I love housing-watch, where you can track home asking prices for cities just like your stocks on yahoo.
We all know the price numbers reported are meaningless and bogus because of the incredible use of incentives, and we'll never really know what prices are doing because of that.
But this site tracks the asking price trends - a decent indicator.
Also, the MSM and NAR report the meaningless year-over-year price number, when what's most important is the price today vs. the peak price. This site let's you see when peak price per city was achieved, and the fall since then.
I've pictured Vegas (where I'm heading today), but look city by city and you'll see what's really going on out there. Enjoy.
September 10, 2006
Why did the NAR finally admit home prices are gonna fall? Because they're seeing red and so are we
Subscribe to:
Post Comments (Atom)
30 comments:
The NAR works to serve the Realitor' ability to take home a steady check.
Someone has to believe something. Either the buyer must believe home prices will continue to rise - SO BUY NOW. Or the seller must believe that prices will continue to fall - SO SELL NOW.
If the seller believes the world will end if his property is on the market for 6 months - then he is much more likely to let the Realitor take home his pay-check and settle for an offer right out of te gate.
NOBODY THAT LIVES OFF OF COMMISSIONS SHOULD EVER BE LISTEN TO.
Dogcrap's finicial tip of the day -
Bet on Kansas City Cheifs
On a side note - The houses I now seeeing built are smaller than last year's. This will drop the median price that your chart shows without dropping the individual's house appreciation #s
On a side note - The houses I now seeeing built are smaller than last year's. This will drop the median price that your chart shows without dropping the individual's house appreciation
///////////////////////////////
This is encouraging as I beleive the average house size had gotten way out of hand and disproportionate both to the sites and to the human dimension..
Paarl
One of the most interesting changes this year is going back to a rational size basement. The room nobody ever goes into cost more to build than the floor above it which everyone lives in.
Seeing more plans with half basements - enough room for the furnace, and a crawl space for storage.
CABLE NEWS RACE
THURS. SEPT 9, 2006
VIEWERS
FOXNEWS O'REILLY 1,895,000
FNC HANNITY/COLMES 1,382,000
MTV PIMP MY RIDE 1,315,000
FNC SHEP SMITH 1,283,000
FNC GRETA 1,246,000
FNC HUME 1,231,000
CNN KING 769,000
CNN COOPER 735,000
CNN DOBBS 689,000
CNN BLITZER 592,000
CNNHN NANCY GRACE 537,000
CNN ZAHN 503,000
MSNBC HARDBALL 426,000
MSNBC OLBERMANN 426,000
CNNHN GLENN BECK 420,000
MSNBC SCARBOROUGH 324,000
Ah I still remember like it was yesterday. The year was 1991. I was sitting in the Quality Assurance lab full of computers at a large Southern California software company.
I hear some yelling from the other side of the room, a heated discussion followed by a phone being slammed hung up.
"What's the matter?" I ask the guy who was on the phone.
"My house just lost 50,000 in value".
I guess he was trying to sell it and that's the appraisal that came in.
Guaranteed, real estate prices go down sometimes.
The NAR figures that they can't be blamed now because they've fessed-up!
Now I'm not an educated man, but I think you call that, "Covering your ASS!"
Example: ...it depends on what the definition of 'Is' is!
The real armpit of California is the Lake Isabella area. Even the folks in Bakersfield look down on it. It is the largest accumulation of trailers and mohos in California. Per capita its people are the least educated and the most likely to be on welfare. My point, real estate is still cheap there. In the last recession I was offered a 3000 square foot house with a view of the lake for $60,000. I passed because the area attracts the bottom of the barrel in society with its $300 rents. That house after this bubble sold for about $380,000. I pity the guy who bought it at that price and now waits for the real picture of "country living". If you sold your city house and bought up there you are stuck! If you moved there from some place nice for the cheap prices, there is no way for you to go. You are financial toast like all the other ideological folks who sold in the city and moved out to the country. I tried to tell you from my own experience when it was happening but you would not listen. Now it is too late, soon you will either be a renter or join the ranks of the country folk with no livelihood and the methamphetamine neighbor waiting for you to go to the store.
Is the information for Salt Lake City correct? What has happened there? In 3 months prices rose 100%...
Home prices, like Paris Hilton, Do Go Down!
I agree that it's hard for average individuals to see through to real prices because of incentives on new construction. However, at least in my area, it's extremely rare to see incentives on existing homes. And when I run my data, I use median statistics instead of averages wherever possible. This should provide cleaner and more accurate information.
In any case, I just posted a piece for you HPers who think we agents only say "real estate always goes up."
Here's, "Yes, You CAN lose money in real estate."
I love the market now. Last year sellers listed the house with a discount broker and it sold in few days over asking price. They were asking for 1% commission and this was too much. Today they ask who is capable to sell their house for a fair price, great question.
Today one gets paid for his skills; MLS alone can not sell a house without solid marketing and financing. New home developers are fully cooperating with real estate brokers.
Here in Bay Area prices are a little bit lower but so far no sign of doom. New and resale homes are sold and there are buyers.
Alex Broker
Here in Los Angeles you need a real agressive price to sell. If you are not under your neighbor forget it!
These prices do not reflect contractual give-backs; e.g. re-embursment upon closing. A whole lot gets hidden in there: in my case, about 3% of the sale price,
Heck, It's only just begun. Wait for the trickle down and aftershocks.
The NAR is a joke. The people don't need it, its just for REALTORS and politicans to interface and serve themselves.
Just imagine the number of jobs created related to the housing boom.
Now imagine the loss of jobs trickle down from slow sales, lack of sales, extremely high inventories, less permits being issued, no new const. or less of it. Everything related from nails to concrete to lumber, to actual labor lost!
This could and potentially will be a long drawn out scenario!
Felt by all in one way or another!
You don't go from Boom To Bust to Boom in a matter of weeks.
We have 'Only Just' begun!
Salt Lake City started the boom back in 97 when the Olympics were announced. After the Olympics, there was a huge over-supply of housing. Prices were flat for three years as the excess supply was absorbed. Last summer, SLC was suddenly 'discovered' again by flippers and spcuvestors. They swarmed like locusts and bought up all the housing inventory, which caused home prices to shoot up like we've seen in every other major metro area. In a way, SLC was first, then lagged, now they are last to the orgyfest. And SLC will collapse just like everywhere else. They just might be last to leave the table.
So true. With sellers digging in their heels waiting for the price that they "deserve", it's going to be a long and slow ride down. Also I read on another blog that, funny enough, if we have a fairly mild winter it will steepen the slide, but if we have a harsh winter it will put the brakes on the housing decline as sellers will pull their homes off the market until spring, in their minds using nature as the excuse that their over priced sh*tboxes are not selling and then start all over again with renewed hope for that "deserved" price. A mild winter will ram home the reality that houses are not selling, PERIOD! and nature has nothing to do with it!
hello..
pls tell me date & time when this housing bubble gonna burst... can i watch it live on CNN, just like the collapse of WTC?
Get yourself some of that Erik Estrada real estate...or maybe buy whatever brilliance the real estate dwarves were peddling. There's also this guy named Tom Vu who showed me through his program that investing in real estate involves working about 5 minutes a day to cash all my $30,000 checks, while spending the rest of my time sipping margaritas in a subtropical paradise while surrounded by gorgeous young women in bikinis. And if you don't have any money to get started, I heard some guy named William McCorkle would put up his own money to fund your deals and split the profits 50-50.
Tom Vu ! Good Grief that guy was promoting himself here in SoCal like 18 yrs ago, is that Dink still out there?
He was a creepy lil' asian guy, on a big yacht surrounded by hot bikini models, while he told you that you're to lazy to be as successful as him! But he was willing to sell you his secret for success by going to one of his seminars!
good read
In his 40 years as a home builder, Toll says, he has never seen a slump unfold like the current one.
http://tinyurl.com/f6tto
Hello. Good day
Who listens to what music?
I Love songs Justin Timberlake and Paris Hilton
I like it a lot! Very nicely done. Easy to find helpful information. All the best!
- www.blogger.com p
[url="http://phenterminefatal.blogspot.com"]phentermine[/url]
I've more or less been doing nothing worth mentioning, but oh well. Basically not much exciting happening worth mentioning. I just don't have anything to say right now, but whatever. Eh.
- www.blogger.com 8
spaghetti alla carbonara
Post a Comment