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Home sales worst in 50 years...

By edvard2 following x   2012 Jan 26, 3:01am 2,298 views   9 comments   watch   nsfw   quote     share    


I was surprised nobody else posted this. But the headlines I saw today indicate that home sales in Dec were the worst on record. So much for that so-called recovery...

2   pazuzu   ignore (1)   2012 Jan 26, 3:06am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Worst on record is pretty impressive, but it is New Home Sales, not all.

That said, this bust is going to go on for years.

Prices in desirable areas have a long way to

F
A
L
L.

3   uomo_senza_nome   ignore (1)   2012 Jan 26, 3:08am   ↑ like (0)   ↓ dislike (1)   quote   flag        

joshuatrio says

link?

edvard is correct.

http://www.calculatedriskblog.com/2012/01/2011-record-low-new-home-sales-and.html

edvard2 says

So much for that so-called recovery...

No jobs, no recovery.

6   HousingBoom   ignore (0)   2012 Jan 26, 3:35am   ↑ like (1)   ↓ dislike (0)   quote   flag        

http://wallstreetpit.com/76795-robert-shiller-i-am-optimistic-that-home-prices-could-fall-for-20-years

Robert Shiller is optimistic that home prices will bottom in 20 years. If he's off by a few years, that's still 10-15 years!! I love it when my sheeple friends try to dispute Shiller's prediction and thinks housing already bottomed. It's like telling Chuck Norris he knows nothing about karate!

7   thomas.wong1986   ignore (3)   2012 Jan 26, 4:02am   ↑ like (0)   ↓ dislike (0)   quote   flag        

HousingBoom says

I love it when my sheeple friends try to dispute Shiller's prediction and thinks housing already bottomed.

LOL! like the ending... we will see an upturn someday...

Very often many in the media use the 10 year chart, yet few have looked back further 15-20 years to get a much better feel.
When using 20 year chart, 10-15 years of decline is very likely.

8   Â¥   ignore (3)   2012 Jan 26, 4:10am   ↑ like (0)   ↓ dislike (0)   quote   flag        

curious comparison of nominal home prices (blue) vs gross household buying power (red)

http://research.stlouisfed.org/fred2/graph/?g=4yM

I'll withhold comment.

9   edvard2   ignore (1)   2012 Jan 26, 5:00am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Ah-ha.... the ole' rents are rising trick: "Home prices are falling but rents are rising and THEN you renters we will be FORCED to buy!"

Well... so far for me at least my rent is still nice-n-cheap, I'm saving a ton of cash, and when I feel like it I guess we'll buy a house and for a whole lot less too. So I'm glad prices are falling. That's good enough for me.


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