didnt fall for the old "Its everyones american dream to own a home" bit...Proud renter.

[kalim2008]

Originally Posted by johnfrisco

CBS Evening News just said the average home price in Detroit is $7,000

that's cheaper than a new car

[JG183]

Originally Posted by kalim2008

Home Prices Post Biggest Drop in 21 Years

The S&P/Case-Shiller National Home Price Index saw an 18.2% decline in the last quarter of 2008, and the 20-city index fell 18.5% in December alone

it's helpful to keep things in perspective:

the drop is comparing now, to when it was higher (i.e. closer to the old peak).

so while it is a drop, sales are still happening.

Originally Posted by kalim2008

the declines will get smaller and smaller

I have been saying this all along...


there's no need to panic, but I guess some people aren't happy unless there's bad news to spread

[emanon]

The OP has been screaming that the sky is falling for quite a while. I can just bet he'll be the guy buying the brand new house behind the gas station and telling everybody what a great deal he got.

E

[kalim2008]

Originally Posted by JG183

so while it is a drop, sales are still happening.

Of course sales are still happening - you don't expect anything to drop to zero, do you?...the question is, sales at what prices?

Originally Posted by JG183

"the declines will get smaller and smaller"

I have been saying this all along...

You must have forgotten the part where he says prices will continue to decline for years, all the way to 2011 or 2012

[kalim2008]

Originally Posted by emanon

The OP has been screaming that the sky is falling for quite a while. I can just bet he'll be the guy buying the brand new house behind the gas station and telling everybody what a great deal he got.
E

Actually, the sky HAS been falling since I said so last year...I just report the news, I don't make it

And no, we were planning on buying last year (looked in watchung and randolph), encouraged by our realtor, but decided not to, which was one of the best decisions we ever made.

[tahiti]

LMAO - home prices are the new "property tax" threads.....

[Older&Wiser]

Originally Posted by kalim2008

Home Prices Post Biggest Drop in 21 Years

The S&P/Case-Shiller National Home Price Index saw an 18.2% decline in the last quarter of 2008, and the 20-city index fell 18.5% in December alone

Home Prices Post Biggest Drop in 21 Years - BusinessWeek

Other cities that were holding up relatively well until recently are now seeing a quickening pace of declines. The year-over-year price decline in the New York metro area, which is at the center of the financial meltdown, was 9.2% in December, compared with 8.6% in November and 7.7% in October.

Stuart Hoffman, chief economist for Pittsburgh's PNC Financial Services Group (PNC), said home prices will probably fall for years to come (though the declines will get smaller and smaller). Most metro areas won't start to see price increases until 2011 or 2012, he said.

May I ask, Kalim, how come you always seem to be happy with the falling prices. You're always the one to proclaim every article you see that predicts or announces calamity. Are you an investor or waiting for the price to go as low as it can?