Die recession, die, die, die.
This is very good news....
Some tempering observations....October new home sales drop 8.1 pct., prices fall(AP) – 2 hours agoWASHINGTON (AP) — New home sales tumbled in October while the median home price dropped to the lowest point in seven years.Sales of new single-family homes declined 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October, the Commerce Department reported Wednesday.It was the fourth time the sales rate has dropped in the past six months. New home sales are just 2.9 percent above August's pace of 275,000 units — the lowest level on records dating back to 1963.
Or you could look at it as thereare only 202,000 new homes to sell...but why buy them when you can buy a much cheaper foreclosed home butthen again it would have to be in Vegas,Fort Myers or say Modesto....
Yawning news. My father has tried to sell a lovely home in SF in a good area (Presidio) for awhile now. They are taking it off the market and waiting it out a few more years if need be.Prices are heading down, not up.
http://www.smartmoney.com/?cid=topnav_home Smart Money Mag is reporting the return of competitive bidding in some real estate markets. Pub says RE is dead for 20 years. It may well be in certain places...but not everywhere. Many small markets are already recovering. To Scott and everyone else, Happy Thanksgiving!
Yes, home prices are down 10% and sales have dropped a lot as well in Atlanta. It's going to take a long time before this gets worked out. I hope the banks can withstand the next leg down in the housing market. Happy Thanksgiving to all.
Lumber prices had a peak in 2004 so 2 years ahead of housing peak and 3 years prior to equity peak, while bottomed in 2009.They are back now to 2000-2003 range.
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