Home Price Outlook
Too much supply and too little demand means fewer new homes built and lower margins. Meredith Whitney (is a prominent banking analyst. Whitney manages her own advisory firm, Meredith Whitney Advisory Group LLC, where she produces company-specific equity research on financial institutions and analyzes the sector’s operating environment. She was formerly a managing director at Oppenheimer & Co.) says home prices will fall another 25% and she has been right about everything else, so why not now? Barclays says 13%. Split the difference and you get 19%. In August, home prices for new homes fell 12% year over year.
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5 Comments
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When I saw how the housing prices were going up, up, up and most peoples’ salaries didn’t pay enough to afford them, I knew the market was going to crash three or four years ago. Some real estate dealers and owners were just so incredibly greedy. They ask for a sales price or rent not based on how much they really need to charge to recover their expenses and make a reasonable profit, but on getting the maximum money for themselves, without regard for the effect on society.
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Although the foreclosures may have hit a plateau, the correction still has a little ways to go. Sorry, fundamental values stand for SOMETHING and are really your best bet against big losses.
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Real estate homes should be thought of as just that and not investments. Things are slowly getting better here.
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I’m buying a home not so much as an investment but as a place to live and raise a family.
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Tough times in real estate may change the San Diego conventional wisdom that you can never lose in real estate.
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