Two Plus Two Newer Archives  

Go Back   Two Plus Two Newer Archives > Other Topics > Business, Finance, and Investing

Reply
 
Thread Tools Display Modes
  #1  
Old 11-27-2007, 04:45 PM
DesertCat DesertCat is offline
Senior Member
 
Join Date: Aug 2004
Location: Pwned by A-Rod
Posts: 4,236
Default Lower home prices everywhere

[ QUOTE ]
The Standard & Poor’s/Case-Shiller home price indexes showed something in September that they have never shown before — lower prices everywhere.

[/ QUOTE ]

Floyd Norris from NY Times blog.
Reply With Quote
  #2  
Old 11-27-2007, 04:56 PM
maxtower maxtower is offline
Senior Member
 
Join Date: Sep 2005
Posts: 1,264
Default Re: Lower home prices everywhere

Phoenix and Vegas look like they are headed for some of the worst of it.
Reply With Quote
  #3  
Old 11-27-2007, 05:22 PM
scotchnrocks scotchnrocks is offline
Senior Member
 
Join Date: Mar 2006
Posts: 808
Default Re: Lower home prices everywhere

everywhere except Atlanta, Charlotte, Dallas, Portland and Seattle [img]/images/graemlins/smirk.gif[/img]

[ QUOTE ]

Home Prices Show Record Drop


By TSC Staff
11/27/2007 11:06 AM EST Try Jim Cramer's Action Alerts PLUS
CLICK HERE NOW


An index tracking national housing prices showed record declines for the third quarter as the real estate market continued to deteriorate in almost all metropolitan areas.

The S&P/Case-Shiller U.S. National Home Price Index dropped 1.7% from the second quarter and 4.5% from last year's third quarter, Standard & Poor's said Tuesday. The index covers all nine U.S. census divisions.

The drop from the second quarter marks the largest sequential decline in the index's 21-year history, while the year-over-year fall was the second consecutive record low.

"Consistent with prior 2007 reports, there is no real positive news in today's data," said Robert Shiller, chief economist at MacroMarkets LLC and co-creator of the index. "Most of the metro areas continue to show declining or decelerating returns on both an annual and monthly basis."

In September, all the metropolitan areas tracked by the 20-city composite index showed price declines from August. Just five areas -- Atlanta; Charlotte; Dallas; Portland, Ore.; and Seattle -- saw flat or positive growth on a year-over-year basis.

snipped


[/ QUOTE ]
Reply With Quote
  #4  
Old 11-27-2007, 06:19 PM
maxtower maxtower is offline
Senior Member
 
Join Date: Sep 2005
Posts: 1,264
Default Re: Lower home prices everywhere

everywhere for the quarter, those five cities are up over last year.
Reply With Quote
  #5  
Old 11-27-2007, 11:32 PM
adios adios is offline
Senior Member
 
Join Date: Sep 2002
Posts: 8,132
Default Re: Lower home prices everywhere

Here's the linky to the data:

Data

The rate of change is the most significant measure IMO. Not good, wonder with news media decrying "sub-prime" issues everyday just wonder if some people are panicking a little. With that said, went to a fairly new development site where I live a week ago. Could not believe all the new homes their that were on the auction block. There was also a site close by where the land was developed but they're not building as planned. I've seen some unbelievable prices in various places. Builders have to be taking huge losses on some of these properties.
Reply With Quote
  #6  
Old 11-27-2007, 11:53 PM
spider spider is offline
Senior Member
 
Join Date: Sep 2004
Location: Wash DC
Posts: 592
Default Re: Lower home prices everywhere

But Case-Shiller only goes back to late 80s, right? So basically as far as housing downturns it's only got one other downturn (late 80s/early 90s) in its history.

So, I'm not disagreeing or anything, just sayin...
Reply With Quote
  #7  
Old 11-28-2007, 12:05 AM
SenatorKevin SenatorKevin is offline
Senior Member
 
Join Date: May 2007
Location: Shampoo is better!
Posts: 283
Default Re: Lower home prices everywhere

It's only going to get worse over the next 3 years. Just the start of a massive correction.

Reply With Quote
  #8  
Old 11-28-2007, 12:45 AM
kimchi kimchi is offline
Senior Member
 
Join Date: May 2006
Location: FU minbet
Posts: 1,246
Default Re: Lower home prices everywhere

Homes are not so expensive in the US compared to other developed nations - even before the more recent currency volatility. Especially on per square metre basis.

Eg - the average house price in the UK is now about $435k and in London around $710k (sold) - and for that you get to live in a tiny, cold, dark, damp box. A quick google turns up an average US price of ~$300k. I have an apartment in Seoul that cost about the same as an average US house, except it's an 850 sq.ft box. According to a recent news story by NPR, the average size of a new American home is 2,349 square feet.

European housing prices tend to follow the peaks and troughs of the US market as seen from this graph (re-based in 2000):



So it loks like the US situation will be a wake-up call for the EU market.
Reply With Quote
  #9  
Old 11-28-2007, 03:10 AM
Ray Zee Ray Zee is offline
Senior Member
 
Join Date: Aug 2002
Location: montana usa
Posts: 4,803
Default Re: Lower home prices everywhere

except in certain markets home prices trend with the income of its residents. it has to be that way. it has risen too fast in lots of markets in the u.s. the last ten years so they have some leveling out to do. the big effect is that the overly aggressive rate of new building has stopped in its tracks. with only the projects that were on the drawing board continuing forward.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 05:12 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.