Please post your local house search updates, MLS finds, on-topic ideas, and links here.
Note: I'll schedule these Bits Buckets daily now that Blogger has that option.
Thursday, May 29, 2008
Northern Virginia Bits Bucket 5/29/2008
Posted by Harriet at 4:21 PM
Subscribe to:
Post Comments (Atom)
8 comments:
House prices
Through the floor
May 29th 2008
From Economist.com
America's house prices are falling even faster than during the Great Depression
AS HOUSE prices in America continue their rapid descent, market-watchers are having to cast back ever further for gloomy comparisons. The latest S&P/Case-Shiller national house-price index, published this week, showed a slump of 14.1% in the year to the first quarter, the worst since the index began 20 years ago. Now Robert Shiller, an economist at Yale University and co-inventor of the index, has compiled a version that stretches back over a century. This shows that the latest fall in nominal prices is already much bigger than the 10.5% drop in 1932, the worst point of the Depression. And things are even worse than they look. In the deflationary 1930s house prices declined less in real terms. Today inflation is running at a brisk pace, so property prices have fallen by a staggering 18% in real terms over the past year.
http://tinyurl.com/5rnvsz
I remember a commenter at the Washington Post's real estate board (does that still exist?) saying in 2004 that house prices wouldn't fall this far because it would be "worse than the Great Depression" and that was unimaginable doomsaying.
And yet, it's somehow not that bad out there.
Oooh I can't wait for the next install of the lance vs. leroy show. Think it will go something likes this.
Lance: The market isn't falling you poor bastards, your just not rich enough to buy homes.
Leroy: Lance your an idiot
Lance: No I am not, I am a shill
And yet, it's somehow not that bad out there.
That depends on who you talk to. ;)
Seriously! The blue collar folk are getting slammed. Partially due to their desire to drive large pickups/SUVs.
But with some professionals... its interesting to see where people are jumping ship too this summer.
In some ways it is worse that the pain was delayed. I know of too many coworkers that were able to extract one final MEW. Ugh... Having a higher debt burden is going to hurt the economy in 2009. :(
I did expect this to happen much faster... I'd be happy if this recession were but a short one. But alas, TJ is more likely to be right...
Oooh I can't wait for the next install of the lance vs. leroy show. Think it will go something likes this.
ROTFLMAO.
Now, were the miss-spellings intentional? (your=you are) ;)
Got Popcorn?
Neil
Hi Seth,
I don't believe we have met.
What brings you to this blog?
It used to be a good place to find out about market trends, for quite awhile.
1907 Kirby Rd.
McLean, VA 22101
List Price: $1,600,000
Prior Sale: $1,849,016
-249,016
-13.47%
Wannabuy,
I agree -- I think people definitely have had a wake-up call now that MEW is gone. And 2009 could get quite miserable, especially with the spectre of higher taxes . . .
One company's doing well:
"Spam's maker, Hormel Foods Corp., reported last week that it saw strong sales of Spam in the second quarter, helping push up its profits 14 percent. According to sales information coming from Hormel, provided by The Nielsen Co., Spam sales were up 10.6 percent in the 12-week period ending May 3, compared to last year. In the last 24 weeks, sales were up nearly 9 percent".
Post a Comment