Posted on 11/24/2006 6:35:25 AM PST by Hydroshock
NEW YORK - The worst of the United Statesf housing market slowdown is over, economists forecast by nearly 2-to-1 in a Wall Street Journal online economic survey, the paper reported on its Web site on Tuesday.
But the economists still predict that the average selling price of a house will fall somewhat next year, it said.
The 49 economists expect home prices, measured by the governmentfs Office of Federal Housing Enterprise Oversight index to fall by 0.5 percent next year, the WSJ reported on its Web site. That contrasted with a 13.4 percent increase in 2005.
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After several years of double-digit increases, house prices stopped climbing this year. Prices still have some way to fall before they stabilize but there are signs that the most drastic part of the downturn, marked by a sharp pullback in demand and new construction, have run their course, the paper said.
(Excerpt) Read more at msnbc.msn.com ...
Polls of economists are typically worthless.
Is the worst of HTML misformatting over as well?
Darn -- those democrats are good!
Is this our cue to go outside, hold hands with our neighbors and sing the "Coca-Cola song" while it rains candy-canes and gumdrops?
Just checking...
Florida is a special case, mind you. We have lots of ground to cover before "the bottom" is in sight.
Even if you're a speculator on bankruptcy sales for property, the insurance and taxes will kill you. Expect a 600% increase on insurance premiums for business related realty and 200% for residential property. Let's not even discuss taxes, just expect to bleed.
There is nothing resolved in this market here. Expect it to be years before it's either sorted out, or cleared out.
> Polls of economists are typically worthless. <
You're wrong.
Of course these polls aren't perfect. But all in all and on the average, they have a pretty good predictive record. Look it up!
No, unfortunately, that will get worse before it gets better. Better hunker down.
But the economists still predict that the average selling price of a house will fall somewhat next year, it said."
Housing slowdown over, my patootie!
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Ah, no it is not. Look for new home starts to fall to .9 to 1.1 before we hit bottom.
The last crash we had "starts" fell to .8 mil before things finally bottomed out.
Ridiculous lending practices led to this so we are fighting a double front here. Demand must rise against more conservative lending practises.
The AP posting good economic news . . . after the Democrats win. What a shock.
I agree with you, I personally think this is only the beginning.
I did. 365 of the most eminent economists in the UK wrote an open letter to the Times of London stating that Margaret Thatchers economic policies would not work. Subsequently the UK went from being the "sick man of Europe" to having the most prosperous advanced economy in Europe.
I only have anectdotal evidence as my mother was a broker/owner since the 60's and I have been in Real Estate for 20 years and have friends in the business in different parts of the country.
It's pretty bad, not Jimmy Carter bad, but pretty bad.
> 365 of the most eminent economists in the UK wrote an open letter to the Times of London stating that Margaret Thatchers economic policies would not work. <
Your example is entirely beside the point. A letter is not a poll. Not even close.
The Wall Street Journal takes great care in its polls of economists to consult genuine experts, all of them with good credentials and basically good track records. And the "averages" of their predictions have been quite good.
> Housing slowdown over, my patootie! <
Go back and read the headline. It says the "worst" is over.
"economists forecast"
Yeah, OK.
I know, not much distinction in the two, but we should be factually correct here. :)
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