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Tuesday, March 30, 2010
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28 comments:
January Case Shiller for DC at 178.02, down 0.4% from December and up 3.5% from Jan 09 (yoy).
Source: http://www.marketwatch.com/story/home-prices-in-the-new-year-continue-the-trend-set-in-late-2009-according-to-the-spcase-shiller-home-price-indices-2010-03-30?reflink=MW_news_stmp
shamrock-
Thanks for the update. I tried going to the S&P website, but it said due to technical difficulties they don't have Case Shiller available
http://franklymls.com/DC7148622
60% off of assessed price.
I saw this place it was weird and small but, a little bit of fixup and it would make a very nice home for someone.
tbw,
highview park has the low-income feel to it on its many streets.
What's good for America isn't necessarily good for all Americans. Case in point: low interest rates.
The government has cut short-term rates (which the Federal Reserve controls) to essentially zero, and it has spent more than $1.5 trillion buying assets and mortgages to hold down long-term rates (which are controlled by the financial markets). This is good for the U.S. economy as a whole, and especially good for borrowers. But these artificially low rates are terrible for savers, especially for retirees who want to convert their lifetime savings into lifetime income.
Interest rates are so low, the recent rate uptick on longer-term Treasury securities notwithstanding, that it takes a surprisingly large amount of money to generate even a modest amount of lifetime income.
Article about low interest rates harming annuities
Nice to see someone pointing out how low interest rates are bad for some people.
The only thing I would add to this is that many people are probably delaying their retirement given these paltry options which makes it harder for those in their late 30s-early 50 to get the higher up positions which delays those younger getting the mid-manager positions which delays opening up entry level jobs.
Plus, those nearing retirement are supposed to be shifting their assets into low-risk investments... things like CDs, bongs, annuities, etc... but with interest rates at zero few are going to be willing to do that.
I heard on the radio a few days that VA, DC and MD all gained in unemployment #s. Not double digits yet, but creeping up there...
That's because many unemployed people are coming to the DC Metro in search of work...if you are stuck in Detroit with no job and have a relative in DC where things look a little bit better, wouldn't you move too?
Rob,
It's not unemployed people moving here. Virginia shed 32,000 jobs in February; the most of any state in the country. Maryland lost over 13,000 jobs which was the 5th highest total.
Hayfield,
I think we need to see something more regional. DC was up. Virginia comprises a large area.
Leroy,
From yesterday. Are you a Civil War buff? If you are connected or in the loop, please do me a favor and keep this under wraps until the authorities finish their investigation.
If you are into the CW, I'm sure you are probably familiar with our property. It took me many years to find such a deal and we are quite fortunate to have it. We considered it a 25yr anniversary present to ourselves; but I found it for my husband.
I'm sure they found plenty as the property had been in one family for 150+yrs and was never allowed to be dug.
VA_Investor,
My whole point is that the unemployment rate in the Commonwealth of Virginia didn't go up because thousands of unemployed people are relocating here to find a jobs as Rob asserted, but that there were actually net job losses in Virginia. I do know that the Krispy Kreme factory in Lorton is closing up and that the 70 jobs there will disappear. I think Fairfax Co. is overly optimistic that they will find a new tenant for that site considering all the empty office space in the county.
I think Highview Park is a great bargain, if you don't mind the "anything goes" zoning and kind of crazy architecture. Our friends live off Cameron St and have nice neighbors, and they got a good deal on their place (a few years ago). It is a great commuting spot-right off 66--and in a really good school district. Plus *almost* walking distance to metro.
AOL near dulles shed around 2400 jobs this quarter.
shamrock,
AOL has been in the toilet for years. The beltway bandits are doing great from what I hear - not factual knowledge. If I had to bet on any region, it would be NoVa. Not short-term; but a few years out.
Just my gut feelings, nothing more.
VA Investor
I am not a CW buff though I used to own a property occupied by Robert E Lee for a considerable time and usually dug up stuff inadvertently. His fortifications still exist in traces and run though my former property.
As a kid, I lived on a property in the middle of the Monocacy battlefield. We were always digging up uniform metal content, harnesses, weapons, bullets and cannonballs, skeletons etc. as well as really ancient Indian artifacts whenever we furrowed for a vegetable garden or dug in new tulips.
For what it's worth, I feel properly outraged on your behalf and wish you Bonne Chance.
FWIW, the unemployment rates for the 5 NOVA counties are:
Arl 4.6%
Alx 5.3%
FFX 5.4%
Lou 5.3%
PWC 6.4%
These are the lowest rates in the State by a longshot.
Meshell, MM, one of my 5 favorite houses since I started looking was in that neighborhood.
Ok, it may be too early to ask, but is anyone ready to make predictions about march sales?
CRT,
That's true the unemployment rates are lower in NOVA. However, if you read the budget documents from the Fairfax County Executive he points at that in the last two economic downturns unemployment in Fairfax Co. was never higher than 4%. Also, he indicated that he expects job losses in Fairfax County and the region to continue this year.
VA_Investor,
I am not sure how well those Beltway bandits will do when all those contractor jobs are converted to GS jobs. I know someone who works at the Pentagon and they are trying to convert as many contractor jobs as possible to GS positions.
I posted the original story earlier. But, here is some quotes from
Elizabeth Warren (source:bubble meter):
Elizabeth Warren: Half of commercial RE mortgages to be underwater
Bad news for commercial real estate and the economy:
"By the end of 2010, about half of all commercial real estate mortgages will be underwater, said Elizabeth Warren, chairperson of the TARP Congressional Oversight Panel, in a wide-ranging interview on Monday."
“They are [mostly] concentrated in the mid-sized banks,” Warren told CNBC. “We now have 2,988 banks—mostly midsized, that have these dangerous concentrations in commercial real estate lending."
"As a result, the economy will face another “very serious problem” that will have to be resolved over the next three years, she said, adding that things are unlikely to return to normalcy in 2010."
"Speaking on troubled mortgage lenders, Warren said it’s time for the government to "pull the plug" on mortgage lenders Fannie Mae and Freddie Mac."
Elizabeth Warren --> chairperson of the TARP Congressional Oversight Panel.
Finally, some much-needed thoughts from government on getting rid of zombies..FNM, FRE, FHA etc etc.
"I'm sure they found plenty as the property had been in one family for 150+yrs and was never allowed to be dug."
I am an amateur historian of a sort, but don't really focus on the civil war.
I was just curious if they found anything noteworthy. The whole relic thing doesn't do much for me honestly but I know some people are fanatics about it.
It is funny to me how quickly war debris can become a collectors item. I have been to places where unexploded ordinance still litters the ground preventing the locals from doing anything useful with the land even many years after the fighting stopped. Maybe one day when people can dig in these places without risking their lives people will be willing to pay for the opportunity to do so and collect the bits and pieces that remain.
Ace,
I know! It was this one on Culpeper, right? Plenty of space and an architectural marvel...
http://www.washingtonpost.com/wp-dyn/content/article/2005/10/26/AR2005102601069.html
Hayfield,
Even with the loss in Feb Virginia still has one of the lowest unemployment rates in the country. Take a look at your link. NOVA also has the lowest unemployment rates in the state by far.
Meshell, wow, that house is h-u-g-e. No, the one I liked was new but much smaller (still too big for us), had an open floor plan and beautiful maple floors, but was across from a playground.
I have a friend who lives near that McMansion on Pershing, and that one is a monstrosity, IMHO. So is the smaller one they built as an investment next door.
Oh, Ace, were there two new houses built right next to each other, right across from the playground? I think it is Dinwiddie? We wandered into one of the open houses a few years ago--those were pretty houses. One was for sale forEVER so I don't know what was going on with that.
Thanks c,
I have a couple hundred arrowheads that I've found along the shore line. Also some clay pipes, bullets and uniform buttons. I don't know how to work our metal detector and we've planted no gardens or anything.
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