Home prices down 2.5%

red-beard · red-beard's Garage

Breaking News >> Existing Home Prices Dip 2.5 Percent, Biggest Recorded Decline

Nope, no housing bubble here.

Jims5543 · 10-25-2006, 07:21 AM

Just surveyed a house for a closing here in Florida. In January it had a contract for 400K and the buyers backed out loosing their deposit. In October if finally closed with a new buyer after being on the market for over a year, price? 300K.

A little more than 2.5%.

We are seeing the prices drop 50-100K across the board.

Jim Richards · 10-25-2006, 07:21 AM

I figured they dropped at least 10%, based on my experience in NoVA.

legion · 10-25-2006, 07:26 AM

They've been down 3% - 4% in my area...and we are pretty much the definition of not being in a bubble. Although I read up and Bloomington is:

1) The most expensive area to live in the state outside of the Chicago area.

2) About 15 years ago, developers, realtors, etc. were selling houses back and forth between each other showing steady price appreciation with each "sale" to convince people that the local RE market was hot. When all was said and done, prices across the board had appreciated 30% - 50% in 2-3 years. Up until now, there never had been a decline in the area.

3) There is an oversupply of new houses in the area. New houses had been selling at about a 20% premium to exisiting houses. Funny thing was, if you bought a new house and were transferred and had to sell in a year or two, you lost money on the sale of your house.

4) Condos were selling at a premium to houses. My wife and I looked at condos first and figured out that we couldn't afford one. (Lots of young professionals in the area that don't want to be bogged down with weekly home maintenance.) Strangely, we could afford a house with a relatively huge yard and a three-car garage in a nice neighborhood with good schools.

on-ramp · 10-25-2006, 07:28 AM

hopefully our RE taxes will go down too...

Porsche-O-Phile · Porsche-O-Phile's Garage

Quote:

Originally posted by on-ramp
hopefully our RE taxes will go down too...

I wouldn't hold my breath for that one. . . But thanks for the laugh (I needed one this morning).

It's gonna' get a lot worse before it gets better too.

on-ramp · 08:11 AM

Quote:

Originally posted by Porsche-O-Phile

I wouldn't hold my breath for that one. . . But thanks for the laugh (I needed one this morning).

It's gonna' get a lot worse before it gets better too.

****** crooks in government are no better than the terrorists who fly planes into building.

when homes skyrocket due to pumping, fictitious value by the realtors, taxes go up. when prices fall, taxes still go up. wtf???

they always need a little more.

for the retiree living in the same house for 30 years and working to pay of their house, the only return on investment is the privilege of paying higher RE taxes. Tell me that home was a good investment for them... I dont think so. It's all a money pit.

on-ramp · 10-25-2006, 08:15 AM

Noah,
terrorists come in all forms. they are more difficult to spot when wearing suits & ties, unlike the bomb vests.

for a middle class family that works 2 full time jobs , a few thousand increase in RE taxes is a lot of money....

930addict · 930addict's Garage

Its starting to flatten out here in the Bay Area too. My wife and I saw the signs and are selling both of our homes to cash out what we can. We're thinking of either renting for a while or buying a nice fifth wheel and parking it on my mom and dads property for a few years.