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Old 10-24-2008, 08:28 AM
 
523 posts, read 1,417,352 times
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Prices still continued to fall. The median price of all homes sold during the month fell to $191,600, down 9% from $210,500 a year ago. Before the start of the current housing slump, it had been 11 years since prices fell compared to a year earlier.

http://money.cnn.com/2008/10/24/news...ion=2008102410
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Old 10-24-2008, 08:34 AM
 
Location: Barrington
63,919 posts, read 46,717,658 times
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A national annual price decline of 9% sounds about right, all things considered.

It juiced homes sales in September. Cause and effect.
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Old 10-24-2008, 08:36 AM
 
Location: Venice Florida
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We need prices to fall in order for homes to be affordable. The reason that the house problem has lasted as long as it has is that prices were too high and took years to find the current level. Now in places that the market has been soft for a long time, prices are much lower. Sales are up.
If jobs come back...maybe the future won't be so bleak.
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Old 10-24-2008, 09:19 AM
 
Location: Barrington
63,919 posts, read 46,717,658 times
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11/04 Google traded in the 181.98 range

11/05 Google traded in the 405 range

11/06 Google traded in the 485 range

11/6/07 Google stock closed @ 741.79

10/24/08 Google is trading @ 339.30. Regardless of when you bought, this is what the market will pay, right now.

I think most people get this as it relates to stocks.

And yet, when it's their home, many persist in the belief that what they paid, owed, what it may have sold for at some point in time, matters to the market ( buyers).

I am a Realtor and a homeowner. My paper equity has diminished, too.
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Old 10-24-2008, 01:38 PM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,869,214 times
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Default FL Bob

FL Bob,

I only wish things were as good as you paint them to be. Things will get better when jobs come back up?

How is this going to happen, with unemployment at 6% and forecast by my bank to go to 8.3% in the next 12 months (which may be conservative). Things are going to get worse before they get better.

My paper equity is down too, from stocks and real estate. The only thing holding its value in my portfolio is cash, insurance (whole life cash value) and bonds (which are down very slightly).
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Old 10-24-2008, 01:59 PM
 
Location: Venice Florida
1,380 posts, read 5,927,336 times
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Quote:
Originally Posted by Humboldt1 View Post
FL Bob,

I only wish things were as good as you paint them to be. Things will get better when jobs come back up?

How is this going to happen, with unemployment at 6% and forecast by my bank to go to 8.3% in the next 12 months (which may be conservative). Things are going to get worse before they get better.

My paper equity is down too, from stocks and real estate. The only thing holding its value in my portfolio is cash, insurance (whole life cash value) and bonds (which are down very slightly).
Sorry for my Pollyanna point of view. Like you and everyone else, my net worth has taken a beating.

I've been waiting for housing prices to reach a point were most people would have a opportunity to purchase something, should they choose.

My point about jobs is that without employment house prices won't make a difference. I believe that good or bad the government will be creating programs that provide support for jobs. Whether it's infrastructure, energy, or some other program the leaning in Washington is towards intervention.

With the cost of energy declining the average working American household will have more cash in their pockets. Some of that extra cash will make it into the economy. Hopefully buoying the job market.
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Old 10-24-2008, 02:09 PM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,869,214 times
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Default FL Bob, I respect your last post

FL Bob,

I appreciate your sincerity in your last post. I wish things were better too. I just things getting worse before they get better.

I think the next 2 years will be slow for housing with prices hitting bottom in some areas in the next 1-2 years and other harder hit areas in 2-3 years.

The non-vulture buyers and fence sitters will start to re-enter the buying market probably after 2010. The rest of 2008 and 2009 and the first parts of 2010 will be a very difficult time to be in real estate unless you can find a great deal that is not going to go down in value.
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Old 10-24-2008, 02:26 PM
 
Location: Venice Florida
1,380 posts, read 5,927,336 times
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Many people that want to sell have pulled their properties off the market. A statistic that NAR doesn't report is withdrawn and expired listings. So behind the numbers there are potential sellers just waiting for a better market. So just like in the stock market there will be those that will sell into the rally.
Pricing will be tough for a while. Foreclosures and motivated sellers will provide downward pressure on pricing.

We are seeing more of what I refer to as the retail customer taking advantage of these lower prices.
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Old 10-24-2008, 02:48 PM
 
22,768 posts, read 30,724,200 times
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Quote:
Originally Posted by FLBob View Post
We are seeing more of what I refer to as the retail customer taking advantage of these lower prices.
I'm curious, what do you mean by "retail customer" ?
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Old 10-25-2008, 05:59 AM
 
Location: Venice Florida
1,380 posts, read 5,927,336 times
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Quote:
Originally Posted by rubber_factory View Post
I'm curious, what do you mean by "retail customer" ?
I refer to the people that are purchasing property for their home as the "retail customer". Non-speculator, non-investor. In my area that would also include the snow bird, that purchases a home for retirement and winter residency.
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