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
joe…we don’t dabble in that shit…that’s why our 10 year numbers are so good.
I though buffet wasn’t even going to hook up his own kids…
dibs you are the client that I’ve been waiting for for a long time. how do I find you on bloomberg? I have some delicious sub-prime CDOs for sale, right in your price range of 20c on the dollar.
agreed re buffett, he’s an absolute hypocrite -if he really believed in what he said he wouldn’t have an estate plan in which he will pay little or no estate taxes – granted he’s giving most to charity but if he believed in what he said, he’d pay his share to the government
Come on, don’t be embarrassed.
$100 MM under management.
What is it that you do, Whuh????
How much under management? And what is its name?
Snark;
I look at Buffet’s comments with a jaundiced view. Please note that it is in HIS interest, as an uber-wealthy acquirer of assets, to see estates broken up to pay an estate tax. Did you happen to see the congressional hearings where he argued for the estate tax? Sitted next to him were 2 or 3 proprietors of small family businesses (manufacturers and farmers) who could barely contain their anger at a guy like Buffet arguing that their life’s work needed to be broken up and taxed away. I highly recommend the videotape of that hearing for all interested. THAT is a lesson in democracy.
As far as Jefferson: his aversion to an industrialized economy is well-known. I don’t think his comments are viable in this regard.
By the way, from what wealthy family did Steve Jobs, Bill Gates, Jacl Welch and Meg Ryan come from?
Poor dibs, you’re so phony even the other members of team bull starting to feel bad for you. So you blew it all speculating in the ghetto. Move on…