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
7andfive we have missed you.
What…you still don’t get it. The losses are behind them. That’s too bad but that’s reality. You play in the kitchen you’re gonna get burned sometimes. Grow up.
What has to happen now is that the assets have to be taken off the books of anything that wants to remain healthy.
You still don’t really know what the hell you’re talking about.
I dare say I’ve PWNED you about 4-5 times already today and you’re looking bad. That’s gotta be embarrassing to you…PWNED so early in the morning by a fifty year old pompous white asshat.
Bxgrl;
What you wrote above is a campaign speech. When you want to debate on issues, let me know.
Trying to put things in perspective, please note this fact: the banking sector and the economy in the UK is in much more turmoil than here in the US. Please note that the UK has been ruled by the leftist Labor party for more than a decade. Are the members of Britain’s Labor party closet Republicans?
What we are witnessing is a consequence of a new global capitalism, in which the old rules and regulations were ill-fit for the free flow of global money. If you want to try to make political hay out of it, be my guest. I’d be more interested in hearing someone figure out how we should move forward.
Going to the issue of NYC real estate and referring to dcorreale’s post: there are 3,000,000 units of housing in NYC. I would like to know how the addition of 30,000 new units, 1% of the total, is going to cause a crash? I’ll repeat my assertion: the NYC housing market is not Phoenix or Florida. We do not have an oversupply situation looming. What we do have is a bad economy, which will certainly affect pricing, but not to the degree of these other markets.
The rumors of the death of capitalism have been greatly exaggerated.
So much for the refreshing, rational discourse that occurred in the $500k Midwood house post yesterday… back to the same ol’ same ol’ unreadable “banter”
Ok, I haven’t posted in awhile because it seems that the same people are singing the same song despite our current outlook. I’ve really enjoyed your post bxgrl- you seem to be the only person of reason on this board.
I left NYC for a cheaper destination to ride this out. At the end of the day, this downturn is about jobs and keeping deflation and soon inflation in check. If we can get companies to start hiring again, then things will work themselves out. Although, the stimulus plan has a lot of holes, what it will do is put money back in play, so employers can pick up on hiring. We just need to stop the bleeding on the job loses- because as far as I’m concerned prices in housing still need to drop to get us to a point where people aren’t maxed out (more than 30% of income to housing-which was also one of the problems).
I’m sure the federal taxes will be better spent than the NYC taxes – the NYC taxes going to preposterous Albany crap, slush funds employing council members relatives, etc. etc.
“What…..you just don’t get it do you. The assets have already been priced down to $0.20 on the dollar. If they don’t get sold off the books and held by people that can take the risks they’re going to ZERO.”
Yeah but those “Assets” was first brought at PAR! That “Equity” went to money heaven like all thing do in a Depression..
The What
Someday this war is gonna end…
dave- fyi- I wasn’t referring to you in my last post, just the GOP in general 🙂
What…..you just don’t get it do you. The assets have already been priced down to $0.20 on the dollar. If they don’t get sold off the books and held by people that can take the risks they’re going to ZERO.
The mortgages ARE being sold for $0.20 on the dollar. That’s what’s clearing the bad assets off the books of the banks.
I know what I’m talking about. You’re just spouting crap. I think everyone here knows who the real MOFO is.
BTW, is that “code?”