The Housing Market Has Bottomed

that sounds like a friend of mine told me in 2006 that citigroup stock has bottomed at 38 bucks. it came down from 70s. when it went to 30, he said, BUY MORE to average down cost. now shitty group stock trades at 2 to 3 bucks.

Ummmm..... This is New Jersey not New York. I know they both have the same first word but they are different places.

LOL. Alpo, I'm on to you. You like to be provacative by mimicing the hoary myths and untruths of the realt-whore, and saying the exact opposite of what you (and every other intelligent investor) knows to be true. For a while you had me going. Well played.

the market bottom will spread across the Hudson faster than you think buddyparker. As I type this, it is entering the Lincoln Tunnel.

and just several months ago all these articles said...another 40% decline is expected.....you cant listen to any of this stuff..it changes by the minute

LOL. The article CLEARLY states... the decline in price MAY BE on the verge of halting. How do you call that a bottom?

Please catch the knife... with your throat.

In the words of the judge from Billy Madison..."We are all dumber for having listened to you..."

Read on. Some wise buyers are not waiting for a 50 % reduction -- but 56%. So is Rockefeller a big fat loser in your book? What about a 50% reduction is the ASKING price at the Dakota - the big fat losers haven't even bid on that one yet.

http://www.nytimes.com/2009/07/26/realestate/26deal3.html

How come on the way down what happened in the rest of the country was irrelevant to Manhattan, but on the way up it does?

That's JuiceMan logic.

http://www.calculatedriskblog.com/2009/07/lawler-on-sticky-house-prices.html

What Lawler is apparently suggesting is that significant foreclosure activity makes prices less sticky in for "low- and mid-range" priced homes - I agree - and I've argued before that some low priced areas could be near the price bottom.

The dynamics will probably be different in the mid-to-high priced areas. With few move-up buyers, I expect prices to fall for some time in the mid-to-high priced range bubble areas (especially in real terms). Of course foreclosure activity is picking up in the high priced areas - see DataQuick's report today - but I think it will still take some time for prices to fall to the market clearing price.

"The purchase price for the apartment, with a 30-foot-wide living room and an adjacent library, was $3.5 million, brokers said. That was a 56 percent discount from the original asking price of $7.995 million when the apartment, a sale by an estate, went on the market in June 2008."

Only a fool would tink this a 56% discount. The discount from the asking price is meaningless. If I price a shitty studio at $1 million and then sell it for $400,000, did it decline in value by 60%? Heck no, because it was never worth $1 million to begin with! Now, if the apt. sold for 56% below what it last sold for, that would be a much different story. However, no apt. has sold for 56% less than it last purchase price nor will they ever.

i tink you're wrong---as usual...but keep tinking.

hmmm.... Mrs. R. is a former RE broker. The couple sold another coop nearby in 2006. Is this a case of shrewd market timing?