Are they with Chase, Citi, Northern Rock or Credit Suisse?
Posted on 11/21/2007 9:09:14 AM PST by Hydroshock
NEW YORK (CNNMoney.com) -- Housing price drops, driven by soaring foreclosure rates, accelerated during the three months ended September 30, according to the latest data from the National Association of Realtors (NAR).
The median single-family house price in the United States fell to $220,800, which was down 2 percent from a year ago. Condo prices showed some resiliency: At $226,900, they rose 2 percent compared with 12 months ago.
"The biggest decline in sales appears to be concentrated in areas that had significant levels of speculative investment, including Nevada, Florida and Arizona," Lawrence Yun, NAR's chief economist, said in a statement.
Most declines occurred either in once hot markets or Rust-Belt areas clobbered by economic setbacks and job losses, like Detroit and Cleveland.
The Palm Bay/Melbourne, Fla. area recorded the steepest loss. Prices there plunged 12.4 percent to $182,400. Close behind was Sacramento, Calif. with a decline of 10.5 percent to $335,700.
(Excerpt) Read more at money.cnn.com ...
Not mine. Nothing but going UP, Baby!
You are SUCH a downer, Hydro. You get some perverse pleasure from posting this stuff, don’t you? LOL!
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-—booms bust—
Another “Good News” story.
“Not mine. Nothing but going UP, Baby!”
Mine has cooled a bit...minor correction. Fortunately, we live in a resort area which has protected us from the falling market.
I don’t know what prices are doing in my area (West Ventura County, near the ocean), but quite a few houses near me have “sold” signs on them in the last couple of weeks.
The area north of NYC has been spared as well.
Nobody is buying or selling here in Fairbanks. Everybody is waiting for the Natural Gas pipeline bids end of this month. If no Pipeline you will have your choice where to live.
The median price has dropped by $4500!
DOOMED!
I bought my “farmette” 14 years ago. Every Yuppie in the tri-county area wants my place so they can play “Green Acres.”
*Rolleyes* :)
Excerpts:
Falsifying loan documents, changing tax records, forging signatures -- we try to track down those involved in what the state says was blatant mortgage fraud. The State Department of Commerce's Division of Real Estate has just shut down one mortgage company and is going after the people involved.So let's get this down pat: Blatant fraud took place. But no criminal charges have been filed. [As yet !] Do you remember the theme song of the old television show in the 1960's - - "Rawhide! ?" Visualize herds of former mortgage brokers moving toward The Big Corral. A corral is where cowpokes keep livestock temporarily.The Division of Real Estate calls those involved in this alleged scam dishonest and fraudulent, but we spoke to one person who had his license revoked because of this, and he says the state is on a witch hunt.
* * * No one would respond to the charges, at least not on the record. One Champion Mortgage worker claims the state is looking to blame mortgage brokers for bad loans. He says the state is running them out of business and ruining their livelihoods. They also say they were strong-armed into signing documents saying they falsified information.
By the way, this was only an administrative proceeding. There will be no criminal charges filed in this case.
Champion Mortgage was not the only company involved. * * *
Is public flogging permitted today?
But business is not going on as usual. Small wonder that house prices keep falling. The ponzi scheme is over.
"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 Palelologus
Yeah....our condo goes on the market in the next month (work relocation).....we’ll see how it is soon.
The home prices are not “falling”. They are returning to normal in the areas of the country where they reached unexpected and ridiculously high levels.
Wasn't this sweet during the real estate bubble [south of Ft. Worth]
I live in Arizona and I’m seeing new housing starts everywhere, I am wondering if this article is even true.
Also lots and lots of commercial buildings being built.
"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 Palelologus
"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 Palelologus
LOL! Good catch. :)
I’ve bought real estate since I was 25 years old. The Midwest market has always been very steady.
And then there was my uncle who bought a house in CA for $150K and sold it 10 years later for $650K. He hasn’t worked in two years, and I doubt he will again at age 57. :)
Having housing prices return to a sane market level that our kids can afford without resorting to extremely foolish gimmick loans is not "doom’n’gloom". It is good news.
Tip of the iceberg.
Still amazed that some folks witnessed housing prices double in 5 years, while their salaries increased maybe 15% and still bought into it. Stupid people, stupid lenders, stupid homebuilders deserve to go under.
Same with my brother's. He's worried that he may be getting taxed out of his home in a couple of years due to rising property taxes.
Are they with Chase, Citi, Northern Rock or Credit Suisse?
I hope you have gotten some apologies from people around here. You saw all of this coming and stayed the course despite the naysayers, of whom, I was probably one. I salute you!
Not if you made a home equity loan on a home value higher than what it is now!
The EPA made the company take the sweet smell of chocolate in the air out. Something about it being polution. Idiots.
I live on Cocoa Ave.
Reversion to the mean is going to be a real bitch.
I’m sure that somehow my house value will go down, but my property taxes will still increase.
You must not remember "It's the economy. stupid" from Mr. Clinton's campaign against #41.
Night after night after night of America is going into a recession, if not a depression, tomorrow.
America fired #41 out of terror, when in reality the economy was about to take off--and did--like a scalded ape.
The doom and gloom stories these days are the same plays on the ignorants' fears.
Not if you made a home equity loan on a home value higher than what it is now!
Yes, I remember. However, I warned on FR about the stupidity of the gimmick loans that fueled the Housing Bubble long before the Bubble burst.
As it turned out, those highly irresponsible loans were drawn up by unscrupulous bankers eager to generate high yield debt to sell to hedge funds. Now that the Ponzi Scheme has collapsed, there will be blood in the water and politicians will try to turn that to their advantage.
What the Republicans need to do is not stick their heads in the sand and hope that nobody notices the blood but, rather, point out the obvious fact that a return to sane markets values will help Americans once again be able to afford the American Dream of owning their own home without selling their souls to Bank of America.
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