San Diego Housing – Darkest Before the Dawn
It's always the darkest before the dawn. The market still needs to adjust…..housing values need to continue to come down from their unsustainable peaks, leverage in the markets need to be reduced to manageable levels and America need to come to grips with their fiscal situation. Some adjustments are still happening and some are almost done. Some still need to be addressed. It’s the Economy That Needs Fixing Not Special Interests
Jack Welch was Chairman and CEO of General Electric between 1981 and 2001. Welch gained a solid reputation for uncanny business acumen and unique leadership strategies at GE. He remains a highly-regarded figure in business circles due to his innovative management strategies and leadership style.
Welch's net worth is estimated at $720 million.
Jack Welch says Obama needs to focus. Everything else is not only a distraction but is hurting the economy. Good analysis from a man who knows business.
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San Diego downtown real estate
Recent Related Posts:
Timeline of Our Financial and Housing Crisis
The Mortgage Cramdown – A Very Bad Idea For Homeowners
The Greater Depression – Jim Rogers Interview
Housing Demand … Will it Ever Come Back?
The demand for housing will never come back with the same unbridled momentum we saw in the years leading up to the collapse — nor do we want to see it return to such frothy levels. Indeed, foreclosures will continue and I feel very confident the contagion will bleed into commercial markets in coming months.New Home Sales Hit 17-Year-Low
According to the US Commerce Department, nationally, sales of new homes slowed to their lowest level in 17 years in November, while new home prices dropped by the biggest amount in eight months.
The year-on-year decline in home sales in November – comparing it with November 2007 – was 35.3%.
In another report on housing, the National Association of Realtors said existing home sales fell 8.6 percent to an annual rate of 4.49 million in November, from a downwardly revised pace of 4.91 million in October. Also, this report showed the median sales price fell 13.2 percent in November to $181,300, from $208,000 a year ago. That was the biggest year-over-year drop on records going back to 1968 and probably the biggest drop since the Great Depression.
The sales weakness in November reflected a 16.4 percent drop in the Midwest and a 7.1 percent fall in the South. Sales were up 14.3 percent in the Northeast and 11 percent in the West.
Nationally, the National Association of Realtors estimates that sales of distressed properties made up 45 percent of all property sales in November.
Related prior posts:
San Diego Real Estate Recovery in 2009?
San Diego Home Values Drop Over 30%
Short Sales – A Great Deal For Buyers?
HOME PENDING SALES FALL
Home Renting vs. Home Owning
San Diego October Condo Prices
Other blogs on this topic:
Bubble Meter: Home sales plunged in November- Elsewhere Tuesday, the Commerce Department reported that U.S. new-home sales fell to their lowest level in over 17 years in November. … New home sales are 35.3% below their level in November 2007. … On Monday, federal regulators …
Realtors report monthly dip in home sales – Lansner on Real Estate …- The California Association of Realtors reported today that a dip in home sales last month may be a possible reaction to the economic meltdown. The ratio of home listings…
beSpacific: Existing-Home Sales Decline in Economic Uncertainty- News release: "Existing-home sales weakened against a backdrop of an eroding economy, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.6 …
Area Home Sales Fall Over 30% In November- Home sales in the Chicago area plunged 32.3 percent and the median price fell a record 15.9 percent in November from a year earlier, according to the latest report from the Illinois Association of Realtors. There were 3910 homes sold, …
Home sales worse than forecast – Kansas City Star- Weaker than expected November sales of new and existing homes were reported Tuesday, along with a big drop in prices.
California Association of Realtors report: Home sales up, home …- A new report shows mixed numbers on the LA housing market.
Govt. Take Over Of Fannie Mae and Freddie Mac Could Cost Billions
The Wall Street Journal's Web site noted that it seems certain the Government may take over the nation's mortgage giants Fannie Mae and Freddie Mac this weekend.
Fannie Mae and Freddie Mac lost a combined $3.1 billion in the second quarter. But, just in the last two weeks both companies said they had enough resources to withstand the losses. Now, one must question these statements.
Together these two mortgage giants hold about half the U.S. mortgages. This news, together with the grim falling home values makes me question why the major news media are still not using the correct terminology for this situation … HOUSING DEPRESSION. Some of our prior popular posts on Fannie & Freddie were:
Stocks of Housing Giants Suffer Huge Losses
Summary of the “Housing and Economic Recovery Act of 2008
Real Estate – Jim Rogers says Fannie and Freddie are a ‘disaster’
Nation’s Mortgage Lender Records Loss of $2.2 BILLION +$1.1 BILLION Charge Off
Fannie Mae and Freddie Mac pump up to $200 billion into real estate market