Open House Picks: Six Months Later
Comment: Best results in months! Open House Picks 7/10/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Best results in months!
Open House Picks 7/10/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
“I haven’t called a bottom yet”
versus
“after the largest housing crash in our lifetime”
You’ve lost me, 11217.
gemini10 is wise to “worry”. See my post in Friday’s links. The FEDS have put the canary in the coal mine with respect to rates. Not a problem for patient buyers. Prices will get smashed so that the monthly nut remains the same. If buyers are dilligent as well as patient, they save and put more money down on a cheaper house, even coming out ahead on rate spikes. Sellers, not so much.
***Bid half off peak comps***
12/06/07
Zandi:
“Declines of between 5% and 15% are expected for the Northeast corridor as well as such markets as Denver, Salt Lake City and Boise, Idaho.”
9/17/2007
“Nationally, Moody’s is projecting an average price decline of 7.7 percent. That’s a jump from the 6.6 percent total price drop that the company was forecasting in June and more than twice that of last October’s forecast of a 3.6 percent price decrease.”
I think that negative 15 percent refers mostly to coops and condos — and the drops could happen elsewhere such as Manhattan. I don’t think it has much applicability to brownstones in areas such as Park Slope.
“Most people think that the bulk of the decline has already occurred. Even the most pessimistic of economists would say that the large portion of housing declines are behind us.”
The whole mission of the reGOVery. Manipulate confidence. Flood the media with propaganda (remember Bernanke’s “no housing bubble”, “no subprime contagion” and “no recession”?). Such thought is not echoed out loud behind closed doors. Robert Shiller himself has said that we are not out of the woods.
Wipe your mouth with that red flag after you talk.
***Bid half off peak comps***
Oh, and 11217, please give some specific examples of Zandi’s errors – I ask this sincerely, since contrary to what you may think, I have not followed him closely.
I haven’t called a bottom yet Gem, but I like pointing out that some houses have sold for more now than they did 2 years ago.
It gets the bears desperate to make up a comeback.
See ^^^
So 11217, what is your response to the commercial RE market facing larger declines? And what is your prediction for 2010, may I ask?
11217 – I tend to agree with you, however am not sure we have bottomed. I worry that once the feds raise rates, we will see a natural reduction in home prices as homes sit a bit longer waiting for a buyer