New Home Sales Fall to 18 Year Low
The Commerce Department reported today that sales of new homes fell in October to the lowest point in nearly 18 years while the median price of a new home dropped to the lowest level since 2004.
This drop in new home sales was bigger than many analysts had expected and left sales 40.1 percent below where they were a year ago. This report showed sales were down 18 percent in the West and 6 percent in the South. Sales posted a 22.6 percent increase in the Northeast and were up 6 percent in the Midwest.
Americans also cut back on their spending in October by the largest amount since the 2001 terror attacks.
St. Paul Real Estate: Home Sales and Prices by St. Paul Neighborhood – I don’t usually run numbers on Mondays . . just because but I am a little late getting them out this month. They don’t look so great either but keep in mind it is just one months worth of data…
Twin Cities median home sale price lowest since 2002 – Find Minnesota homes for sale with Star Tribune online listings. Search both realtor and for sale by owner homes and find upcoming open houses throughout the Twin cities area.
The Orillia Packet & Times – Ontario, CA – “Right now we’re comparable to 2005/2006 in terms of sales, said Dan Stoutt, noting that last year was a record year. But despite the slowdown, the average sale price of a residential property in 2008 was $258989, just slightly below …
Plunge in home sales and prices continues – Business … – In more bad news for the local housing market, the average listing price of homes that sold last month fell by nearly 13 percent over the same time last year – the biggest decline in more than a year, data released Thursday
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Most of you are conditioned sheeple. The majority of homeowners did not buy in the last 3 years. The majority of homeowners have plenty of equity in their homes. It’s a very small group in trouble. Those in trouble will become renters again. Owners with equity will buy up most the foreclosed homes. Renters: look for the notice that your rent is going up. The rich get richer the poor get poorer. Pay attention.
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I think what we need is a discompassionate conservative, not a bleeding heart liberal or compassionate conservative.
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“We’re nearing a plateau” – this is wishful and dangerous thinking. We’re not even halfway through the subprime resets, and starting next year a wave of even more toxic Option ARMS will start resetting. Home prices will be falling for the next 10 years. Buy a home to ENJOY if you must, but don’t look at it as a get rich quick investment.
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There’s an extremely simple way to avoid foreclosure: make your mortgage payments on time every month. If you are unwilling or unable to do so, then you will lose your house. This is exactly what you agreed to in the mortgage contract that you signed. Expecting the rest of us to “bail you out” is a morally indefensible position.
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Now I realize Greenspan probably kept interest rates too low after the dot.com bubble and 9/11 and Congress may have been too aggressive in requiring banks to lend to ‘sub primers’ and Bush may have gone overboard with his ‘ownership society’ schemes but at the end of the day it was the American people that did this. No one was frogged marched down to a mortgage brokers office and water boarded until they signed a loan to buy a house they could not afford. People did it to themselves. I was tempted too I admit and even looked at houses. Met an agent who had drawn up an offer. Looked it over and said ‘lemme think it over’. Called him back the next day and said ‘nope, don’t need a new house.
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Why always blame somebody else? What happened to self responsibility and self accountability? If you cannot afford the house payments then don’t buy a house. If you cannot qualify for a fixed-rate 30-year loan, then that means you are not qualified! It’s your responsibility to know how much you can afford. It’s as simple as that.
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This is all Obama’s and his leftist friends from Chicago fault. Individuals are walking away and not taking responsibility for their financial commitments. They know Obama and Co. won’t do anything. It’s his fault. I can’t wait for him to be defeated in November.
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