March 25, 2008

FLASH: S&P Case-Shiller index shows 11% drop in US home values. Vegas and Miami crash 19%, Phoenix, San Diego and LA down 15%+


Home prices only go up.

There's hasn't been a fall in US home values since the Depression.

It's always a great time to buy.

If you don't buy now, you'll be forever priced out of the market.

It's a new paradigm. It's different this time.


Real estate is your safest investment.

Bubbles are for bathtubs.

Phoenix has year-round golf and pro athletes.


And anyone who listened to an idiot realtor on commission the past few years got killed.

Home prices: Down record 11% - The residential real estate market continues to deteriorate in 2008, with 20 key markets reporting steep drops.

Residential real estate has posted another record decline.

The S&P Case/Shiller Home Price index of 20 key markets, released Tuesday, shows that home prices plunged 10.7% in the 12 months ending January.

Las Vegas and Miami reported the weakest markets in January, with each city posting an annual decline of 19.3%. Phoenix was the second worst with a decline of 18.2%.

31 comments:

Anonymous said...

I thought the pro atheletes would buy up those 60,000 empty houses in Phoenix

mairca izda debol said...

Millions of illegal immigrants are coming from Mexico and Honduras to buy those $700,000 houses. They will be willing to pay 1 million pesos.

Frank@Scottsdale-Sucks.com said...

"Bubbles are for bathtubs."

...and homedebtors are taking a bath.

"Phoenix has year-round golf and pro athletes."

Better hope you don't choke to death on the brown cloud covering the golf courses.

Anonymous said...

Interest rates are still at 50 year lows.

Renting is just throwing away money.

Renting is just paying someone's mortgage.

You need to start building equity.

Real estate is the way to build wealth.

DOPES?!

Anonymous said...

But DC is different so it can't possbily be going down in value!! The Fed Chairman, the President of NAR and all these other smart financial/RE people live here so it can't happen here. All the gov't workers are here, etc. etc., etc. BS, these are things that make it even more likely to suffer a decline!!!

Anonymous said...

"Phoenix has year-round golf

Again, who in their right mind would want to play golf under a 100 degree weather! Oh, I get it; it's a dry heat.

Anonymous said...

Everybody wants to live in California!!!!

HA HA HA HA HA HA HA!!!!

DOPES!!!!

Ed said...

Yeah but take out California, Nevada, Florida, Texas, the Northeast, Midwest, most of the South and the NW.....and you'll see that real estate is booming.

Ed said...

anon 6:39

It is a cliche but the dry heat makes a huge difference. I lived in the desert for many years and played golf in 115 weather(100 was considered a cool day in the summer). I live in the South now and won't even consider stepping outside unless I have to in July and August when it's over 90...but with 60% humidity which makes it feel just a little worse than hell.

Anonymous said...

Millions of illegal immigrants are coming from Mexico and Honduras to buy those $700,000 houses.

Wait a second, I thought all of the illegals were now out of work and fleeing back to safety on the far side of the border.

Mid Hudson Valley NY said...

I just dont get the excitement here.

In my area House prices went up 300 - 400% for absolutely no reason at all, in the past 5 years.

Income,Wages and population growth have remained the same since about 2000.

a 10% drop is not even close to were prices need to be in-order to begin moving inventory.

What don't "the experts" get??

Most folks are simply not going to borrow a 1/2 million dollars for a 3 bed crappy townhouse, or for a cookie cutter single family on a tiny lot, anymore..

What was $500k in 05 is now $449k, what a rip-off!

it needs to get back to a more realistic price range of $99-$120K.

Mammoth said...

When I sold my rental house last October, it ‘Zillowed’ for $304,000.

Not long after it sold, I checked the Zillow value again, and it matched the sale price of $190,000.

Today I just ‘Zillowed’ the house again, and the value has now dropped to $279,500. Down 8% from the peak.

But this is in the Seattle area, and Seattle may be compared to the upper rooms of the Titanic, which were the last places to fill up with water before the ship sank.

-Mammoth

Andrew from Russia said...

Just wondering (as a non-native speaker), since when had "investment" become a synonym for "speculation"?

Anonymous said...

appropriate song for the news?

How's about "Could I've Been So Blind" by The Black Crowes?

Smug Bastard

area 51 said...

They're not making anymore land.

Anonymous said...

"But DC is different"
You forgot all the other D.C. bullshit:

It's the Capital of the Free World !
(not for long, since China owns our a$$)

All the jobs are here!
(NOT!)

D.C is the Sili-coln Valley of the East Coast!
(Yawn, anyone can punch code, that's why most of it has gone over seas)

It's crashing here badly & moving in towards the District, even though those homeowners in the District will deny it to the death!

Anonymous said...

Since you all thought yesterday's numbers were just a pig in lipstick, you must first recognize that the Case-Shiller index has been around since 2000... hardly a true historical representation.

DOPES said...

AS PART OF MY BANKRUPTCY, I HAD TO GO TO HOMEDEBTOR BUDGET CLASS WITH ALL THE OTHER REAL ESTATE NEVER GOES DOWN LOSERS...

TEACHER STARTS OFF WITH "IF YOU HAVE A HOME THAT'S WORTH $200,000 AND IT INCREASES 100% IN VALUE, HOW MUCH IS IT WORTH?"

I LOOKED AROUND AND ALL THE ILLEGAL IMMIGRANT MEXICANS IN THE CLASS WITH ME HAD THIS BLANK, NO SPEAKA ENGLAYS LOOKS ON THEIR FACES, SO I ANSWERED UP...

DOPES, THAT'S ME, SAYS $400,000!!!

TEACHERS SAYS "GOOD JOB DOPES, YOU MUST BE READING HOUSING BLOGS NOW"...

NEXT THE TEACHER ASKS "IF THAT SAME $400,000 HOME THEN LOSES 50% OF ITS VALUE, HOW MUCH IS IT WORTH?"

DOPES, THAT'S ME, SAYS "$200,000"...

TEACHER SAYS "YES, DOPES, GREAT JOB, YOU'RE RIGHT AGAIN"...

THAT LEFT ME THINKING, AND I SAY "HOLD UP. IF I BORROWED $200K FROM ANGELO WITH A TOXIC OPTION ARM AND MY HOUSE LOST 50% OF ITS VALUE, THEN HOW COME I OWE ANGELO $287,523???"

DOPES!!!

casey serin said...

I am going to buy 2 homes in vegas this week.I will be renting them to you fools.You will all be renters 4 life.

Anonymous said...

This is scary

Anonymous said...

I live in florida and its hot. Phoenix and Vegas have dry heat and I choke from the dust. Yea I have humidity but its better than freezin and paying state income tax.

Despite the weather my wife and I are leaving the country. Florida is like Mexico City and getting more dangerous every day. Anarchy on the roads (especially the hit and runs), overcrowded everything, and reverse discrimination of caucasians by the bilinguals

My house value is totally screwed up on Zillow. Wrong data like # of BR, Bth I won't change it since the clueless buyer who uses it when they make an offer will get creamed negotiation wise by me

God help those who stay behind.

Refuse to buy overpriced said...

No one should buy a house unless they read Irrational Exuberence first.

k.w. - southern ca. said...

Tell that nonsense to the growing number of failed flippers, house debters and speculators.

~~~~~

Anonymous Said ...
Interest rates are still at 50 year lows.

Renting is just throwing away money.

Renting is just paying someone's mortgage.

You need to start building equity.

Real estate is the way to build wealth.

DOPES?!

Anonymous said...

Why do they always leave Houston out of these tables??? I can't find anything on Houston.

DC Ranch is a Crack Dump said...

I've been watching prices at Arizona's most exclusive community, DC Ranch. *laughs* *applause* According to people that live there it's the most exclusive place ever (in the world). People were out of their mind during the peak and paying 1M+ for a sh*t box starter home with a California-trash neighbor living just 3 ft away.

Well, you can guess how prices on those dumps are dropping like a rock now.

Last time I checked there was 11 or so foreclosures in the el cheapo section. Most were listed 200-300k or more off of previous purchase price.

DOPES said...

ALL FORECLOSURES ARE LOCAL!!!

DOPES!!!

Anonymous said...

real estate is the bes tinvestment you'll ever make BWAHAHAHAHA

Anonymous said...

pets.com is the best investment you'll ever make BWAHAHAHA

Anonymous said...

Casey. Homes? in Vagas!? Don't you not read HousingPANIC? Easier to just take your spare cash to the slots, you'll make more money.

Anonymous said...

DITTO TO MID HUDSON VALEY N .Y. FROM PHOENIX AZ.................

Anonymous said...

Let's check ol' Croydon, PA. Nope! No decline in prices on those 57 houses that have been for sale for the last 3 years running, no, not one dime less.
They all still want 139K for a shack that is falling apart up to an average of 275K for one that "Needs TLC".
So, I am sorry but when this place cracks, then I will believe that the housing crisis is in full swing.