Posted on 08/15/2006 7:57:12 AM PDT by Hydroshock
NEW YORK (CNNMoney.com) -- After several years of turbo-powered growth, home prices have gone into a stall, according to the latest prices released Tuesday.
Nationally, the median home price rose just 3.7 percent to $227,500 from last year's second quarter to this year's, according to the National Association of Realtors.
Where the growth still is Growth in the median home price in the second quarter. Click for more stats on each city. Baton Rouge, LA: 27.3% Ocala, Fla.: 25.3% Virginia Beach, VA: 23.6% Gainesville, Fla.: 19.7% Portland, Ore.: 19.1%
Losing ground Danville, Ill.: - 11.2% Detroit, Mich.: - 8% Rockford, Ill.: - 5.5% Davenport, IA: - 5.5% Cleveland: - 5.2%
It was the second consecutive quarter in which home prices failed to repeat the gains of more than 10 percent recorded throughout 2005.
Twenty-six markets of the 151 surveyed experienced price declines from a year ago, ranging from 0.1 percent (Columbus, Ohio) to 11.3 percent (Danville, Illinois).
And at least 59 markets finished the quarter down from their highs set sometime during the previous three quarters. Boston, for example, showed a slight gain (0.6 percent ) compared with a year ago, but the city's median price of $304,700 was down from its high of $306,500 set in the third quarter of 2005.
Among big cities, Detroit cratered 8.0 percent and Cleveland sagged 5.2 percent
(Excerpt) Read more at money.cnn.com ...
ping
It was going to have to slow down some time.
And in some places, prices aren't...
http://www.sltrib.com/search/ci_4174067
We've got a long way to go on home prices trending down.
Nothing goes up forever. But homeowners have had a great run!
Interest rates up, home prices down. There doesn't seem to be such a mystery there.
I still remember in the 70's saying that farmland will NEVER go down in price but may stop increasing. It dropped to a third of the high very quickly and over several years regained to 2/3rd of the high. Now it is at the high of the 70's and in some cases higher.
My property taxes go down on a house I never plan to leave!
POP! POP! POP! POP! POP! POP! POP! DING!
Since I'm gonna die where I am and my 'heirs' have already 'borrowed' so much from me that I never hear from them, I'm just munchin' my popcorn and enjoyin' the show.
But, then greed and stupidity seem to hand in hand with this group....
Given the meteroic rise of home prices in many areas, isn't this just a return towards sanity for prices? The stock market would call this a correction. Most homeowners who have held property for many years still have a healthy capital gain and this correction simply means some dreams need to be brought back to reality. But for those who just purchased or took out home equity loans close to the property's assessed value, hoo boy!
my 'heirs' have already 'borrowed' so much from me that I never hear from them...
LOL - ain't THAT the truth
Oh my! Head for the hills! homeprice gains are under 10%!
"Deep Freeze" my ass!
Lame Media Alert!
The yield on the 10 year bond is going down big today. Look for fixed mortgage rates to follow.
Mortgage rates have been going down in recent weeks and that trend is going to continue.
So are home prices in many key regions.
I think some reporters want to buy a house and are just helping themselves. (/sarcasm off)
Almost each area has a peculiar economic impact.
Detroit - GM, Ford & Chrysler problems
Davenport, IA - Maytag acquired by Whirlpool
Rockford, IL - Newell/Rubbermaid exit
Cleveland - Exit of manufacturing in region.
Home Sales Slow, 28 States See Declines
In the meantime, the stock market is going up on news of war and rumors of war. Brittle cease-fire in Lebanon. Somebody sneezes, and it's back to fighting. Oh, well . . . Stock markets move upwards. Dollar is UP, no it's going down. Gold is going up, no it's going down. Oil is going UP, no it's going down. Markets have the Gee Gaws. No big deal. Lenders are laying off thousands. Ameriquest closed down offices in 48 states. Foreclosures are increasing. Nothing to see here. Mortgage interest rates are going down. Nothing to see here. Move along people, move along.
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