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US house prices in free-fall

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  • #1

    US house prices in free-fall

    Unless you're getting a sweet-ass deal, don't buy (yet). You'll save yourself a lot of heartache.

    Between December and January, house prices fell in major US cities by 2.4%. Basically, it means that if you bought a house in November with a 5% down payment, by January you were under water (upside-down) on your mortgage.

    No area of the country was spared. Even Dallas dropped 1.8% and New York dropped 0.9%. The poor folks in Las Vegas saw their values drop 5.1% -- in only one month.

    Error | S&amp
    http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_Release_032544.pdf
    I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
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  • #2
    First I'm hearing about this, NOT!
    I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
    - Justice Brett Kavanaugh

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    • #3
      The new news is that the price declines have accelerated a great deal in most cities (except, e.g., San Diego).
      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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      • #4
        San Diego's housing market is imploding. Down 11.4% in the month of January alone and that's on top of other high percentage drops for several months before January.

        San Diego Union-Tribune
        http://www.signonsandiego.com/news/business/20080325-0658-homeprices.html
        San Diego, California and National News


        Las Vegas and Miami are the only markets doing worse (down 19% in those cities in January). All three cities seem to be suffering from nonresident home owners dumping vacation homes.
        Try http://wordforge.net/index.php for discussion and debate.

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        • #5
          Actually, San Diego is down 2.5% for the month -- the decline is easing.

          The 11.4% figure is an annual figure -- i.e., prices this January are 11.4% lower than last January. Well, actually, it's down 16.7% on an annual basis by the measure that I use.
          I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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          • #6
            Actually that is amazing about Las Vegas. Seems like a panic. There must have been a lot of speculation there.
            I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
            - Justice Brett Kavanaugh

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            • #7
              OK, thanks for the correction.
              Try http://wordforge.net/index.php for discussion and debate.

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              • #8
                Originally posted by Kidicious
                Actually that is amazing about Las Vagas. Seems like a panic. There must have been a lot of speculation there.
                Las Vegas had a lot of people buying vacation homes as well as houses which people bought to rent out. The price of homes in Vegas was a fraction of the price in California so a lot of California's bought new properties there thinking they could rent them out until prices went up and then flip the houses for a nice capital gain. Big problem? Prices went down and now people are dumping the investment properties and vacation homes.
                Try http://wordforge.net/index.php for discussion and debate.

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                • #9
                  Originally posted by Kidicious
                  Actually that is amazing about Las Vagas. Seems like a panic. There must have been a lot of speculation there.
                  Las Vegas must be the most unsustainable city in the country in the first place - fancy building a massive city in the middle of the desert...

                  Prices in the UK aren't doing too well, but we have a whole bunch of other factors that mean we shouldn't be too badly hit once things iron themselves out.
                  Is it me, or is MOBIUS a horrible person?

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                  • #10
                    Re: US house prices in free-fall

                    Originally posted by DanS
                    Between December and January, house prices fell in major US cities by 2.4%. Basically, it means that if you bought a house in November with a 5% down payment, by January you were under water (upside-down) on your mortgage.
                    Do you not use the term "negative equity" over there?
                    One day Canada will rule the world, and then we'll all be sorry.

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                    • #11
                      As a term of art, but not in the vernacular.
                      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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                      • #12
                        Originally posted by MOBIUS


                        Las Vegas must be the most unsustainable city in the country in the first place - fancy building a massive city in the middle of the desert...
                        It is there so that when God smites the city of sin with a nuclear bomb that it won't wasteland perfectly good land.
                        One day Canada will rule the world, and then we'll all be sorry.

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                        • #13
                          Originally posted by DanS
                          As a term of art, but not in the vernacular.

                          Ah, ok. It's a standard phrase here so seemed an odd way to be expressing the notion.
                          One day Canada will rule the world, and then we'll all be sorry.

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                          • #14


                            I realize this may hurt poeple who largely deserve it now, but what it really does is ensure housing is more afordable for a generation.

                            I am going to give it until next January and see where things are. It is great to see my down payment savings increasing and the overall price decreasing and my overall down payment percentage REALLY increasing
                            "The DPRK is still in a state of war with the U.S. It's called a black out." - Che explaining why orbital nightime pictures of NK show few lights. Seriously.

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                            • #15
                              Originally posted by MOBIUS
                              Las Vegas must be the most unsustainable city in the country in the first place - fancy building a massive city in the middle of the desert...

                              Prices in the UK aren't doing too well, but we have a whole bunch of other factors that mean we shouldn't be too badly hit once things iron themselves out.
                              It may not be evident yet, but IMO Las Vegas is one of the most sustainable cities in the country. It has the sun in abundance.
                              I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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