Posted on 10/28/2007 4:14:43 AM PDT by Jacquerie
WASHINGTON (MarketWatch) -- The housing market is just getting worse. Home resales tumbled 8% in September to the lowest levels in this decade, prompting the obvious question: When will it all end?
The honest answer is no one knows. Optimists have been saying for more than a year that the worst is behind us, while the pessimists have been saying recovery is still a year, or years, away.
(Excerpt) Read more at marketwatch.com ...
The further question is, whose bottom is it going to hit?
More people on the planet and no new land being created means it never will hit bottom.
The population on the planet has been relatively stable for the past several years.
As for a housing led recession?
Can't tell that here. More housing developments going up every day.
Speaking about my own situation, our house is for sale.
There are lots of good ones to choose from around here, and I’d sure like to do my part and buy one. But I have to sell first. I think a lot of people are in my situation. There’s a logjam, and when it loosens up, things will be better.
Don't the Chicken Little hysterics in the US Junk Media EVER get tired of being completely wrong with their panic and fear mongering?
5.942M per month .
Sadly in SoFlo, the democrat tax&spenders and the insurance disaster have made it impossible for many new prospective buyers to enter the market. A new buyer is hit with astronomical taxation compared to those who bought at a much lower price earlier and were sheltered while property taxes reached tyranical levels. One could end up paying 5 or 6 times the amount of property tax as their neighbor because too many socialist democrats in local government went wild when they decided to abuse the temporary rise in housing values.
SoFlo can't recover until they get rid of their socialist democrats. We're done down here.
Insurance is another major pestilence, but the Florida Repukeblicans (think along the folks who brought you "Mel 'I don' see no illeeegals' Martinez" )are as much to blame as the brainless socialist dimwitocrats.
So now when the buyer calculates the mortgage and sees that it works out to a reasonable payment, the check out the taxes and insurance on top of it. Suddenly they realize it's almost as much as the mortgage. Tennessee and the Carolinas suddenly seem much warmer in the winter...
I don’t see “fearmongering” in setting out the historical trends.
Those say that it takes about five years for the housing market to hit bottom in a downturn, and then about five years for prices to climb back up.
It’s consistently an approximately 10-11 year process.
“The subprime sector has essentially died,....”
....I don’t see that as a bad thing...
That is what I see in my part of the Midwest. Median income is about $50K. Homes around $150K don't have trouble selling. It doesn't matter whether it is POS or not. More expensive older homes in town seem to be taking quite a bit longer to sell.
Someone will surely step in to tell me why I’m wrong, but it seems to me that with new housing developments going up every day the prices will go down. It’s not as if old houses get thrown away like something disposable, or age out and become obsolete like cars. People still live in 40, 50 etc year old houses. So, if we continue to build (especially the speculators who build without a buyer) it may get harder to sell the houses that are already out there and not brand new.
At least that is my fear (as a homeowner).
susie
Oh, wouldn't THAT be nice!
susie
Oh goodness, I shouldn’t have used the word fear! Now I will be accused of fear mongering. I think I’m more concernmongering....
susie
Sounds interesting... do you have a link I can check out?
Legal immigration will need to increase for America to thrive. Someone will need to be working to pay those social security taxes. Lots of retiring going on out there.
I hope we get a system in place that encourages the best and brightest to come to America.
It depends on what part of the country you live in. I’m in northern Alabama and the housing market is booming here!
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