Ya know, I'm starting to feel like we're in the scene from Titanic when people finally realize the sucker is going down. EVERY MAN FOR HIMSELF!
Battered economy and glut of homes take their toll on anxious Metro area would-be sellers.
Sales of existing homes in Metro Detroit fell 7 percent in October and houses languished on the market for an average of 101 days as buyers retrenched in the face of more bad economic news.
The median sales price for an existing home rose 1.1 percent to $165,000 in October over the same period a year ago.
But a flood of homes hit the market making it even harder to find buyers, according to Realcomp II Ltd. in Farmington Hills.
The October figures show how quickly the Metro Detroit housing market has deteriorated. In October 2004, existing homes stayed on the market 57 days on average.
Last month's 101-day average was the highest since Realcomp starting tracking the figure in June 2004.
"People are downtrodden," said Susan Carter, a broker for Woodwardside GMAC Real Estate in Royal Oak.
"There is wave after wave of disconcerting economic news and people are reluctant to take on any more debt. We're trying every trick in the book to move homes."
November 12, 2005
Houses languish on market
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Sunday I went to some open houses in Los Angeles, the Hollywood sign can be seen from the street about 4 miles away on the mountain. As one sees on TV all the time.
Question to each Realtor was, "What is your opinion of the Real Estate bubble"?
Answer:
1st Realtor. No bubble
2nd Realtor. Perhaps a bubble
3rd Realtor. Absolutely no bubble
4th Realtor. Some bubble perhaps
5th Realtor. Seasonal fall in prices for the winter only. No bubble.
Ug. Ug. Ug.
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