More Proof the Housing Boom Is Over
The Office of Federal Housing Enterprise Oversight released data earlier this week showing that U.S. home prices experienced their biggest deceleration in growth in three decades in the second quarter–but nevertheless ticked upward. Average home prices rose 1.17 percent in the April to June period, versus 3.65 percent in the same period a year earlier….
The Office of Federal Housing Enterprise Oversight released data earlier this week showing that U.S. home prices experienced their biggest deceleration in growth in three decades in the second quarter–but nevertheless ticked upward. Average home prices rose 1.17 percent in the April to June period, versus 3.65 percent in the same period a year earlier. “These data are a strong indication that the housing market is cooling in a very significant way,” OFHEO Director James B. Lockhart said in a statement. “Indeed, the deceleration appears in almost every region of the country.”
Home Prices Rising After 2Q Slowdown [Forbes]
maybe people who think greed is more prevelent now than in the past where just teenagers in the “past” and now are seeing human nature through with a slightly more mature view. e.g. they finally have to pay the bills and realize that money is more than just an allowance.
As weird as it may be to post a long diatribe on a blog, I think I agree with 1:01. Of course greed and what not have been around in the US since the US has existed, but it has, at least to me, become a lot more dominant and mainstream in recent years, with excessive consumerism and classism becoming more apparent. Keeping up with the Joneses is one thing, but what’s been going on seems a bit much – all over the TV, in movies, in tabloid magazines. I am nervous about raising kids in a world where no one seems to notice the human value of a person.
“if you brought in NYC in the 1950s and held on you are up an average of 700%! If you brought in the early 1990’s you are up on average 300%. Clearly, buying and holding for the long term is the best insulation against down markets.”
That’s a 50 year annulaized return of less than 5% and a 15 year anualized return of less than 10% in price appreciation. This says nothing of the taxes, maintenance, interest, insurance, depreciation, etc. that you have been paying all these years.
Sylvia I just took the window gates off my brownstone….I better put them back on. Did you ever see an ant swarm caught in a rain storm…that’s what is in store for Brooklyn when the next biblical sized Flood comes.
enough already! how old are you? just stop with the spell check non-sense. okay, you won a spelling bee contest in the 6th grade. who gives a shhhsss?!?!
i love the thought of a major recession (or peak-oil-induced cascading-systems-failures kind of scenario – jh kunstler, anyone?), it’s just such an entertaining thought. of course, i’m not exactly sure that it would bring about real Change. i mean, that would be nice and all, but i think that when resources get scarce, people don’t necessarily band together to work for the common good. they don’t necessarily start tearing each other’s throats out like dogs, either (well, brokers might, but they don’t really count as people). the great thing about human beings: you never can predict what they’ll do in a pinch.
kind of like the real estate market. never can tell exactly what it’ll do next.
regardless, this guy: http://www.kunstler.com/
sure is entertaining.
I love the guy posting don’t be terrorized into selling. lol Dude you are a little Retarted prices are going down if they don’t want to sell nobody is twisting arms here just stating facts. get over it.
There was an analysis I read in the Times last year (I think) that looked at property values since the fifties. It said that if you brought in NYC in the 1950s and held on you are up an average of 700%! If you brought in the early 1990’s you are up on average 300%. Clearly, buying and holding for the long term is the best insulation against down markets.
“People, don’t be terrorized into selling your homes. You’re sitting on a bonafide gold mine. ”
that’s right! EVERYONE!! EVERYONE IS SITTING ON A GOLD MINE!
and best of all, it’s BONAFIED!!!