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
I dunno- I think there were more than a few dumbass Republicans more than willing to suck everything out of the middle class and working poor.
“If they don’t want $0.20 on the dollar then they shouldn’t sell it. Again, tough shiit. That’s how markets work.”
Ok Dave lets apply that Logic over here.
The School Boards, Pension Funds, 401K Funds, Madoff Scam Complex and other “Entities” that brought that crap, who eats the difference?? Does the funds go to money heaven or what Dave, please explain that! Also does this applies to HOUSING PRICES???????!!!!! Maybe the Banks should start selling properties .20 cents on a dollar Assnut?????? What effect this will have on HOUSING PRICES DAVE, you retarded MOFO????!!!!!!!!
The What (Dave is sucking off Larry Kudlow)
Someday this war is gonna end…
They people buying at $0.20 will sell back in a year or two for double or triple.
They they’ll take the profit and buy luxury homes and cars.
And then we’ll start this whole process over again. And no one will remember ’08/’09. It’ll be the great recession of ’12 brought on by the debt speculators of ’09.
It’s all pedantic. Stop talking about it, stop worrying about it, stop trying to stimulate it. Let it be. The market will correct itself far faster and far better than with any meddling from politicians and the fear mongering media.
Sorry, didn’t mean to butcher your login.
Obama seems to be the one talking about solutions and keeping the public hopeful and realistic. The news media is really the group that has no incentive or will to shut up. Or to report anything positive.
Things won’t correct themselves- the free market concept long ago changed from winnowing out the wheat from the chaff into the Wild West. People talk about capitialism and the free market as being the salvation of the country but it seems rather obvious that the original concept of “free market” has drastically mutated into a grab all the money and run market. Nothing works unless it obeys the groud rules- Wall St. and the Banks and the corporations grossly abused the concept, with help from Washington. The Republicans are the first to quiver under the table and label everything the government does as socialism. Yet one can hardly call the no-rules, special favors, greed wins market they operated as anything other than elitist, government aided and abetted greed.
(benson? benson? I know you’re out there! 🙂
Suburbanduse…I can’t agree with you more. But, in fact, NYC will survive better than the rest of the country, reinvent itself, and, much to the chagrin of many posters, Wall Street will be back, faster than you can say “Asshat”
The proposed tax increases on those making over 250K will suck more money from NYC to Washington, but have zero impact on places like Arkansas. And everyone of our dumbass Democratic Congressmen will be voting to suck the money out of NYC.
It’s getting bought What, that’s what matters. Yes, probably $0.20 on the dollar. Tough shit. The market is starting to clear and that’s all that matters. Try and think before you cut and paste.
If they don’t want $0.20 on the dollar then they shouldn’t sell it. Again, tough shit. That’s how markets work.
“What…if you don’t know what you’re talking about, please don’t talk about it. For one thing, Goldman Sachs has been buying huge amounts of these mortgages and other paper.”
Yeah .20 cents on the Dollar Dave and Guess what dumbass! That “Paper” was brought first by School Boards, Pension Funds, 401K Funds, Madoff Scam Complex and other “Entities”. GS is bottom feeding and passing the losses to the American Tax Slave!
You know something Dave, you are going to get yours… I can’t wait!
The What
Someday this war is gonna end..