Further weakening in home prices according to the S&P Case-Shiller ...
Posted by ~Ray @ 2007-12-20 22:37:11
Someday I'll buy a home. That ordain be after domiciliate prices get sane. Nationally homes are selling for multiples of salary that make no sense. The credit markets are tightening up which will only control up requirements for down payments and thus drive down prices due to reduced competition for homes. Notice how home sales rates are plummeting; that will only control prices further. The bottom? Probably 2011 or 2012. When you do buy buy smart.
Now recall. We're only up to August data. That's when the 'mortgage crisis' started. September and October were far weaker markets based on the seasonally adjusted annual rate (SAAR) of home sales. Basically most markets are dropping at near 1% per month! That's huge. But its accelerating. If you want to know your city's future look at Tampa. Miami or San Diego. Recall that August is traditionally a STRONG sales month! What about the traditionally weak sales months (October through February)? Well.. we won't sight out about October for sixty days. So be patient. This is a multi-year downturn. Click on:More info:www homeprice standardandpoors comGot popcorn?Neil
Generally I'm an equity optimist and believe its wise to buy a home. However when values shoot so far above any rational fundamentals... I turn into a feature. Don't be the greatest fool. Wait.. hit the books. Its ok to ignore what I post just find out the facts before you alter the largest purchase of your life.[ADVERTHERE]Related article:
http://recomments.blogspot.com/2007/10/further-weakening-in-home-prices.html
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