70% off.
It's not the fall that is amazing. That was a given. No, it was the rise that makes no sense.
What made rational people overpay so wildly for a f*cking home?
Did they not know how to do the math?
Did they never stop to think - what could I rent this home out for if I needed to?
Did they really think that nice realtor was on their side?
70% off. $500,000 becomes $150,000. The realtors keep their commissions. And the world financial system collapses.
U.S. home prices will fall another 11 percent on average before stabilizing, according to Moody’s Economy.com. The Case- Shiller home price index will fall 36 percent from its 2006 peak to the bottom this year, Zandi’s study said.
The biggest home-price decline is forecast for the Naples, Florida, area, where the report estimates prices will tumble 70.1 percent from the top before hitting bottom in the fourth quarter of 2010.
Naples is followed by the California areas of Merced and Salinas. Merced prices are forecast to fall 69.6 percent from the peak and Salinas 67.9 percent.
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14 comments:
“Presuming we see strong action by policymakers to help support the economy and the housing market, prices will begin to recover by the end of this year.”
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And just how do you plan to "support" the housing market, Mr Economist?
What part of "The prices are too damn high" do you not grasp. Even with a plummeting portfolio, I can still buy almost anything I want, with cash, and I would not take a house right now if you GAVE IT TO ME!
Credit markets are still locked up (Thanks Hank!,) and unless the liar loans come back, house sales are going to continue to fall into bottomless pit.
Another 10% fall before this is over?
OMG.Give me a break?
-----SPECIAL EMERGENCY NOTICE----
This just in:(thank you Bubble Meter)
Relax, the Main Authority Representing the Nations Realtors has spoken has spoken:
Tuesday, February 10, 2009
Yun Takes 'Full Responsibility' For His Actions
Lawrence Yun takes full responsibility for everything he does. The Orange County Register reports:
“Whatever I say, I take full responsibility for everything I do,” Yun said moments before addressing more than 200 people at the Orange County Association of Realtors headquarters in Laguna Hills.
Are you going to take responsibility and resign? You are a discredited shill for the Realtors and have been made many predictions that were way off. For example in July 2008 Yun stated "I think we are very near to the end of the housing downturn," Yun said (AP News).
Ahh So. This may not be such a Good Thing to say/state publicly Larry San. There may be many civil suits coming your way now...
Depositions to follow?
Think About It.
And this IS the Good News:
http://www.cnbc.com/id/29103328?ref=patrick.net
Who would you listen to, Prof Roubini or bought and paid for Larry Yun of the NAR?
I thought so.
Call U-Haul and send in the keys Today, upside down dipshits. You're DEAD. Your Job is Gone, Your Home doesn't 'belong' to you and the cars are going to be reposessed. The children are starving and sick and you are broke. No More Credit Cards either.
Why not jump? What's Left?
You're DOOMED.
Welcome to America. Welcome to Hell.
Isn't the hellhole known as compton or i mean stockton ca in total freefall.How much do all those cow farmers make down there anyway.I want to buy a 500k home on my 30k income too.
I posted 2 years ago on the City Data Forum Florida site that Naples, FL would fall 60-80% from the peak. There were literally 30 posters who blasted me as a moron, one or two agreed. Then my access account was closed.
"...What made rational people overpay so wildly...?"
I think you're overstating that "rational" part just a tad.
Bonus laugh:
"...it's not possible to say how much longer it will last. What is 100% knowable: Given all the speculation financed by borrowed money, this will end in tears, and the ramifications will be far-reaching..."
-Bill Fleckenstein, 3/7/2005
I think alot of this is wives pressuring husbands to buy the home. Also many dont think about "what it will rent for" as there is not a big rental market in many towns for homes, only condos/apartments.
Over hear across the state in Palm Beach County the nightmare of housing continues! I know of a McMansion which was purchased at 1,700,000. It is a typical monster with brick paver and barrel tile, pool, marble, granite, etc. Last year it was valued at 935,000 and today it is a foreclosure at $470,000!!! The house next to it is a foreclosure and the last 10 sales have been foreclore sales. 4200 sq ft for $470,000? Anyways just wanted to chime in on the enlarged penis state known as florida!!
rich in fl
Let me start by saying that I'm not a realtor. Never have been, nor will I ever be. However, I think your acrimony towards realtors is a bit over the top. I think the fallacy in blaming them for the current meltdown is because you assume that realtors are sophisticated, unusually informed individuals. That's demanding a lot of just average people who were, in large part, just average "joes", trying to make a living and doing what had worked for the past 50 years. Yeah, I know there were schmucks among them but most just simply believed that the norm, ie. real estate always goes up, would continue unabated. I think most of them, just as is true of 98% of Americans, failed to grasp the complexities of the ultimate Ponzi scheme, fractional reserve banking, and innocently, though naively believed everything would continue as it "always" had. If you want to scold them for their stupidity, fine. Scold the rest of America along with them. But to characterize realtors as a cause, or somehow willful collaborators, deliberate scammers, sharks, is grossly unfair and simplistic. Blame lies squarely on the backs of the politicians, regulators and the ultimate scammers, the bankers!
Elsewise, you do a great disservice to those who wish to understand the real causes and real solutions. Realtors are not smart enough, nor powerful enough to have been the perpetrators of such a fiasco. Come on!
OH SNAP!
The price for foreclosed homes in San Bernardino are 70% off too.
Living way above your means comes to mind.
People are so insecure and shallow, they think an expensive house or car makes them somebody.
Try 80% Off with incentives in California...
All you have to do is move to the middle-of-nowhere in the wind belt 2 hours from the nearest employment center, 1 - way.
Plenty of outlet Malls, buffets and gas stations near the 6-8 lane freeway though.
Just laid off a good % of their Police force today. Crime and Gehtto-ization to begin tomorrow.
Where? Mountain Home, California.
LOL, You White Trash suckers.
DIE U IDIOTS
naples, fl? what can you do down there? retire? that is their industry.
oh, you should check out just north of naples, lehigh acres, fl. ponch from CHiPs did infomercials trying to sell lots down there. just do a birds eye on microsoft live maps of that place. it is depressing. there will be like 5 streets, all emptry lots except one house randomly built.
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