Bi-Costal Home Sales & Values Down
According to the National Association of Realtors® existing-home sales in the Northeast declined 2.8% to a level of 1.04 million in December, and were 5.5% below December 2005. The median existing-home price in the Northeast was $283,000, up 3.7% from a year earlier.
Existing-home sales in the West fell 9.1% to an annual pace of 1.20 million in December and were 15.5% lower than a year ago. The median price in the West was $349,000, up 1.5% from December 2005.[tags] home sales, home values, real estate, real estate values, real estate market [/tags] downtown San Diego condos
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Buyers and sellers are cautioned to keep tabs on sales and prices of all homes. As spring approaches with its seasonally more active
market, a clearer picture of the spotty market should emerge — for better or for worse.
1. Americans in aggregate are spending 120% of their income!
2. We are more in debt than at any time in history and borrowing more
at a furious rate!
3. The savings rate in America is almost nil.
4. The Federal Reserve is printing huge amounts of new dollars,
creating them from thin air. The new dollars contribute to rising
inflation.
How will we handle bad times? I am afraid not well at all.
Most households and individuals in these markets are in heavy debt already and have been funding their consumption and investments through refinanced mortgages at historically (and artificially) low interest rates in economies running ridiculous monetary and credit expansion policies.
I believe a lot of people who purchased with subprime loans and were not really qualified have to accept the inevitable consequences and perhaps build up their savings and credit while renting until the next purchase opportunity.
Brad
SD CA Breast Lift