Comments on: I guess housing doesn’t always go UP! http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/ Mortgage insiders view on mortgages, real estate, debt, and the housing bubble. site by SoCalMtgGuy, author of - Another F@CKED Borrower Sat, 17 May 2008 10:26:19 +0000 http://wordpress.org/?v=2.0.5 by: WatchOutBelow http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-562311 Mon, 12 May 2008 03:55:19 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-562311 Dear We-Help-You-Buy-Guy, See comment #31. Sincerely, Watch Out Below Dear We-Help-You-Buy-Guy,

See comment #31.

Sincerely,
Watch Out Below

]]> by: We Help-U-Buy Guy http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-562165 Sun, 11 May 2008 13:59:54 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-562165 According to an article in the Orange County Register Tuesday, April 25, 2008, pending sales of homes are up 23% over last year’s numbers. If the trend continues, April or May will mark the first time in 30 months that sales have risen YOY (year over year). All this sales activity is going to come at the cost of the median price falling significantly as these increased sales are mainly bank owned foreclosures and short sales. The banks have finally figured out that if they want to sell their foreclosure inventory they need to cut prices. Boy have they!!! Houses that sold for $550,000 and more just a year ago are now being sold by the bank for under $400,000. I don’t think they were ever worth $550,000 but when you start knocking 30% off the price of homes in less than 18 months it is going to leave a big mark on the median price. Because so may homes are selling in the low end of the market, the median price of homes sold in the past 4 weeks is $512,000. That is a 20.9% YOY decline in prices. My own study of all pending sales shows a current median price of approximately $475,000, an additional decline of 7.22%. Within all the negative news about real estate values I’m seeing some stability in market. Investors have started buying property and individuals who have been waiting to buy have entered the marketplace. With homes single family homes selling for under $400,000, some properties make sense to purchase as rentals. Homes in upscale areas that come on the market priced well under CURRENT market price are sold within days. If buyers keep showing up, and barring some other significant event, we may have found a floor for prices. While there may be floor for real estate prices, I don’t see prices rising any time soon. There are over 4,000 short sales on the market as of today and the majority of them will be foreclosures. At least another 1,000 are bank owned foreclosures. Defaults and foreclosure notices still appear to be on the rise. There is far too much downward pressure for prices to start rising. www.wehelpubuy.com According to an article in the Orange County Register Tuesday, April 25, 2008, pending sales of homes are up 23% over last year’s numbers. If the trend continues, April or May will mark the first time in 30 months that sales have risen YOY (year over year). All this sales activity is going to come at the cost of the median price falling significantly as these increased sales are mainly bank owned foreclosures and short sales.

The banks have finally figured out that if they want to sell their foreclosure inventory they need to cut prices. Boy have they!!! Houses that sold for $550,000 and more just a year ago are now being sold by the bank for under $400,000. I don’t think they were ever worth $550,000 but when you start knocking 30% off the price of homes in less than 18 months it is going to leave a big mark on the median price.

Because so may homes are selling in the low end of the market, the median price of homes sold in the past 4 weeks is $512,000. That is a 20.9% YOY decline in prices. My own study of all pending sales shows a current median price of approximately $475,000, an additional decline of 7.22%.

Within all the negative news about real estate values I’m seeing some stability in market. Investors have started buying property and individuals who have been waiting to buy have entered the marketplace. With homes single family homes selling for under $400,000, some properties make sense to purchase as rentals. Homes in upscale areas that come on the market priced well under CURRENT market price are sold within days. If buyers keep showing up, and barring some other significant event, we may have found a floor for prices.

While there may be floor for real estate prices, I don’t see prices rising any time soon. There are over 4,000 short sales on the market as of today and the majority of them will be foreclosures. At least another 1,000 are bank owned foreclosures. Defaults and foreclosure notices still appear to be on the rise. There is far too much downward pressure for prices to start rising.

www.wehelpubuy.com

]]> by: WatchOutBelow http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-561872 Tue, 29 Apr 2008 03:45:56 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-561872 Greg Moser: Are you a fraud or just stupid? You think we've hit bottom. Wow -- how many chromosomes do you have, anyway? I guess you're too busy making idiotic predictions to open a newspaper or magazine, or you'd see that we are heading into a RECESSION, predicted by many economists to be the worst in a generation. Do you really think those are the conditions for rising home values? Do you really think that people without jobs are going to be buying houses? Or do you just not think? I can't wait till they repo your Mercedes, Greg, and I hope you lose your home too and that you and your family has to sleep under a bunch of your rusty "OPEN HOUSE" signs. Greg Moser:

Are you a fraud or just stupid? You think we’ve hit bottom. Wow — how many chromosomes do you have, anyway?

I guess you’re too busy making idiotic predictions to open a newspaper or magazine, or you’d see that we are heading into a RECESSION, predicted by many economists to be the worst in a generation. Do you really think those are the conditions for rising home values? Do you really think that people without jobs are going to be buying houses? Or do you just not think?

I can’t wait till they repo your Mercedes, Greg, and I hope you lose your home too and that you and your family has to sleep under a bunch of your rusty “OPEN HOUSE” signs.

]]> by: Steve http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-561348 Sun, 27 Apr 2008 15:46:48 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-561348 Luka, Are you kidding me? Drudge is a site that gets more hits than the major news outlets out there. Drudge's site merely links to every major media site around the world no matter what political slant. If something makes the 'top story' on drudge, it must be big. That is how I take it at least. The information on this site has been based on numbers, not partisan politics. Highlighting the front page of a website that gets hundreds of millions of hits merely illustrates that it is BIG news. I think you are the one with automatic 'partisan' issues. Steve Luka,

Are you kidding me? Drudge is a site that gets more hits than the major news outlets out there. Drudge’s site merely links to every major media site around the world no matter what political slant. If something makes the ‘top story’ on drudge, it must be big.

That is how I take it at least. The information on this site has been based on numbers, not partisan politics. Highlighting the front page of a website that gets hundreds of millions of hits merely illustrates that it is BIG news.

I think you are the one with automatic ‘partisan’ issues.

Steve

]]> by: SlashAndBurn http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-561115 Sun, 27 Apr 2008 02:03:35 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-561115 Luka #26, Don't be such a crybaby -- Drudge is simply a web tabloid site that often breaks news. And I'm sure if politicians stopped talking about Govt handouts for speculators and bagholders, so would the commentary on them. Luka #26,

Don’t be such a crybaby — Drudge is simply a web tabloid site that often breaks news.

And I’m sure if politicians stopped talking about Govt handouts for speculators and bagholders, so would the commentary on them.

]]> by: greg http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-560703 Sat, 26 Apr 2008 07:54:57 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-560703 I'm a realtor and I never believed all the hype 3 years ago. I also feel that we are seeing condo sales increasing again condos tend to give a good picture, along with the over all real estate market. I think we have seen the bottom. greg moser I’m a realtor and I never believed all the hype 3 years ago. I also feel that we are seeing condo sales increasing again condos tend to give a good picture, along with the over all real estate market. I think we have seen the bottom. greg moser

]]> by: Mark Mouse','mark@incidents.org','','210.35.2.3','2008-04-24 15:25:30','2008-04-24 15:25:30','','0','Internet Explorer','comment','0','0'),('0', '', '', '', '', '2008-04-25 15:25:30', '2008-04-25 15:25:30', '', 'spam', '', 'comment', '0','0' ) /* http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-559830 Thu, 24 Apr 2008 15:25:36 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-559830 <strong>None...</strong> None... None…

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]]> by: Luka http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-559495 Wed, 23 Apr 2008 14:11:51 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-559495 Man, am I disappointed to find out how partisan you are after donating to this site in 2006. This comment has nothing to do with your opinions on the housing market which are spot on, it's with the Drudge image and other comments you've made in the past several months. Really disappointing that you've injected politics into the site. Man, am I disappointed to find out how partisan you are after donating to this site in 2006. This comment has nothing to do with your opinions on the housing market which are spot on, it’s with the Drudge image and other comments you’ve made in the past several months. Really disappointing that you’ve injected politics into the site.

]]> by: Fred http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-556457 Thu, 17 Apr 2008 03:37:10 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-556457 Long time reader, I too want to see Greenspan speak for his false advising to future homeowners the last few years. Wow it will take time to heal this mess. Fred http://www.onlinevaservices.com Long time reader, I too want to see Greenspan speak for his false advising to future homeowners the last few years. Wow it will take time to heal this mess.

Fred
http://www.onlinevaservices.com

]]> by: shameonpeople http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-551934 Tue, 08 Apr 2008 04:46:26 +0000 http://housingbubblecasualty.com/i-guess-housing-doesnt-always-go-up/#comment-551934 Rob, you are the kind of lowlife scum that destroyed our economy. I hope you don't believe in hell because if you do you have a table reserved. Rob, you are the kind of lowlife scum that destroyed our economy. I hope you don’t believe in hell because if you do you have a table reserved.

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