Nice to see Seeking Alpha picking up on my "use of incentives means home price numbers are bogus" jihad.
Whenever I hear anyone say home prices are holding up up, I have to laugh. That's like saying the NY Knicks are undefeated (except for their losses).
From CNN Money over the weekend comes this:
David Seiders, chief economist for the National Association of Home Builders says 75 percent of the nation's builders and developers are offering incentives.
Those incentives range widely. "Developers will upgrade appliances, put in a Garland range or a Sub-Zero refrigerator," says Diane Saatchi, a vice president with the Corcoran Group who specializes in Hamptons properties...
The Associated Press reported last week that a new San Diego condo development, Atria, was giving away plasma TVs and $5,000 home renovation gift certificates. Other popular options include fancy kitchen cabinets, granite countertops and marble baths.
Some buyers, however, may just want money - and those deals abound. "Price cuts are averaging 5 percent to 6 percent," Seiders says, "and 30 percent of all the large builders have cut prices in at least some of their developments by 10 percent or more."
September 15, 2006
Whenever I hear anyone say home prices are holding up up, I have to laugh. That's like saying the NY Knicks are undefeated (except for their losses)
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8 comments:
""Price cuts are averaging 5 percent to 6 percent," Seiders says, "and 30 percent of all the large builders have cut prices in at least some of their developments by 10 percent or more."
FREAKING BIG DEAL! THEY ARE STILL WAY OVERPRICED!
THE SIMILAR CRAP WAS SELLING AT 50% OF TODAY'S PRICE IN 2003!
KEITH, DONT YOU GET IT! YOU MISSED THE FREAKING TRAIN! LET'S SAY A TRAIN IS GOING FROM LA TO NY. YOU MISSED THE TRAIN & YOU ARE STUCKED IN LA. NOW, YOU ARE JUMPING FOR JOY BECAUSE THE TRAIN BROKE DOWN IN PITTSBURG. REMEMBER THIS, YOU ARE STILL IN LA LA LAND!
THANK YOU!
I could give a damn about your incentives!
Just lower your 'F n' price!
First anon - so you are saying homes are way overpriced compared to 2003 and we should not buy until it drops back to 2003 prices?
Hey! Here's a concept for ya...If you think they're overpriced, DON'T FRICKIN BUY ONE! If someone else gets a free plasma and or help with closing costs or whatever, good for them. Quit yer belly ache'n...
anon 2:43-
I'm guessing you don't read this blog much, since you seem to know when and where keith owned property.
Also, you might want to consider not posting in allcaps. It's considered rude.
it is actually yelling and screaming to post in all caps.
Price Reduced: 06/30/06 -- $159,000 to $154,500
Price Reduced: 08/04/06 -- $154,500 to $150,900
Price Reduced: 08/14/06 -- $150,900 to $148,900
Current Taxes:
1447
Assessments:
246
To buy this condo : with 10% down : 1400$ a month
To rent this : 850$ a month
550 $ in the saving with CD rates up to 6 %
The problem with these toxic loans is that the taxpayers foot the bill when the banks collapse, as they did during the S&L ponzi scheme. So we have a right to bellyache. If the government promises not to bail out the banks, Fannie and the FB's then I don't care about the toxic loans.
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