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
BHO, envious of the size of a chopstick are you????? That’s sad. I bet you have a pit bull too.
“I hope we shall crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country.”
– Thomas Jefferson
“Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward plutocracy.”
– Warren Buffet
Its long only accounts and long/short. Other people’s money here since 1993. Started buying Asia in since Jan 1. Annualized 10 Year Returns are +11.96% vs. -0.79% for the S&P5000 and +3.34% for the Russell 2000
What is it that you do Whuh?
Joe;
You’re right about Anderson Cooper. I’m trying to reconcile this fact with another I read recently in the NYT. It talked about an anual reunion of Vanderbilt descendants (about 140) and noted that not one of them was a millionaire. Maybe Anderson and his mom don’t attend???
“No no no! Letting Chinese men shove Chopsticks up your Ass doesn’t mean ‘learning something'”
ROTFLMMFAO
***Bid half off peak comps***
hey what, if I end up with a pitchfork, it’ll be because I pulled it out of my own ass.
benson, that’s fair, but the way I look at it, we’re not taxing the same person twice, we’re taxing his heir on money the heir did NOT earn.
I thought Anderson Cooper was a Vanderbilt, and quite well off…
What about “President Ford”…
Dave, it’s just so easy to get your goat, it’s almost no fun anymore.