National Home Prices Double Dip

Discussion in 'Economy' started by Trajan, May 5, 2011.

  1. Trajan
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    Trajan conscientia mille testes

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    for christ sakes...what next?






    It's official.

    Home prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital.

    It was inevitable, and it was predicted (by me for sure) that a surge in sales of foreclosed properties and a big push by banks to facilitate short sales would force home prices down dramatically.

    Sales of bank-owned (REO) properties hit 34.5 percent of the market, according to the survey, resulting in a national price drop of 4.9 percent quarterly and 5 percent year-over-year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008. Add short sales, where the bank allows the borrower to sell for less than the value of the mortgage, and prices have nowhere to go but down.

    "With more than one-third of national home sales being REO (bank owned), market prices are being weighed down as many markets have not regained enough footing to withstand the strain of the high proportion of REO sales," says Clear Capital's Alex Villacorta.

    more at-

    News Headlines
     
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  2. Samson
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    Samson Póg Mo Thóin Supporting Member

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    Well, the good news is that Boulder County appraised my home -$15,000 than what it was last year.

    :woohoo:


    :eusa_eh:



    The bad news is they're raising the tax rate on home values:(
     
  3. Trajan
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    Trajan conscientia mille testes

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    well at least you are still above water, a lot of peeps aren't, but that sux anyway.
     
  4. Samson
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    Samson Póg Mo Thóin Supporting Member

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    As long as my rep power is higher than yours, I'll be happy.:tongue:
     
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  5. Trajan
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    Trajan conscientia mille testes

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    :lol::eusa_shhh:
     
  6. Tank
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    Tank Gold Member

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    It will level off when we reach a equal par with homes in Mexico
     
  7. william the wie
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    william the wie Gold Member

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    I'm waiting for the strategic default wave to hit. At some critical number of either underwater mortgages 30%, 33%, 40% or 50% or REOs and shortsales as a part of the market the housing market will crash through the trendline heavily the real question is what measurement of trendline to use. Reversion to the mean in oz. of Gold or Silver, house price as a multiple of income, real dollars and other measures all give very different answers. Median house nationwide could go to $45K on house price as a multiple of income but that would just about collapse the west coast and northeast states setting off mass migration.

    This is going to get extremely weird because a housing crash of this magnitude has never been seen before.
     
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  8. Samson
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    Samson Póg Mo Thóin Supporting Member

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    I believe this is what you're trying to say:



    [​IMG]
     
  9. Trajan
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    Trajan conscientia mille testes

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    wow.....seriously.....
     
  10. sparky
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    sparky VIP Member

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    evidence one can't rely on 'current stats' in a sine wave economy

    but then, most rhetoric is based on a narrow sampling

    that said, consider your (yes you mr. proud homeowner) assessment / apprasial ratio

    two , yes two mints in one!......

    [​IMG]
     
    Last edited: May 7, 2011

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