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VVance
1764 Posts |
 Posted - 05/22/2008 : 07:50:37 AM
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And the Dow celebrates by going up 50 points....Go Figure
AP
Gov't home price index posts largest drop in 17-year history
Thursday May 22, 10:37 am ET
By Alan Zibel, AP Business Writer
US home prices fall 3.1 percent in first quarter in largest drop on record
WASHINGTON (AP) -- U.S. home prices posted their sharpest first-quarter decline since the government began tracking the data 17 years ago.
The Washington-based Office of Federal Housing Enterprise Oversight said Thursday that home prices fell 3.1 percent in the first quarter compared with last year. The index also fell 1.7 percent from the fourth quarter of 2007 to the first quarter of 2008, the largest quarterly price drop on record.
http://biz.yahoo.com/ap/080522/home_prices.html |
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Xanthan Gum
595 Posts |
Posted - 05/22/2008 : 07:51:55 AM
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| I haven't seen any drop in prices. A few states are skewing the numbers for the whole country. |
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cervera01
166 Posts |
Posted - 05/22/2008 : 08:00:21 AM
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| I live in Phoenix Arizona and before you couldnt find anything that was "livable" for under $180K... now you can find some pretty decent places for $90K... That is unbelievable to me. However, I think home prices have pretty much stablized here, some areas are actually going up in value again because of all the demand on lower priced homes. |
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Originate_This
337 Posts |
Posted - 05/22/2008 : 08:07:45 AM
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quote:
Originally posted by Xanthan Gum
I haven't seen any drop in prices. A few states are skewing the numbers for the whole country.
So the 43 states that had price drops in this report are a "few"? |
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VVance
1764 Posts |
Posted - 05/22/2008 : 08:07:55 AM
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quote:
Originally posted by Xanthan Gum
I haven't seen any drop in prices. A few states are skewing the numbers for the whole country.
Agreed. Your location is probably similar to mine (always liked your area) with fairly stable prices. What we are seeing here now is a rising foreclosure rate which will have to affect prices eventually. |
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homebroker@sbcgl
2125 Posts |
Posted - 05/22/2008 : 08:14:49 AM
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| Option Armagedon is also on the way when they start to recast, I think as trustee sales increase by leaps and bounds the pressure from the increased inventory will further push down values. This will lead to a healthy market down the road. |
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cervera01
166 Posts |
Posted - 05/22/2008 : 08:18:07 AM
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homebroker@sbcglobal.net... Do you think that the supply that will come on the market from the Option Arms in the near future will be absorbed by the demand that is currently being created from low priced homes?
Hopefully I dont have to go through this twice in one lifetime! |
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