Posted on 09/20/2007 8:49:57 AM PDT by Hydroshock
Edited on 09/20/2007 10:12:24 AM PDT by Admin Moderator. [history]
Because those who are the “we” got their home already, and want to pull the ladder up after themselves.
(Doncha hate all those people who bought at $200,000, saw their property peak at $800,000, and are ruinously miserable because they can only sell for $790,000?)
>> I wish that I could figure out a way to make money off of you naysayers! <<
Ummm... there is: Buy their homes.
I’ve got a house and it won’t suck for me. The mortgage gets paid off in less than 10 years, and most importantly it’s a fixed-rate mortgage. OK, I’m being redundant. Fixed-rate is the only kind there is. Everything else is gambling or rent. We have firm roots where we are and don’t plan to move. The value may drop slightly but it’s unlikely to drop below the balance of our mortgage at this point.
The housing market is cyclical, just like the stock market. It may have a blip where it goes down, but eventually home values rebound and exceed the previous high point. And like the stock market, you should take the long term view and not the short term panic.
There are other far more serious flaws with our economic health. Budget deficits, underfunded socialistic security mandates, trade deficits, the failure of the education system to turn out productive citizens, loss of manufacturing base, dependence on foreign energy sources not friendly to the interests of the US, the uncontrolled influx of immigrants who will be a net economic drain, crippling environmental regulation and plaintiff products liability litigation are some just to go off the top of my head.
((((crickets))))
BigMack
Didn’t the FT publish a story in August saying the market was going to collapse after the Labor Day holiday, then we would know the full extent of ‘housing crises’???
Did the ‘housing crises’ used to be called supply and demand??
These people are trying to talk down the US economy
People are responsible for their finances and if you give money to people who cannot pay it back, or, you buy too much house you cannot afford, well, that’s life.
“These people are trying to talk down the US economy.”
You get a gold star on your forehead for the best performance of the day. That is exactly what they are trying to do.
Our economy is extremely strong and will continue so for a long time. The big probblem we have is that homes in Cali and the Northeast are over priced. That is it. It will be corrected.
Because people like the idea of something from nothing. They pat themselves on the back for being clever, while inflation is doing the dirty work.
Who really needs a Dollar to hold it's value when there is free money avsilisble?
Agreed. We’re also trying to pay off our mortgage and hopefully, will have it finished by the end of 2009. Good luck to you with your plans.
Rank | Area | State | Peak | Bottom | Peak to bottom home price decline |
---|---|---|---|---|---|
1 | Stockton | CA | 06Q1 | 08Q4 | -25.0 |
2 | Palm Bay-Melbourne-Titusville | FL | 06Q1 | 08Q4 | -24.9 |
3 | Sarasota-Bradenton-Venice | FL | 06Q1 | 08Q3 | -24.8 |
4 | Reno-Sparks | NV | 06Q1 | 09Q1 | -22.4 |
5 | Modesto | CA | 06Q2 | 08Q3 | -22.3 |
6 | Detroit-Livonia-Dearborn | MI | 05Q3 | 09Q1 | -21.3 |
7 | Fresno | CA | 06Q2 | 09Q1 | -20.0 |
8 | Oxnard-Thousand Oaks-Ventura | CA | 06Q2 | 08Q3 | -19.2 |
9 | Sacramento--Arden-Arcade--Roseville | CA | 06Q1 | 08Q4 | -19.1 |
10 | Las Vegas-Paradise | NV | 06Q2 | 08Q4 | -18.7 |
11 | Deltona-Daytona Beach-Ormond Beach | FL | 06Q1 | 08Q3 | -17.9 |
12 | Phoenix-Mesa-Scottsdale | AZ | 06Q2 | 08Q2 | -17.8 |
13 | Hartford-West Hartford-East Hartford | CT | 07Q1 | 08Q4 | -17.6 |
14 | Cape Coral-Fort Myers | FL | 06Q1 | 08Q4 | -17.3 |
15 | Visalia-Porterville | CA | 06Q2 | 08Q4 | -16.1 |
16 | Riverside-San Bernardino-Ontario | CA | 07Q1 | 09Q2 | -15.9 |
17 | Bethesda-Gaithersburg-Frederick | MD | 06Q2 | 08Q4 | -15.9 |
18 | Lansing-East Lansing | MI | 05Q3 | 09Q1 | -15.7 |
19 | Bakersfield | CA | 06Q2 | 09Q1 | -15.6 |
20 | Warren-Farmington Hills-Troy | MI | 05Q4 | 09Q1 | -15.4 |
21 | Newark-Union | NJ-PA | 07Q1 | 08Q4 | -15.4 |
22 | Vallejo-Fairfield | CA | 06Q1 | 09Q2 | -15.3 |
23 | Orlando-Kissimmee | FL | 07Q1 | 09Q1 | -15.1 |
24 | Santa Rosa-Petaluma | CA | 06Q1 | 08Q4 | -14.0 |
25 | Poughkeepsie-Newburgh-Middletown | NY | 06Q2 | 08Q3 | -13.9 |
26 | Edison | NJ | 06Q3 | 08Q4 | -13.3 |
27 | Worcester | MA | 05Q4 | 08Q3 | -13.0 |
28 | Baltimore-Towson | MD | 07Q2 | 09Q2 | -12.8 |
29 | Peabody | MA | 05Q4 | 08Q3 | -12.5 |
30 | Nassau-Suffolk | NY | 07Q2 | 09Q1 | -12.3 |
31 | West Palm Beach-Boca Raton-Boynton Beach | FL | 06Q1 | 08Q3 | -12.2 |
32 | Tampa-St. Petersburg-Clearwater | FL | 06Q4 | 08Q3 | -11.7 |
33 | Tucson | AZ | 06Q2 | 08Q4 | -11.7 |
34 | Santa Ana-Anaheim-Irvine | CA | 06Q2 | 09Q1 | -11.6 |
35 | Washington-Arlington-Alexandria | DC-VA-MD-WV | 07Q3 | 09Q4 | -11.5 |
36 | Fort Lauderdale-Pompano Beach-Deerfield Beach | FL | 06Q1 | 08Q4 | -11.5 |
37 | Flint | MI | 06Q1 | 08Q2 | -11.3 |
38 | Cleveland-Elyria-Mentor | OH | 05Q3 | 07Q4 | -11.3 |
39 | San Diego-Carlsbad-San Marcos | CA | 06Q1 | 08Q4 | -10.9 |
40 | Los Angeles-Long Beach-Glendale | CA | 07Q3 | 09Q1 | -10.6 |
41 | Oakland-Fremont-Hayward | CA | 07Q3 | 08Q4 | -10.3 |
42 | Portland-South Portland-Biddeford | ME | 06Q1 | 08Q3 | -10.2 |
43 | Rockingham County-Strafford County | NH | 06Q1 | 08Q3 | -10.2 |
44 | Miami-Miami Beach-Kendall | FL | 07Q2 | 08Q4 | -9.9 |
45 | Boston-Quincy | MA | 05Q3 | 08Q4 | -9.4 |
46 | Providence-New Bedford-Fall River | RI-MA | 06Q1 | 08Q3 | -9.4 |
47 | New Orleans-Metairie-Kenner | LA | 06Q2 | 07Q3 | -9.4 |
48 | Wilmington | DE-MD-NJ | 06Q3 | 08Q3 | -9.2 |
49 | Cambridge-Newton-Framingham | MA | 05Q3 | 08Q3 | -9.0 |
50 | Youngstown-Warren-Boardman | OH-PA | 05Q1 | 07Q4 | -8.7 |
51 | Toledo | OH | 05Q4 | 07Q4 | -8.3 |
52 | Salinas | CA | 07Q3 | 08Q4 | -8.1 |
53 | Colorado Springs | CO | 07Q1 | 08Q3 | -7.8 |
54 | Boise City-Nampa | ID | 07Q2 | 08Q4 | -7.7 |
55 | Winston-Salem | NC | 05Q2 | 07Q4 | -7.6 |
56 | Denver-Aurora | CO | 06Q2 | 08Q3 | -7.6 |
57 | Lakeland | FL | 07Q2 | 08Q3 | -7.5 |
58 | Portland-Vancouver-Beaverton | OR-WA | 07Q3 | 08Q4 | -7.2 |
59 | Pensacola-Ferry Pass-Brent | FL | 06Q1 | 08Q3 | -7.0 |
60 | New Haven-Milford | CT | 07Q3 | 08Q3 | -6.7 |
61 | Jacksonville | FL | 07Q3 | 08Q3 | -6.4 |
62 | Camden | NJ | 07Q2 | 08Q3 | -6.3 |
63 | Minneapolis-St. Paul-Bloomington | MN-WI | 06Q3 | 09Q2 | -6.0 |
64 | Albuquerque | NM | 07Q3 | 08Q3 | -5.9 |
65 | Tacoma | WA | 07Q3 | 08Q3 | -5.5 |
66 | New York-White Plains-Wayne | NY-NJ | 07Q3 | 08Q4 | -5.3 |
67 | Grand Rapids-Wyoming | MI | 05Q4 | 07Q3 | -5.3 |
68 | Bridgeport-Stamford-Norwalk | CT | 07Q3 | 08Q4 | -5.1 |
69 | Lexington-Fayette | KY | 06Q1 | 08Q1 | -5.1 |
70 | Fayetteville-Springdale-Rogers | AR-MO | 06Q2 | 07Q4 | -4.6 |
71 | San Jose-Sunnyvale-Santa Clara | CA | 07Q3 | 08Q4 | -4.4 |
72 | Virginia Beach-Norfolk-Newport News | VA-NC | 07Q3 | 08Q3 | -4.1 |
73 | Columbus | OH | 05Q4 | 07Q1 | -3.7 |
74 | Dayton | OH | 06Q4 | 07Q3 | -3.7 |
75 | Indianapolis | IN | 05Q3 | 06Q4 | -3.7 |
76 | Provo-Orem | UT | 07Q3 | 08Q3 | -3.6 |
77 | Chattanooga | TN-GA | 06Q3 | 07Q4 | -3.5 |
78 | Tulsa | OK | 06Q3 | 07Q4 | -3.4 |
79 | Salt Lake City | UT | 07Q3 | 08Q3 | -3.4 |
80 | Allentown-Bethlehem-Easton | PA-NJ | 07Q3 | 08Q4 | -3.3 |
81 | Philadelphia | PA | 07Q3 | 08Q3 | -3.1 |
82 | Lake County-Kenosha County | IL-WI | 06Q3 | 08Q2 | -3.1 |
83 | Wichita | KS | 07Q1 | 07Q4 | -2.9 |
84 | Seattle-Bellevue-Everett | WA | 07Q3 | 08Q3 | -2.9 |
85 | Ogden-Clearfield | UT | 07Q3 | 08Q3 | -2.9 |
86 | Milwaukee-Waukesha-West Allis | WI | 06Q3 | 07Q1 | -2.9 |
87 | Birmingham-Hoover | AL | 06Q3 | 07Q3 | -2.9 |
88 | Jackson | MS | 06Q3 | 07Q4 | -2.9 |
89 | Richmond | VA | 07Q2 | 10Q3 | -2.8 |
90 | Cincinnati-Middletown | OH-KY-IN | 05Q3 | 07Q2 | -2.8 |
91 | San Francisco-San Mateo-Redwood City | CA | 07Q3 | 08Q2 | -2.7 |
92 | Albany-Schenectady-Troy | NY | 07Q2 | 07Q4 | -2.7 |
93 | Springfield | MA | 07Q3 | 08Q2 | -2.6 |
94 | Spokane | WA | 07Q3 | 08Q3 | -2.6 |
95 | Omaha-Council Bluffs | NE-IA | 06Q2 | 07Q4 | -2.1 |
96 | Kansas City | MO-KS | 06Q1 | 07Q2 | -2.0 |
97 | McAllen-Edinburg-Mission | TX | 05Q1 | 07Q2 | -2.0 |
98 | Fort Worth-Arlington | TX | 06Q2 | 07Q1 | -1.9 |
99 | Oklahoma City | OK | 07Q3 | 07Q4 | -1.6 |
100 | Memphis | TN-MS-AR | 06Q2 | 07Q3 | -1.1 |
Hey, I’m in the top 30 market, that’s great! Bring on the housing pricing drops since I don’t have one yet.
The world should be so simple. The Red Sox appear to be in collapse in spite of the $100 million injection of pitching. This is a model of the world economy. The main effect of the injection of the 50 basis points appears to be the $EU at 1.41.
Why, I don’t see Dallas - Collin County TX on this list at all.
Does this mean I’m not doomed?
Might also sink the economy to where you won’t have a job with which to buy said house.
Might also sink the economy to where you won’t have a job with which to buy said house.
Being I am dollar cost averaging at this time, I prefer a down market, brings down my average cost.
If you go here:
and click on:
“S&P/Case-Shiller® Home Price Indices Methodology”
you will find on page 6:
“...These sales pairs are further examined to eliminate outliers that might distort the calculations. Outliers include...suspected data errors where the order of magnitude in values appears unrealistic.”
==> In other words, if the actual numbers “appear unrealistic” to the statisticians, they are ignored. Hmmm... I wonder if THESE statisticians are less biased than the “global warming” statisticians....
You will also find on page 7:
“...The Weighting of Sales Pairs
The indices are designed to reflect the average change in all home prices in a particular geographic market. However, individual home prices are used in these calculations and can fluctuate for a number of reasons. In many of these cases, the change in value of the individual home does not reflect a change in the housing market of that area; it only
reflects a change in that individual home. The index methodology addresses these concerns by weighting sales pairs...”
==> In other words, if the price “increase” for a particular house is above what the statisticians expect, then that increase will be given less “weight” in the overall calculation of change.
My conclusion: The S&P/Case-Schiller “index” of price changes in real estate is about as valid as an “index” prepared by Lewis Carroll’s “Queen of Hearts”.
Or my garbageman...
I am hoping we can avoid 70s style economic hardship with massive inflation. But much more than that, if we do return to return to 70s style economic hardship, I am HOPING and PRAYING we do not see a return to Disco music because then I would have to kill myself!
Don’t even get me started on leisure suits.
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