Welcome To The Bottom: Housing Begins Slow Rebound (AP)
invite response
2009 Aug 1, 1:42am 57,698 views 286 comments
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4X
2009 Oct 30, 3:15pm
@Wankmydoodle
Here is what you get in Brentwood...enjoy your cornfest.
The Brentwood "Cornfest" occurs one weekend in July each year, culminating in a concert. Past performers include Eddie Money, Eric Burdon and The Fixx.
Numerous local farms operate produce stands or offer "U-Pick" opportunities.
A farmer's market is held on First Street in downtown Brentwood on Saturday mornings during the summer.
WillyWanker
2009 Nov 23, 12:02am
@ 4PLY
Wow, you mean you can ACTUALLY go to a CITY COUNCIL SPECIAL MEETING in Sierra SMOGRE? What a BARN-BURNER! *yuck yuck yuck*
The median sales price was $173,100, down 7.1 percent from a year earlier and off 1.6 percent from September.
Done!
2009 Nov 23, 12:38am
Well here's a large chunk of that 10.1% spike.
the banks release some inventory, every three months or so, and cash investors buy them up as quick, as they hit the market.
here's a search with out the keyword "owner financing"
It's not that I am looking for anything, I use 150K as a cap, to gauge what is going for 120K to 150K. It's gotten better over the year, but IMO, it has a way to go yet. There's still to many houses out there that belongs in the 120-150K range that is still in the high 190s to mid 200's.
These houses almost every single one I've inquired on, has already been purchased by a private equity firm trying to flip it for a big profit than what they paid the banks.
It's still a cooked books racket, they might as well claim sales are up 50%, but that isn't moving real inventory that I am actually interested in.
Those still sit unsold.
If sales are up why were mortgage applications down 12 percent in October?
It must be cash buyers who think they will be able to rent these houses out, but the rental market keeps slumping and jobs keep disappearing in the same areas with high sales turnover.
Who will want to rent there is there are no jobs?
Also I keep getting notices of "back on the market" homes that were counted as sales in the
previous statistics so a lot of these deals are falling through and being sold again.
bubblesitter
2009 Nov 23, 2:13pm
If sales are up why were mortgage applications down 12 percent in October?
It must be cash buyers who think they will be able to rent these houses out, but the rental market keeps slumping and jobs keep disappearing in the same areas with high sales turnover.
Who will want to rent there is there are no jobs?
Also I keep getting notices of “back on the market†homes that were counted as sales in the
previous statistics so a lot of these deals are falling through and being sold again.
Yep. My rent dropped 8% this year. Couldn't be happier...and slam dunk on that mortgage applications point :)
4X
2009 Nov 23, 2:57pm
I’ve been listening to people bitch about buying a house for over 15 years. You can always find a reason not to buy one. Even it they break the affordability secret code, now its because they don’t want to fix anything, or they may have to move, or now’s not a good time, or we need some more money to pay down the debt, or its just a hassle.
Whatever. Knowing what it costs to build a house I wouldn’t own a 1000sqft ranch for $500,000. But I wouldn’t expect prices to drop 70% in the most desirable markets in the U.S.
What about the 50% decrease in Japans real estate markets over the past 15 years?...this is evidence that markets can and will adjust.
4X
2009 Nov 23, 3:00pm
@ 4PLY
Wow, you mean you can ACTUALLY go to a CITY COUNCIL SPECIAL MEETING in Sierra SMOGRE? What a BARN-BURNER! *yuck yuck yuck*
Stupidity seems to be your favorite color. Lets end our debate here.
WillyWanker
2010 May 1, 2:59pm
4PLY, How's that house hunting going with your (modest) budget? :P
Did you look at the yoy DQ price jump for Sierra Smogre??? UP 26.5%!!! Gotta love the numbers. Perhaps you might want to try out La Puente instead.
http://www.dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx
WillyWanker
2010 May 1, 3:05pm
Some of that wonderful air over Sierra Smogre. Air you can sink your teeth into. :P
« First « Previous Comments 276 - 286 of 286 Search these comments
"It was — note the past tense — the worst housing recession anyone but survivors of the Great Depression can remember.
From the frenzied peak of the real estate boom in 2005-2006 to the recession's trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.
A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.
Now take a deep breath and exhale. The worst is over."
Read the rest here:
http://news.yahoo.com/s/ap/20090801/ap_on_bi_ge/us_housing_mid_year_outlook
This was on Yahoo! News. You know people are reading it and gobbling it up. I know the market will remain flat and on the bottom for some time to come, at least here in Southern California. But, I bet some fence sitters are going to start jumping into the housing market sometime soon.
This does not bode well for those who are calling a return to 80's prices in the Westside of Los Angeles, you know the one's who say that $400 will get you a 3000 square foot house on a 15000 square foot lot in Santa Monica, north of Montana. :P
#housing