Posted on 10/26/2006 12:53:25 PM PDT by GodGunsGuts
The price of existing homes last month fell 2.2 percent, the largest monthly decline in the almost four decades the number has been tracked, according to an industry report released yesterday.
Nationwide, the number of existing single-family homes sold fell 14.2 percent in September compared with September 2005, according to the report from the National Association of Realtors. The number of sales has fallen each month since March.
Prices fell everywhere in the country, with the Northeast and West most affected. Declines were more moderate in the South, which includes the Washington area....
(Excerpt) Read more at washingtonpost.com ...
The only thing holding up the dollar is an almost universal acceptance of it as a token of exchange.
If there is any kind of move away from that paradigm, it will plummet. Whether it plummets against other currencies or commodities is irrelevant.
All Hail to the Hills of Westwood.
PS - Sold house in Orange County to move to NV, 2000.
yitbos
That can't be. Real estate only goes up.
In SoCal condos and $1 million properties aren't moving but sellers don't appear too eager to lower their expectations. Greed is still in the drivers seat and Fear will just have to wait its turn.
You are absolutely correct. But as more and more countries begin to diversify their currency reserves, the dollar will fall further and further out of favor. Just look at all the countries that are considering the Euro.
It could be no other way! LOL
Tell us what you read about bubbles again. We need some humor.
Check out this website. Pay particular attention to the panic buttons on the right:
http://www.condoflip.com/
In the long run, all fiat currencies are distined for the ash-heap of history IMHO.
E-commerce. Gotta luv it!
These days, you can lose your azz at the speed of light!!
thank goodness for globalization /sarc
In the long run, we're all dead... What's our point?
WOW.
I just checked my home price on zillow and it showing that my home price went up over the last 2 weeks.
I agree with you that changing the NUMBER of non-identical figures that are used to compute an "average" does not give any clue regarding whether that "average" will increase, decrease or remain the same.
But, actually, that was not my point.
The example I used took "assumed" statistics from two consecutive months and showed:
(1) an INCREASE in the "total number" of homes sold (from 73 to 75).
(2) an INCREASE in the "unit prices" of those homes ("McMansion" prices go from $1,000,000 to $1,050,000 and "Townhouse" prices go from $100,000 to $105,000) and
(3) a CHANGE in the "mix" of houses sold (McMansion sales were three out of the total of seventy-three sales in August and two of the total of seventy-five sales in September)
The example then showed that, in spite of the price increases from August to September and in spite of an increase in the total number of homes sold from August to September, there was a DECREASE in the "average price" of homes sold in September, relative to August.
Therefore, the example showed that the decrease in "average price" was SOLELY the result of the change in the "mix" of houses sold in September, relative to August.
That was my point, and I have trouble believing that you do not understand this common-sense conclusion.
But, if it is true that you still don't understand it, let's see if the algebraic formulas presented below will help you "get it":
I never said that, twit.
Find it and present it to us or keep your pathetic mouth shut.
"The folks that can afford early retirement are already moving. Look for prices to increase in the south and southwest, especially states with no state income tax (texas, florida, nevada)"
There may be no income tax in Florida, but you obviously havent been following the insurance fiasco there, that alone will empty grandma and granpa's retirement savings in short order.
Thinking like this, at this point in time, is wishful thinking. Inventory is skyrocketing in most areas, houses are not selling and sitting on the market for months, the only news is that builders have slashed prices, and destroyed comps in that area for anyone who's bought in the last coupel of years. These retirees are going to find moving to warmer climates tough if they can't sell their houses, especially if they refied any equity out of their homes, or converted to a toxic loan, or upgraded to a bigger McMansion and it's worth less than what they paid.
Not mention, much of new housing is completely fails to fit the needs of retireees, 3000 square foot McMansions with stairs, enormous upkeep and energy bills is no way to go on a fixed income.
If the market sours, like it probably will, expect retirees to NOT retire, or stay right where they are, until the market bottoms out, and prices return to reasonable levels...and if they did'nt indulge in the insanity of the last couple years, then maybe they can buy an overpriced condo for pennies on the dollar.
http://thehousingbubbleblog.com/
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