Housing Sales Fall in 40 States; Largest percentage of price declines since 1979 - U2 Feedback

Go Back   U2 Feedback > Lypton Village > Free Your Mind > Free Your Mind Archive
Click Here to Login
 
 
Thread Tools Search this Thread Display Modes
 
Old 02-15-2007, 10:55 PM   #1
ONE
love, blood, life
 
MrBrau1's Avatar
 
Join Date: Aug 2000
Location: Verplexed in Vermont
Posts: 10,436
Local Time: 04:17 PM
Housing Sales Fall in 40 States; Largest percentage of price declines since 1979

http://biz.yahoo.com/ap/070215/housing_slump.html?.v=7

but the economy is great.

Isn't it?
__________________

__________________
"If you needed my autograph, I'd give it to you." Bob Dylan
MrBrau1 is offline  
Old 02-16-2007, 12:52 PM   #2
Rock n' Roll Doggie
 
LyricalDrug's Avatar
 
Join Date: Nov 2004
Location: SF Bay Area, California, USA
Posts: 3,212
Local Time: 02:17 PM
Wow, that is crazy.

Btw, have you guys seen this site? www.zillow.com. You can plug in any address and get an estimate on a house's value. Pretty trippy...
__________________

__________________
LyricalDrug is offline  
Old 02-16-2007, 02:04 PM   #3
Rock n' Roll Doggie
Band-aid
 
ntalwar's Avatar
 
Join Date: Feb 2004
Posts: 4,900
Local Time: 04:17 PM
It's nice to see the speculative housing bubble deflate a bit.
The market was getting overcrowded with investors.
__________________
ntalwar is offline  
Old 02-16-2007, 02:07 PM   #4
Blue Crack Addict
 
Liesje's Avatar
 
Join Date: Mar 2002
Location: In the dog house
Posts: 19,557
Local Time: 04:17 PM
It's been impossible to sell a house here for a year or so. It's a buyer's market, but Michigan has the 49th worst state economy so even saving tens of thousands, people still aren't buying b/c we don't have jobs or jobs that pay. I know so many people trying to get out and move somewhere with better (or existent) job opportunities, but they can't sell their houses.
__________________
Liesje is offline  
Old 02-16-2007, 07:39 PM   #5
Rock n' Roll Doggie
Band-aid
 
ntalwar's Avatar
 
Join Date: Feb 2004
Posts: 4,900
Local Time: 04:17 PM
In areas with hotter economies, like Northern Va., the prices were getting out of control at the peak. One bedroom condos were going for up to 450-500k. Sales have also slowed in these areas, but a lot of the owners have turned to renting out their properties because they expect the market to turn around soon.
__________________
ntalwar is offline  
Old 02-16-2007, 07:58 PM   #6
ONE
love, blood, life
 
financeguy's Avatar
 
Join Date: Dec 2004
Location: Ireland
Posts: 10,122
Local Time: 10:17 PM
I'm guardedly optimistic. I foresee a slowdown, but not a massive slump, as some are predicting.
__________________
financeguy is offline  
Old 02-16-2007, 08:10 PM   #7
ONE
love, blood, life
 
MrBrau1's Avatar
 
Join Date: Aug 2000
Location: Verplexed in Vermont
Posts: 10,436
Local Time: 04:17 PM
I dunno. Every day you read about another subprime lender shutting it's doors.

The American consumer is broke. They just don't know it yet.
__________________
"If you needed my autograph, I'd give it to you." Bob Dylan
MrBrau1 is offline  
Old 02-16-2007, 08:21 PM   #8
Rock n' Roll Doggie
VIP PASS
 
Vincent Vega's Avatar
 
Join Date: Jul 2005
Location: Berlin
Posts: 6,615
Local Time: 10:17 PM
After this massive buying it's probably a hang-over.

Or the bill arrived at many households.
__________________
Vincent Vega is offline  
Old 02-16-2007, 08:53 PM   #9
ONE
love, blood, life
 
Join Date: Aug 2002
Posts: 10,881
Local Time: 04:17 PM
There are many things that have happened to slow things down and call prices to fall.

Incredibly low interest rates years ago inflated prices. People could afford to spend more because of the low rates.

Rates are on the rise.

People cannot afford more house with high interest rates. Prices come down.

I feel badly for people who refinanced to take the equity in their homes to pay of old debts. They are now holding a mortgage that they may have to hold for years because they owe more than their house is valued.
__________________
Dreadsox is offline  
Old 02-16-2007, 09:06 PM   #10
Rock n' Roll Doggie
Band-aid
 
ntalwar's Avatar
 
Join Date: Feb 2004
Posts: 4,900
Local Time: 04:17 PM
^ That and the tightening of lending standards which is finally taking place. A lot of those subprime borrowers probably should not have been granted loans in the first place.
__________________
ntalwar is offline  
Old 02-16-2007, 10:07 PM   #11
Blue Crack Addict
 
anitram's Avatar
 
Join Date: Mar 2001
Location: NY
Posts: 16,297
Local Time: 04:17 PM
There are tons of people living house-poor in McMansions because of the low interest rates. For those who are making some good coin, a lot of these will be going on the market and there will be $ to be made.

It was obvious that when interest rates went up and the market started crashing, a lot of people who bought houses beyond their means in the last 5 or so years would run into trouble.
__________________
anitram is online now  
Old 02-16-2007, 10:18 PM   #12
Blue Crack Distributor
 
corianderstem's Avatar
 
Join Date: Dec 2002
Location: Seattle
Posts: 63,735
Local Time: 01:17 PM
Maybe someday I'll be able to afford a place in Seattle without having to move two hours out of town.

__________________
corianderstem is online now  
Old 02-18-2007, 03:15 PM   #13
Rock n' Roll Doggie
 
coemgen's Avatar
 
Join Date: Oct 2002
Location: Black and White Town
Posts: 3,962
Local Time: 04:17 PM
This is good news as my wife and I are looking to buy fairly soon.
__________________

__________________
coemgen is offline  
 

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -5. The time now is 04:17 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Design, images and all things inclusive copyright © Interference.com