Re: U.S. home prices fall for first time in 15 years

jimstevens wrote:

[Default] On 29 May 2007 14:50:24 -0700, Florida
<demeter547opine@xxxxxxxxx> wrote:


On May 29, 3:38 pm, jimstevens <jimstev...@xxxxxxxxxxxxxxxxx> wrote:

U.S. home prices fall for first time in 15 years
By Rex Nutting
Last Update: 9:07 AM ET May 29, 2007

WASHINGTON (MarketWatch) -- U.S. home prices fell 1.4% in the first
quarter compared with a year earlier, the first year-over-year

decline

since 1991, according to the S&P/Case-Shiller home price index
released Tuesday. A year ago, home prices were rising at an 11.5%
pace. The 10-city price index fell 1.9% year-on-year through March,
while the 20-city index dropped 1.4%. Thirteen of 20 cities have

seen

falling prices in the past year, led by Detroit and San Diego. Home
prices rose 10% in Seattle. The national decline "is reaffirmation

of

the pullback in the U.S. residential real estate market," said

Robert

Shiller, chief economist for MacroMarkets LLC, and co-inventor of

the

index. End of Story

Hm. Okay, I'll play - so what is it that we know when we add the
plusses and the minuses together and announce the average? I ask
because in our corner of the U.S. real estate has now either stalled
completely or is selling (at a rate of one house a week or fewer) for
$20,000 to $30,000 less than the (relatively modest) asking price.
Citing a microscopic 1.4% drop as hard news about the nation as a
whole is a bit like saying, "last week, Pompeii and Herculaneum were
completely buried. But the loss is negligible; Napoli, the rest of
Campania, and the Empire as a whole are thriving."
But I'm glad you brought up the subject, it has jumpstarted me to
go find data that doesn't conflate the entire U.S. into a single
statement which manages to suggest things are almost perfect except
for a few sluggard areas that aren't trying hard enough. ;)


If you want to special order the news, go to a pay service and do so.
OTOH, if you are really interested in investment news including
details in real estate, get a subscription for 99 bucks to WSJ online
and you will have access to lots of news about the topic.

If you think 1.4% is microscopic then consider how the folks at Home
Depot and Lowes will be affected by such news. These totals are
important to many sectors of the economy. The total shift is
significant when one considers the advancing percentages from previous
years.

And all we can get out of you is the bullshit from Huffington. Now
that is useful to me. Riiiiiiiiiiiiiiiggghhht


http://www.realestatejournal.com/buysell/markettrends/


Suit Says Real Estate Firms Took Illegal Kickbacks By JAMES R. HAGERTY
Developers, Cities Duel Over Gated Green Space By JUNE FLETCHER

Existing-Home Sales Fell in April As Subprime Lending Drops Off By
JEFF BATER

New Home Sales Soared 16% As Prices Declined in April By JEFF BATER

Bernanke Plays Down Threat From Subprime Defaults By STEPHEN WISNEFSKI
and JESSE THOMAS

For Sale: Condo With Chicken Coop By SARA SCHAEFER MUNOZ

Housing Starts Unexpectedly Rise, But Building Permits Fall 8.9% By
JEFF BATER and BENTON IVES-HALPERIN

U.S. Existing-Home Sales Drop In First Quarter From Year Earlier By
BENTON IVES-HALPERIN

Mortgage Woes Force Banks To Take Hits to Sell Homes By JAMES R.
HAGERTY

At Hip Condos, Animal House Meets the Empty Nest By BEN CASSELMAN

Where Home Prices Are Hot Now Despite the Housing Slowdown By DEAN
TREFTZ

Supply of Homes Continues To Grow, Reflecting Weak Sales By JAMES R.
HAGERTY

Home Sales, Prices Will Continue To Slide, Trade Group Predicts By
BENTON IVES-HALPERIN and JEFF BATER

As Market Cools, Builders Face Lawsuits and a Rash of Complaints By
MICHAEL CORKERY and RUTH SIMON

Vacation-Home Sales Hit Record; Investment Purchases Fall By AMY HOAK

Pending Home Sales Index Hits Lowest Level Since March 2003 By ROBERT
SCHROEDER

For Some Americans, Buying Land Is Like Collecting Art and Autos By
THADDEUS HERRICK

Sales of New Homes Inched Higher in March By REX NUTTING

U.S. House Prices Slide As Property Glut Grows By JAMES R. HAGERTY

Real-Estate Appraisers Feel Pressure to Inflate Home Values By CHRIS
PUMMER


more headlines~ 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18

I think every bit of this is talking about indicators of which has not disclosed the cause. I think it can be the failing of US auto industry. Just look at the big city deflation of the housing industry and banking decline in mortgages. What is a reciprocal condition?
Foreign auto makers have initiated many new production plants around the nation and are building them in a more depressed area of the country. Places where the economy is much lower and employment rates would indicate a source of labor. This alone draws many tax incentives to the new industry. Housing is a shortage in those areas and people who are in your determining area can't sell their housed therefor they can't buy new housing in the new upstart areas.

--
.

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