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Housing Sector : Swingers Discussion 89870
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TOPIC: Housing Sector
Created by: dzzyred
Original Starting post for this thread:
those of you who venture out of the political threads might know that i am currently searching for a home and have been following the real estate market for several months. a story came out yesterday stating...

Sales of existing homes in the United States plunged by a record amount in September as turmoil in mortgage markets added more problems to a housing industry in its worst slump in 16 years.

The National Association of Realtors reported Wednesday that sales of existing homes fell 8 percent in September, the largest decline to show up in records dating to 1999. The seasonally adjusted annual sales rate of 5.04 million existing homes was also the slowest pace on record.

The weakness in sales translated into further pressure on prices. The median price - the point at which half the homes sold for more and half for less - fell to $211,700 (148,770) in September, down by 4.2 percent from the sales price a year ago. It marked the 13th time out of the past 14 months that the year-over-year sales price has decreased.

The 8 percent decline in sales was bigger than the 4.5 percent decline that had been expected. Analysts blamed the bigger-than-expected slump on the turmoil that hit credit markets and mortgage markets in August as worries increased over rising mortgage foreclosures.

Those worries resulted in a drying up of the availability of so-called jumbo mortgages, loans over$417,000 (293,043), which are particularly important in high-cost areas such as California.

"Mortgage problems were peaking back in August when many of the September closings were being negotiated and that slowed sales notably in higher priced areas that rely more on jumbo loans," said Lawrence Yun, senior economist for the Realtors.

By region of the U.S., sales were down 10 percent in the Northeast, 9.9 percent in the West, 7 percent in the Midwest and 6 percent in the South. The slowdown in sales meant that the inventory of unsold homes rose to 4.4 million units in September. At the September sales pace, it would 10.5 months to eliminate the overhang of unsold homes, a record length of time.

Economists are worried that the huge levels of unsold existing and new homes will put further downward pressure on prices.

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I think you will begin seeing a leveling out and maybe an up tick in the 4th quarter of 08...all areas of the country will act differently but for the "beach" area here, we are going to recover a bit sooner. Building has ceased, we are not over built as Panama City is and there is a limited supply of actual beachfront property.

Destin FL
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I was interested in your opinions as to where the fault lies for the current real estate/mortgage/credit "crisis", or even if there is no fault in that that this is nothing more than the market "cleansing itself" not unlike the horrific forest fires in california. Or is it example of big business and a business leanin political process that got too greedy..

and also how low will it go?

what say u?

Philadelphia PA
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those of you who venture out of the political threads might know that i am currently searching for a home and have been following the real estate market for several months. a story came out yesterday stating...

Sales of existing homes in the United States plunged by a record amount in September as turmoil in mortgage markets added more problems to a housing industry in its worst slump in 16 years.

The National Association of Realtors reported Wednesday that sales of existing homes fell 8 percent in September, the largest decline to show up in records dating to 1999. The seasonally adjusted annual sales rate of 5.04 million existing homes was also the slowest pace on record.

The weakness in sales translated into further pressure on prices. The median price - the point at which half the homes sold for more and half for less - fell to $211,700 (148,770) in September, down by 4.2 percent from the sales price a year ago. It marked the 13th time out of the past 14 months that the year-over-year sales price has decreased.

The 8 percent decline in sales was bigger than the 4.5 percent decline that had been expected. Analysts blamed the bigger-than-expected slump on the turmoil that hit credit markets and mortgage markets in August as worries increased over rising mortgage foreclosures.

Those worries resulted in a drying up of the availability of so-called jumbo mortgages, loans over$417,000 (293,043), which are particularly important in high-cost areas such as California.

"Mortgage problems were peaking back in August when many of the September closings were being negotiated and that slowed sales notably in higher priced areas that rely more on jumbo loans," said Lawrence Yun, senior economist for the Realtors.

By region of the U.S., sales were down 10 percent in the Northeast, 9.9 percent in the West, 7 percent in the Midwest and 6 percent in the South. The slowdown in sales meant that the inventory of unsold homes rose to 4.4 million units in September. At the September sales pace, it would 10.5 months to eliminate the overhang of unsold homes, a record length of time.

Economists are worried that the huge levels of unsold existing and new homes will put further downward pressure on prices.

Philadelphia PA
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(5326 posts)
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TOPIC: Housing Sector