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Grim Housing Data Shows We Have Not Hit Bottom

By mili   Follow   Thu, 29 Mar 2012, 11:36am   3,697 views   30 comments
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Grim Housing Data Shows We Have Not Hit Bottom
http://www.thefiscaltimes.com/Articles/2012/03/29/Grim-Housing-Data-Shows-We-Have-Not-Hit-Bottom.aspx

A new string of grim housing data confirms what economists and housing analysts have long predicted: the housing market has yet to hit bottom, and once it does, it will be a long slog back to health and stability.

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1. hrhjuliet Follow Befriend 7 threads 87 comments

   1   12:20pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   That's what I thought.

2. FortWayne Follow Befriend (13) 103 threads 3,764 comments

   2   12:30pm Thu 29 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   We won't hit it for a while. Once interest rates go up markets will adjust.

3. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

   3   12:55pm Thu 29 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   It looks like interest rates will go up when global warming raises sea level 500 feet.....NEVER

4. edvard2 Follow Befriend 34 threads 2,111 comments

   4   1:12pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   I wouldn't say it grim data. To me its all good.

5. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   5   1:14pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   PockyClipsNow says It looks like interest rates will go up when global warming raises sea level 500 feet.....NEVER Oh it coming,although I hope that is not true. http://travel.yahoo.com/ideas/greater-risk-of-weather-disaster-is--almost-everywhere---report-says.html

6. StoutFiles Follow Befriend (1) 24 threads 557 comments

   6   3:15pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   Interest rates went to 2% in Japan. What's stopping that from happening here?

7. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

   7   3:51pm Thu 29 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   I have a good feeling someday I'll get a nice property(s) For now, just more of me whining, bitching, complaining, swearing.

8. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   8   4:10pm Thu 29 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   StoutFiles says Interest rates went to 2% in Japan. What's stopping that from happening here? I see that happening along with further home price declines. For next few years you may never have to regret that you should have bought earlier!

9. xenogear3 Follow Befriend 10 threads 419 comments

   9   4:54pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   Japanese population is decreasing. US is increasing. However, job outsourcing/low wage is a major problem.

10. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

    10   5:41pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   My friend got a 2.7% loan a few months ago. We are already at 2% mortgages plus a little fluff. Rates must grind lower to enable REFI of mortgage and rollover of corporate debt. Higher rates will 'blow up the banks' so you will never see them. ever again.

11. BoomAndBustCycle Follow Befriend 28 threads 351 comments

    11   5:52pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   bubblesitter says I see that happening along with further home price declines. For next few years you may never have to regret that you should have bought earlier! US home prices compared to incomes are still pretty cheap compared to any other developed.. or non-developed nation. It's all relative. I remember seeing this chart making the rounds last year: http://www.creditsesame.com/blog/americas-top-cities-cheapest-real-estate-in-the-world/ It makes all US real estate look very cheap per square foot compared to the rest of the world. And salaries in relation to home prices in the US are still better than the rest of the world. I'm sure there's exaggerations in this chart, but it's still eye-opening. I'm curious what median incomes vs. home prices in Japan are compared to the U.S. You can't compare Japan's housing bubble to the US housing bubble without comparing Japan's median incomes to their home prices.

12. xenogear3 Follow Befriend 10 threads 419 comments

    12   6:20pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   The rest of the world don't pay that much tax and HOA fee. They also don't move every 6 years. http://www.creditsesame.com/blog/americas-top-cities-cheapest-real-estate-in-the-world/ I will take this with a grain of salt.

13. BoomAndBustCycle Follow Befriend 28 threads 351 comments

    13   6:59pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   xenogear3 says The rest of the world don't pay that much tax and HOA fee. They also don't move every 6 years. Any evidence to back that up? I'm curious who has lived and worked in other countries recently and compare their housing costs and salaries as compared to living in big cities in the US.

14. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,016 comments Pleasanton, CA Premium

    14   10:16pm Thu 29 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   BoomAndBustCycle says xenogear3 says The rest of the world don't pay that much tax and HOA fee. They also don't move every 6 years. Any evidence to back that up? I'm curious who has lived and worked in other countries recently and compare their housing costs and salaries as compared to living in big cities in the US. 14 year olds cannot buy homes in any other developed country in the world. This place has both extremes and it always will. Cheap good quality homes and overpriced pieces of crap. Most European countries I have visited have pretty expensive good quality homes. That is rare here. We send the wood with the most knots to the most desirable areas. Then charge 10x the price they are really worth. Funny thing is, lines of fools fight for accesses to the crappy lumber cottages.

15. zhanka Follow Befriend (1) 6 threads 47 comments Santa Clara, CA

    15   10:45pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   European countries don't mesure in square feet their properties, most likely the numbers are in $/square meter. I can believe $3,287 per square meter in Paris, but hardly in $3,287 per square feet. 100 (square meters) = 1 076.39104 square feet 1000 (square feet) = 92.90304 square meters

16. zhanka Follow Befriend (1) 6 threads 47 comments Santa Clara, CA

    16   11:00pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   Simple math: average apartment in Paris 1000 (square feet) can't cost $3,287,000, however around $305,691 is more believable.

17. zhanka Follow Befriend (1) 6 threads 47 comments Santa Clara, CA

    17   11:06pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   St. Petersburg, Russia $3,135 per sq. m., Moscow 2-3 times more

18. clambo Follow Befriend (5) 1,070 comments Santa Cruz, CA

    18   11:25pm Thu 29 Mar 2012   Share   Quote   Permalink   Like   Dislike   Dive, dive, dive! Klaxon horns blasting and dog all the hatches, this is going down baby. High unemployment, check. Foreclosures in ever increasing numbers, check. Lots of underwater houses ready to be foreclosed, check. The Philidelphia Federal reserve guy was on Nightly Business Report, talking about when they will raise interest rates. Houses will cost more per month so this will put more downward pressure on house prices. Down, down, down.

19. StoutFiles Follow Befriend (1) 24 threads 557 comments

    19   5:13am Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   clambo says The Philidelphia Federal reserve guy was on Nightly Business Report, talking about when they will raise interest rates. Part of me thinks this is a lie. What better way to get people to buy then to tell them the interest rate will soon skyrocket?

20. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,016 comments Pleasanton, CA Premium

    20   7:48am Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   StoutFiles says clambo says The Philidelphia Federal reserve guy was on Nightly Business Report, talking about when they will raise interest rates. Part of me thinks this is a lie. What better way to get people to buy then to tell them the interest rate will soon skyrocket? Good, the more people that buy now, the more people that will be defaulting when I am ready to buy. ;) Buy your heart out America!

21. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    21   8:30am Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says Good, the more people that buy now, the more people that will be defaulting when I am ready to buy. ;) Buy your heart out America! Sure,it is coming. I am just waiting for the wave of defaults that will hit 2014 and later,especially from the people bought post 2008 and let the rate be 1% at the time. :)

22. GUAB Follow Befriend 82 comments Scottsdale, AZ

    22   8:57am Fri 30 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   This thread is so full of stupid it's not even funny.

23. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,016 comments Pleasanton, CA Premium

    23   11:31am Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   GUAB says This thread is so full of stupid it's not even funny. Well, now that you say that I would have to agree. ;)

24. Auntiegrav Follow Befriend (5) 7 threads 228 comments Belgium, WI Premium

    24   12:15pm Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says GUAB says This thread is so full of stupid it's not even funny. Well, now that you say that I would have to agree. ;) The think that comes to mind is that the talk of comparisons between Europe and the U.S. and the rest of the world doesn't ever segue into "Where do people need to be?" or "What are people doing in those places that they have to buy a house, and can they do the same thing somewhere else?" It seems that most of the economy now is just people doing things to entertain each other (cars, airplanes, wars) and the rest is selling paper to prove they need to do it (marketing, banking, government), but nobody really stops and says "Where are we going and why am I in this handbasket?" Underwater houses underwater (if they aren't blown into the water by tornadoes first).

25. BoomAndBustCycle Follow Befriend 28 threads 351 comments

    25   12:27pm Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says Good, the more people that buy now, the more people that will be defaulting when I am ready to buy. ;) Buy your heart out America! I don't think America will be a good place to buy and invest in a home if the doom and gloom you anticipate comes to fruition.

26. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

    26   1:18pm Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   BoomAndBustCycle says I don't think America will be a good place to buy and invest in a home if the doom and gloom you anticipate comes to fruition. "Some of us are real sorry about that" (From 'Under the Tuscan Sun') Sorry, couldn't resist.

27. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    27   1:34pm Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   BoomAndBustCycle says I don't think America will be a good place to buy and invest in a home if the doom and gloom you anticipate comes to fruition. So where else would go? relocate to China? Brazil?

28. BoomAndBustCycle Follow Befriend 28 threads 351 comments

    28   6:23pm Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   bubblesitter says So where else would go? relocate to China? Brazil? I think housing is still 33x median incomes in many large cities in China... And as for Brazil... http://www.latinbusinesschronicle.com/app/article.aspx?id=4829 They are definitely in a housing bubble there, probably where the US was in 2004-2005... Between Austrailia, Brazil, China, Canada ect... Where on earth isn't there a housing bubble? If you MUST buy real estate.. I think buying in the US is definitely your safest bet. But I was just commenting on the fact that if you think US real estate is going to fall another 20-40%... Then that's putting us in 3rd world country real estate arenas... Atleast when compared to median incomes.

29. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    29   8:53pm Fri 30 Mar 2012   Share   Quote   Permalink   Like   Dislike   BoomAndBustCycle says Where on earth isn't there a housing bubble? It apears that Germany had it between 1990 and 2000 and Japan from 1980-1990.. and deep declines afterwards. They dont seem to be in any rush to inflate prices any time soon.

30. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,016 comments Pleasanton, CA Premium

    30   12:33pm Sat 31 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   BoomAndBustCycle says Between Austrailia, Brazil, China, Canada ect... Where on earth isn't there a housing bubble? But the schools in these countries have the best scores. The 33x median income is justified if you kids can stay away from drugs and get a scholarship right. With that logic, why not 66x, 132x, etc. etc, Mommy mommy make it stop.