Housing Market Collapse: How Bad Can It Get?
The Fed lowered short-term rates for the second time in two months yesterday in an attempt to stop housing market woes from completely dragging down the rest of the economy. The cut came after a Case-Shiller survey showed that prices of homes in 20 major metropolitan areas fell 4.4 percent for the 12 months through…
The Fed lowered short-term rates for the second time in two months yesterday in an attempt to stop housing market woes from completely dragging down the rest of the economy. The cut came after a Case-Shiller survey showed that prices of homes in 20 major metropolitan areas fell 4.4 percent for the 12 months through August—the biggest drop since the survey began in 2001. And the New York City area wasn’t exempt from the trend: Home prices were down 3.8 percent for the year that ended in August. In a statement accompanying yesterday’s rate cut, officials said the housing downturn is likely to slow the economy, and most experts think the worst is still to come. So now the same old questions remain: How much worse can the national housing market possibly get, and are the heretofore unscathed upper ends of the Manhattan and Brooklyn markets finally going to feel the heat?
Home Prices Are Down, and So Is Confidence [NY Times]
Fed Lowers Key Interest Rate by a Quarter Point [NY Times]
“I’m so over the rude, ignorant and incessant posts from “The What” that my days of reading Brownstoner are now over.
Thanks for ruining it for the rest of us, TW. Your brilliant ability to copy and paste the most obvious national headline RE links + your boorish derogatory comments to other posters have absolutely ruined this site.”
Guess what?1 I don’t care. In time, know go away.
the What
Someday this war is gonna end…
4:59, did you really say “Sell your house and get out of stocks now..”? Are you joking?
You subscribe to the buy high sell low theory? That’s great investment advice – NOT! You must work at one of those banking houses that got us in all this trouble in the first place.
Sell your house? Are you for real 4:50?
The stock market is on life support. Brain dead. The DJIA wants to fall well below 12,000 but trading curbs, er “circuit breakers”, have been activated. And Chopper Ben is injecting more heroin into the economic arm.
http://en.wikipedia.org/wiki/Trading_curb
Massive layoffs are coming. Sell your house and get out of stocks now and get your ass into cash (dollar will eventually rebound long term) and gold (but get set to cash out in a year or so). If you still owe after sale (underwater), so what, you’ll have a better chance of avoiding foreclosure/bankruptcy. (No, this is not spam)
Can’t say you weren’t warned.
“The US is still a major producer of Cars, Wines and Jewelry.”
IF Chukie or Joe Six Pack have no money then, Who going to buy this shit?
TW you show your ignorance (in many ways) but since you brought up the declining dollar’s effect on these industries you should know that if the dollar declines then the people who are going to buy this “shit” is the countries whose currency is strong vs the dollar – making our goods much more competitive; this thereby helps employment and income in these industries which thereby gives Chuckie and Joe $ to buy this shit too
Get a real job What. And get back on the medication while you are at it.
Some day the What will get a job ……..
I ain’t seeing no damn decline in house prices…well I ain’t seeing now damn new houses in my neighbourhood either…
It’s a conspiracy!!!
They going to hold the house stock to keep the prices high. I’m going to get a piece of land in Brazil…and wear a bikini all day
Maria…….
2:25 PM here – I’m perfectly fine with The What’s posts. This is America. Everyone’s entitled to their opinion.
Get a life “the What”! Brownstoner, please get rid of this trouble maker