Home sales, prices in deep plunge

[Bindare_Dundat]

Realtors: Sales of existing homes fall 8.6% - much worse than expected - as median prices suffer worst decline since Depression.

NEW YORK (CNNMoney.com) -- The number of existing homes sold during November plummeted 8.6% as prices plunged by record amounts, according to a closely watched housing industry report issued Tuesday.

The National Association of Realtors said that home sales dropped to an annualized rate of 4.49 million units. That was down from 4.98 in October and much less than the 4.93 million units projected by a consensus of industry analysts as reported by Briefing.com.

"The only region where we're seeing more sales are where bargain hunters are taking advantage of distressed sale prices," said Lawrence Yun, the Realtors' chief economist. "About 45% of transactions, nationally, were of distressed properties."

[Soul Crusher]

Realtors: Sales of existing homes fall 8.6% - much worse than expected - as median prices suffer worst decline since Depression.

NEW YORK (CNNMoney.com) -- The number of existing homes sold during November plummeted 8.6% as prices plunged by record amounts, according to a closely watched housing industry report issued Tuesday.

The National Association of Realtors said that home sales dropped to an annualized rate of 4.49 million units. That was down from 4.98 in October and much less than the 4.93 million units projected by a consensus of industry analysts as reported by Briefing.com.

"The only region where we're seeing more sales are where bargain hunters are taking advantage of distressed sale prices," said Lawrence Yun, the Realtors' chief economist. "About 45% of transactions, nationally, were of distressed properties."

The prices got so out of control it was beyond obscene.  In my area, little cape cods were going for over 699k!


This is not a bad thing and will make homeownership more affordable for younger people.
 

[MuscleMcMannus]

The prices got so out of control it was beyond obscene.  In my area, little cape cods were going for over 699k!


This is not a bad thing and will make homeownership more affordable for younger people.
 

Hopefully.  But the problem here in Southern California is that all these rich fucks are swooping in and buying up all these houses at killer prices.  That's the problem nowadays.  There are always wealthy people waiting on the sidelines ready to jump.  Be it real esate, the stock market, etc.  China is already buying up American assets at an alarming rate.  My fiance and I have been looking at housing for two years.  We were going to buy 6 months ago but said hey this mess is gonna get worse so we signed another year lease on our townhome.  Looks like we made the right decision.  Let's just hope we can both keep our jobs until the time is right.  That's another thing.  Yeah prices are coming down but lots of young people are working dead end jobs or are out of work.  And now they have to compete with laid of 40 and 50 year olds with tons of experience and killer resumes.  Us young people are getting screwed by the mistakes and greed of the generations before us. 

[240 is Back]

recession is all in your heads.

[Soul Crusher]

Hopefully.  But the problem here in Southern California is that all these rich fucks are swooping in and buying up all these houses at killer prices.  That's the problem nowadays.  There are always wealthy people waiting on the sidelines ready to jump.  Be it real esate, the stock market, etc.  China is already buying up American assets at an alarming rate.  My fiance and I have been looking at housing for two years.  We were going to buy 6 months ago but said hey this mess is gonna get worse so we signed another year lease on our townhome.  Looks like we made the right decision.  Let's just hope we can both keep our jobs until the time is right.  That's another thing.  Yeah prices are coming down but lots of young people are working dead end jobs or are out of work.  And now they have to compete with laid of 40 and 50 year olds with tons of experience and killer resumes.  Us young people are getting screwed by the mistakes and greed of the generations before us. 

Good points.  Houses used to be "homes", but the pigs on wall street, flippers, r/e agents, have made it just another financial vehicle to get rich quick.  Its disgusting.

I live in the first suburb of NYC, literally two minutes away. 

The prices are still insane.  A decent house also comes with tax price tage of at least 10k and up.  I have a client in Scarsdale who pays 60k per year in taxes.

[Mark Kerr]

This is not a bad thing and will make homeownership more affordable for younger people.
 

This is a bad thing.

The economy is entering a deflationary stage. Next, we will see hyperinflation due to the Fed saturating the market with the US dollar.

Gentleman, get ready for a deep and painfull recession that will last for years.

[Soul Crusher]

This is a bad thing.

The economy is entering a deflationary stage. Next, we will see hyperinflation due to the Fed saturating the market with the US dollar.

Gentleman, get ready for a deep and painfull recession that will last for years.

Look , homes here are completely unaffordable to almost everyone.   The taxes are insane. 

I have put off buying a home for a few years now because the prices are just insane.  I own a small coop that I bought a few years ago in a fire sale, thank God! 

It takes a salary of at least 150 -250 k per year to own any home in NYC area.  Thats just not feasible anymore.     

[Bindare_Dundat]

Good points.  Houses used to be "homes", but the pigs on wall street, flippers, r/e agents, have made it just another financial vehicle to get rich quick.  Its disgusting.

I said the same thing months ago and had people on the board laugh at the suggestion. Maybe it's an investment but not at the amount we've seen over the last 10+ years. A houses main purpose is to live in, not to make 50 grand in half a year.

[bigdumbbell]

there's mortgage money out there

[Straw Man]

there's mortgage money out there

you're correct

there is money available in very specific niches