HOME PRICES PLUMMETING

The Austin American Statesman | 01 February 2003 | Shonda Novak

[Cosmo]

200-400 grand homes seem to be doing great here in Charlottesville Va.. Quite the seller's market. (mileage varies from section to section) But, From what I've gathered by talking to a few sellers and brokers,It's the 600 grand to million dollar homes that seem to be a hard sell these days. (despite the interest rates!) My neighbor just took their place off the market in hopes that the market for the higher end homes would return.
Back in the late 80s early 90s, westchester county prices were hit hard, with homes that had gone for well over a million only a few years earlier being unloaded at 500,000 and 600,000.

[Torie]

Plenty of room apparently to grow you own with this home of certain architectual pedigree. There seems to be a mirror or something out front. It is in Berkeley, California, and appropriately enough has an environmentally friendly one car garage and about 2700 square feet. It lists for $945,000.

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[TonyS6]

Yes, housing markets are localized. The general trend is that housing prices are increasing because the low interest rates are allowing increased first-time homebuyers (and uncertainty to multifamily investments). If the economy continues to slump, price appreciation will slow down. If the economy grows, interest rates will increase and appreciation will slow down. Either way - appreciation will slow down.

By the way, banks are at major risk of an Enron-type crisis. Read articles in CFO Magazine or look for an article on the web entitled "Banks: The Next Enron." Fannie Mae and Freddie Mac are remarkably well managed compared to a number of the off-balance sheet-loving banks.

[CROSSHIGHWAYMAN]

I'm in northern Fairfield County, Connecticut.

The home we bought three years ago is worth 50% more today.

[Centurion2000]

I won't tell you guys sitting in mega-buck houses about the forty acres I bought for $5,000

Where is land selling that cheap ?

[AdamSelene235]

Fannie Mae and Freddie Mac are remarkably well managed compared to a number of the off-balance sheet-loving banks.

Uh, Fannie is exempt from many SEC laws regarding transparency. We have No Idea who their counterparties are.

Have you read the Systemic Risk report Falcon submitted right before his resignation from the OFHEO?

[dalebert]

I thought prices were going up. Tax appraisals sure are.

[Torie]

Wanna view? This rather unfortuanate ugly duckling has one. It goes for 1.5 million. It is located in San Rafael, California.

[Normal4me]

"Where is land selling that cheap ?"

Alaska ;)

[babaloo999]

That may go for under 100K in Austin these days, LOL.
I know my cousin in Austin would be glad to see housing prices drop some. He's looking to buy and has been paying $900 a month rent for a house that would probably rent for $500, maybe 600, in Houston in a similar neighborhood.
BTW, he's my commie pinko uber-leftist cousin, but he's still family, eh.

[RipSawyer]

That looks like something that might list here for as much as $33,900.00 or maybe less.

[jackbill]

Where is YOUR AREA?

Ocean City/Ocean Pines, MD

[Torie]

Cecil B. DeMille's old pad is available. It would be crass to talk price.

[The Coopster]

Reason number 1704 not to live in California......

[537 Votes]

In Everett, Washington, half an hour north of Seattle, a downtown two-story house that's little more than a crackerbox with the proverbial 'hardwood floors' was for sale by owner for $369,000. I wonder who can afford such prices for so little.

I realize it sounds like something Yogi Bera would say, but if we don't watch out, the real estate people are going to end up owning this country.

[The Coopster]

Well, you know what Barnum said......

[hoosierskypilot]

Frankly, we midwesterners are concerned about all you californians going east. We don't mind the conservatives, but is there any way we can keep the liberals on the left coast?

I'm thinking maybe a civics test, or something.

[RipSawyer]

Now that looks more like what $339,000.00 should buy!

[waterstraat]

How are you gonna afford a home when your factory permantently closes and moves overseas, or when your job permantently get outsourced to cheap chinese or Indian labor ?

Long term - home prices will eventually drop.

[Torie]

The one below lists for $350,000. No, it is not located in California. Sorry. It is in the most affordable town in the United States when it comes to housing prices.