Home Sales Falling, Condo & Foreclosure Auctions Rising
After a brief head-fake upward in December, the number of existing homes sold in January fell 5.3 percent in January; the January number was slightly higher than November and 8.6 percent lower than a year earlier. And the cheery news doesn’t stop there: The median home price dropped to $170,300, the lowest level since March…
After a brief head-fake upward in December, the number of existing homes sold in January fell 5.3 percent in January; the January number was slightly higher than November and 8.6 percent lower than a year earlier. And the cheery news doesn’t stop there: The median home price dropped to $170,300, the lowest level since March 2003. Given this backdrop, it’s no surprise that condo developers are turning increasingly to companies that specialize in auctions to move blocks of unsold units, as The Times reports today; as the auction trend hits New York, Jonathan Miller of Miller Samuel predicts market-clearing prices 40 to 45 percent below the asking prices of a year ago. Meanwhile, sales volume is rising in some of the hardest-hit markets, a sign, theorizes Floyd Norris, that banks are getting more aggressive is their approach to foreclosure sales.
Home Sales and Prices Continue to Plummet [NY Times]
And Do I Hear $2 Million? No? [NY Times]
Foreclosure Sales Continue [NY Times]
Graphic from The New York Times
Polemicist- you do know that WIKI is one of the sites that anyone can add to or edit, right? That’s why professors are fighting to have it banned because too many students use it for research and much of it is inaccurate or heavily biased and editorialized.
Well, I must say going from wacky to misinformed must be a step up. However, just because I don’t agree with you on almost everything hardly makes me misinformed. It makes me not in agreement with you.
Re US invading mexico. Most of the people talking about it are right wing nutjobs. However one person did write about a military “worst case” scenario in case of the total collapse of the Mexican government and he also went on to say they do not forsee such a collapse as imminent and what the military scenario does suggest is strengthening our military presence on our own border. Oh, and the very intellectually/morally/ethically challenged Phyllis Schlafly believes that Mexicans have invaded the US and want to take it over.
Thats the group you’re looking to for guidance and information? The American System dates from the earliest days of the USA- times have changes, polemicist. Applying ideas from 200 years ago without understanding this basic fact is like a woman going to the beach in a “summer” victorian dress and landing among the bikinied. One last thing- I think its appalling that the only description you make of slavery is to label it economically inefficient. I can think of many things to say about slavery, but to simply define it as economically inefficient tells me quite a bit about the sort of person you are. Yo may be full of facts but I question the source and the interpretation of those “facts.”
I see we’ve got a nerw member of team loon…streetwise!!! Welcome. Now get back to your back office bank job.
Bxgrl:
http://en.wikipedia.org/wiki/American_System_(economic_plan)
Read up on it… you may learn something. This country was built from nothing in a mere century when the American System was in full force, even with the economic inefficiencies of slavery and the destruction of the civil war.
As for Mexico, this isn’t just my personal analysis. It is shared by a number of folks out there. You’ll probably be surprised when it happens, but so are most people with any military action.
Anyway, I don’t think you’re wacky, just misinformed. These are the days to expect the unexpected.
“Mark my words: Obama will invade Mexico”- Polemicist
Wow- and you think I’m wacky???? Ha ha ha ha ha ha ha…gasp….gasp…ha ha ha ha ha
So, supporter of the American system- only taxes should be import tariffs. Hm….. unless you advocate anarchy I hardly think this will do much to support the American system you claim to love. By the way- where did I mention pensions?
Not to pile on here, but i think even a middle office worker at a real hedge fund or wall street desk would realize that DIBS is a complete fraud. My jaw drops in disbelief at some of the things I have read him post on here.
Benson has some good posts here, but most of you are incredibly uninformed.
Bxgrl, I sympathize with what your wrote, even if some of it is a little whacky. They don’t do pensions anymore really, and they certainly don’t matter to CEOs. Anyway, I’m a firm supporter of the American System and believe the only taxes the federal government should charge are import tariffs.
Southbrooklyn, you take the cake though. It’s actually universally acknowledged that World War II got us out of the Great Depression. Obama is making many of the same stupid mistakes Roosevelt did in attempting to delay the inevitable debt deflation that must happen.
The inflationary con game never works unless people are really motivated for something, and historically that has always been war.
One should always assume the news is a vehicle to prepare the populace for government action. Not a week goes by where I don’t see a headline talking about how Mexico is essentially an anarchy.
Mark my words: Obama will invade Mexico. You think it takes a lot of troops and money to secure Baghdad? Policing Mexico will require several new armies to be created. Perfect!
“prosperous hedge fund manager” dibs who lives in Bed stuy, needs to rent part of the house to pay the mortgage, doesn’t realize theres a crisis in nyc, yet manages millions of other peoples money. Hahahahahha
NYT article–Apartment Buyers Abandoning 6-Figure Deposits
“The real estate market in Manhattan has become so unnerving to buyers that some are forfeiting six-figure deposits rather than close on deals they have made. ”
And no, it’s NOT only in new condos, but in pre-war UES co-ops too.
http://www.nytimes.com/2009/03/01/realestate/01walk.html?emc=eta1
Done here with the loons. Good night.