New Home Prices DECLINE 3.4% - Democratic Underground

unlawflcombatnt

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Sat Jan-28-06 05:52 PM
Original message

New Home Prices DECLINE 3.4%

Edited on Sat Jan-28-06 06:40 PM by unlawflcombatnt

Housing prices are definitely declining, and have been doing so for several months. Friday's New Home sale report showed a decline in appreciation to a -3.4% annual rate. This is the 3rd straight month of decline in the rate of appreciation. And now new home prices are lower than they were the previous month nationwide.

Below is a copy of Briefing.com's New Home Sales report.

A link to the Briefing.com page can be found at: NewHomeSales

unlawflcombatnt

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thefool_wa

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Sat Jan-28-06 06:00 PM
Response to Original message

1. sweet

Edited on Sat Jan-28-06 06:00 PM by thefool_wa

maybe I will be able to afford to buy a home next year...

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Neil Lisst

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Sat Jan-28-06 09:00 PM
Response to Reply #1

3. there will be plenty of foreclosures by 2007

The real estate and debt bubbles are sure to result in major foreclosures the next 24 months.

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thefool_wa

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Sun Jan-29-06 12:17 PM
Response to Reply #3

6. I certainly hope so

Home prices in the neighborhood where I rent are out of control. A two bedroom urban residential home on a half acre lot went for $170K late last year. I could not believe it. The place wasn't a shack, but it was two bedrooms and only about 1700-2000 sq feet. That and Bremerton, WA is not exactly an urban or social mecca, we are a navy shipyard town for crying out loud.

That repo market would really help out. Heck, I even thought of taking advantage of a friend of my wife getting a divorce just to get a good price. It's kinda pathetic.

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Zorro

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Sat Jan-28-06 06:50 PM
Response to Original message

2. Wonder if the trend will accelerate

Heard last week that there's over 4,000 listings in the Port Charlotte area and that the market is sloooww there right now, which typically is the busiest part of the year for Florida realtors.

Several homes in my San Diego neighborhood have been on the market for about 6 months now, and I've been hearing there's been hardly any foot traffic through them.

I think realtors on both coasts are nervous right now and dreading the next 6 months, although you'll never hear them say so.

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unlawflcombatnt

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Mon Jan-30-06 04:03 PM
Response to Reply #2

8. San Diego

San Diego appears to be an area where the largest declines will occur. Affordability is reportedly 8% at present. There just aren't enough buyers who can afford the high prices. San Diego is also reported to have a high number of speculative buyers. If the downward trend continues, they're going to pull out as well. An article posted last year (which I can no longer find) written by the California Association of Realtors president said that 3 of 4 homes being bought at that time were 2nd homes or investment homes.

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springsteen4senate

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Sat Jan-28-06 09:13 PM
Response to Original message

4. Maybe I can actually buy a home if it keeps slowing...

I've been priced out of the market here.

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thoughtanarchist

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Sun Jan-29-06 01:42 AM
Response to Reply #4

5. It won't matter to you if you're trying to enter the market...

Edited on Sun Jan-29-06 01:44 AM by thoughtanarchist

mortgage rates go up as prices go down so the monthly cost averages out...

Were you almost thinking there was such a thing as a free lunch?

and welcome to DU!

:hi:

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newyawker99

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Sun Jan-29-06 04:53 PM
Response to Reply #4

7. Hi springsteen4senate!!

Welcome to DU!! :toast:

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htuttle

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Mon Jan-30-06 04:06 PM
Response to Original message

9. That sucking sound that Perot heard in the early nineties...

...seems to have been replaced by a 'hissing' sound, not unlike the escape of air from a balloon.

Then again, I think I hear both sounds now...

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unlawflcombatnt

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Wed Feb-01-06 12:29 AM
Response to Reply #9

12. Sucking and Hissing Sounds

"...seems to have been replaced by a 'hissing' sound, not unlike the escape of air from a balloon.

Then again, I think I hear both sounds now..."

Me too. And it sounds like both sounds are getting louder.

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JohnWxy

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Mon Jan-30-06 04:16 PM
Response to Original message

10. Damn! HEy did you know when you reply to your message it inserts

your image right into your message!! Cool!

But I wonder if this is just to compensate for rise in interest rates? anybody got some mortgage calculator software/site available?

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bleedingheart

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Mon Jan-30-06 04:31 PM
Response to Original message

11. this is really bad news for people who over-extended themselves

on both home equity loans and on mortgages.

The bad thing is that if those homes go into foreclosure the outstanding debts may make them white elephants and hard to get rid of....

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