patrick.net

Can't wait - i've got popcorn and root beer if anyone wants to come over and watch the fireworks.

joshuatrio says

Can’t wait - i’ve got popcorn and root beer if anyone wants to come over and watch the fireworks.

if you have candy corn I'm on my way. It's sad, but it's still happening.

depends on which "income" data you use.

I have yet to find a reliable source.

But no, IMHO there is still a disconnect between incomes and prices.

elliemae says

joshuatrio says

Can’t wait - i’ve got popcorn and root beer if anyone wants to come over and watch the fireworks.

if you have candy corn I’m on my way. It’s sad, but it’s still happening.

Candy corn? No way - can't stand that stuff...

How about ribeye's, grilled veggies, corn on the cob, garlic bread and a bottle or two of red? We can have a big ol' bbq?

You bring dessert. lol.

(kinda drastic change from popcorn and root beer eh?)

EastCoastBubbleBoy says

depends on which “income” data you use.
I have yet to find a reliable source.
But no, IMHO there is still a disconnect between incomes and prices.

Third party PR services like ADP is pretty good. However its only made to the public in a summary report... they dont dice and slice the information....Fixed Salary and Wages, vs varible compensation like Bonus and Commissions, One time charges Severences..etc. They do have the data by employees, employer, job classifation, industries, locations.

The numbers aren't great, but what do they actually mean?

Just because someone is under water, doesn't mean they're going to sell, or foreclose.

The normalized rate of foreclosures is obviously above normal, but not massive. The numbers are way way up when you look at foreclosures from 5 years ago, compared with today, however if you compare the numbers with the number of mortgages that are not in foreclosure the numbers aren't that impressive.

I have never seen a post on here from someone approaching a FSBO and getting a "deal" like they expected. The only thing people have posted is that owners are out of their minds in asking prices. The prices for regular homes for sale are "out of their minds" too. The only deals appear to be on foreclosures and short sales. So prices don't appear to have pressure from sales who aren't under duress. There isn't a huge supply of homes on the market, so that isn't putting that much pressure on the market. The number of 'viable' homes on the market isn't that great. There might be a good number of homes out there, but if someone is asking 2006 pricing for their home and isn't budging and has had it on the market for 8 months, well. Is that home *really* for sale? Not really, it's just someone who has a for sale sign out front and is fishing. Hoping someone will give them bags of money.

Prices don't have enough pressure to come down. Housing is affordable at these levels. There are enough buyers are every price range to buy up the homes within that range.

joshuatrio says

How about ribeye’s, grilled veggies, corn on the cob, garlic bread and a bottle or two of red? We can have a big ol’ bbq?
You bring dessert. lol.

Sign me up! Cherry Cheesecake okay? But let's invite all our friends - 20,000 hits a day on this forum means alot of cooking.

Nomo: I don't know about the link 'cause I didn't look at it. But I do agree that many properties are still way overvalued with many more to come. I don't know when it'll stop. A family member's property she bought in Vegas for $327k, put in a huge pool/jacuzzi/waterfall feature for about $100k, now shows as $122k (or so) on Zillow. I'd say that Zillow is getting closer to correct there.

I realize that this falls in line with your supposition that Vegas is one of the problem areas, but what about Dallas, Detroit, Ohio, Chicago... It's everywhere. Prices have to drop to get into line with salaries or nothing will ever be affordable - and we'll be back to lending to anyone in order to make sales.