http://www.housingpredictor.com/market-free-fall.html Growing consumer unrest over the economy, real unemployment reaching levels that have not been seen since the Great Depression and falling home sales has triggered a housing market in the majority of the U.S. that is in a free-fall. Purchase applications for home mortgages fell to the lowest level since 1996, and they are still falling. The... [more]
http://www.housingpredictor.com/market-free-fall.html
Growing consumer unrest over the economy, real unemployment reaching levels that have not been seen since the Great Depression and falling home sales has triggered a housing market in the majority of the U.S. that is in a free-fall. Purchase applications for home mortgages fell to the lowest level since 1996, and they are still falling.
The foreclosure crisis, which is narrowing in on nearly a year and a half has taken an estimated 7.2-million homes, according to government officials as bankers refuse to negotiate better terms with mortgage holders in plight over the financial crisis.
The Obama administration’s efforts to quiet the storm in the foreclosure crisis has resulted in little fundamental improvement in most markets, according to housing analysts as home values in most of America decline at levels that haven’t been seen in nearly a half a century.
See Return to 60’s Home Prices
The Mortgage Bankers Association index, a composite of loan application volume, showed an unadjusted basis drop of 12.6% compared to the previous week. The purchase index was 43% below a year ago average, showing a massive drop in applications for new home mortgages.
The decline in home mortgage applications is a result of the federal government’s efforts to incentivize home purchasers to make home buying decisions as a result of tax incentives offered that expired at the end of April, and the uneasiness of consumers over the foreclosure crisis.
Home sales have not shown evidence of strengthening markets as the Obama administration had hoped with its series of programs to bolster markets. The drop is resulting in a huge pent up inventory of homes for sale across the nation that have little hope of selling in the next year.
Even mortgage rates, at their lowest levels in nearly 40 years don’t seem to be getting home buyers off the fence, who are less than confident about the economy’s future. New home sales declined to their lowest levels in May, according to the Commerce Department, the lowest since they have been keeping records in 47 years.
The crisis presents a massive series of problems for the housing market and the overall economy, which has seen unemployment grow as a result of the troubled economy.
The shaky ground the housing market is on was also elevated by the Mortgage Bankers Refinance Index, which decreased 2.9% from the previous week, the first time in early two months that refinancing had dropped as homeowners lost interest in obtaining refinances on mortgages.
Published July 15, 2010
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Growing consumer unrest over the economy, real unemployment reaching levels that have not been seen since the Great Depression and falling home sales has triggered a housing market in the majority of the U.S. that is in a free-fall. Purchase applications for home mortgages fell to the lowest level since 1996, and they are still falling.
The foreclosure crisis, which is narrowing in on nearly a year and a half has taken an estimated 7.2-million homes, according to government officials as bankers refuse to negotiate better terms with mortgage holders in plight over the financial crisis.
The Obama administration’s efforts to quiet the storm in the foreclosure crisis has resulted in little fundamental improvement in most markets, according to housing analysts as home values in most of America decline at levels that haven’t been seen in nearly a half a century.
See Return to 60’s Home Prices
The Mortgage Bankers Association index, a composite of loan application volume, showed an unadjusted basis drop of 12.6% compared to the previous week. The purchase index was 43% below a year ago average, showing a massive drop in applications for new home mortgages.
The decline in home mortgage applications is a result of the federal government’s efforts to incentivize home purchasers to make home buying decisions as a result of tax incentives offered that expired at the end of April, and the uneasiness of consumers over the foreclosure crisis.
Home sales have not shown evidence of strengthening markets as the Obama administration had hoped with its series of programs to bolster markets. The drop is resulting in a huge pent up inventory of homes for sale across the nation that have little hope of selling in the next year.
Even mortgage rates, at their lowest levels in nearly 40 years don’t seem to be getting home buyers off the fence, who are less than confident about the economy’s future. New home sales declined to their lowest levels in May, according to the Commerce Department, the lowest since they have been keeping records in 47 years.
The crisis presents a massive series of problems for the housing market and the overall economy, which has seen unemployment grow as a result of the troubled economy.
The shaky ground the housing market is on was also elevated by the Mortgage Bankers Refinance Index, which decreased 2.9% from the previous week, the first time in early two months that refinancing had dropped as homeowners lost interest in obtaining refinances on mortgages.
Published July 15, 2010
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Response by apt23
over 15 years ago
Posts: 2041
Member since: Jul 2009
So the question remains: how long can the NYC RE market resist macro economic factors.
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Response by spinnaker1
over 15 years ago
Posts: 1670
Member since: Jan 2008
Until New York starts resembling Topeka, in terms of socioeconomics, the impact here will continue to be different.
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Response by columbiacounty
over 15 years ago
Posts: 12708
Member since: Jan 2009
how long can wall street make money while the rest of the country stuggles?
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Response by spinnaker1
over 15 years ago
Posts: 1670
Member since: Jan 2008
If there is money to be made I have faith in the streets ability to exploit it, either here or abroad. By the way it's not all shit and broken glass out there.
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Response by columbiacounty
over 15 years ago
Posts: 12708
Member since: Jan 2009
of course not.
there is still a staggering amount of wealth in this country.
unfortunately there is also a staggering amount of people without jobs.
a staggering amount of people with little or no retirement savings.
fair to say that all state governments are effectively broke.
no doubt, wall street will find a way to get the last nickel; the question is what then?
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Response by greenecounty
over 15 years ago
Posts: 330
Member since: Jun 2010
staggering
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Response by spinnaker1
over 15 years ago
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Perhaps the bigger concern is the growing chasm between the classes. It seems a day of reckoning is inevitable as the have nots grow into a more formidable political force. We are already beginning to see signs of such a shift.
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Response by columbiacounty
over 15 years ago
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Yet it would seem that many of the emerging have nots as represented by the tea partiers are seeking ties with the politicians who are aligned with the haves. Makes no sense to me.
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Response by greenecounty
over 15 years ago
Posts: 330
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Hilarious.
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Response by alanhart
over 15 years ago
Posts: 12397
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Vicarious.
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Response by alanbran
over 15 years ago
Posts: 51
Member since: Jul 2010
Nefarious.
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Response by cfranch
over 15 years ago
Posts: 270
Member since: Feb 2009
comparing NYC RE to miami, vegas etc is ridiculous. we have had a healthy 20% correction off the highs. volume has picked up as it often does at the lows. price appreciation follows. new york and vicinity has weathered the economic storm much better than the rest of the country, with the exception of DC(gov't getting bigger all the time). our relative strength will cause a faster and healthier recovery as the economy turns around. all the yahoo's on these boards who salivate over the national #'s and dream of buying manhattan RE at <$300 sq/ft will remain in their rentals until their caskets have been picked out.
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Response by bob_d
over 15 years ago
Posts: 264
Member since: May 2010
apt23 question: So the question remains: how long can the NYC RE market resist macro economic factors.
columbiacounty answer: how long can wall street make money while the rest of the country stuggles?
My answer: the biggest decline in housing prices have occurred in prole and middle class housing. Rich-people-housing hasn't gone down as much. This is true even in places like Phoenix that saw big declines in prices but not so big in established wealthy neighborhoods like Paradise Valley.
"%u201CI%u2019ve never seen the wealthy hit like this before,%u201D Mr. Lowman said. %u201CThey made their plans based on the best of all possible scenarios %u2014 that their incomes would continue to grow, that real estate would never drop. Not many had a plan B.%u201D
"It's so easy to slip,
it's so easy to fall
just let your memory drift,
and do nothing at all..." (Bobby Weir, Grateful Dead, Bobby& The Midnites )
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Response by bob_d
over 15 years ago
Posts: 264
Member since: May 2010
The Arizona chart shows something like a 39% price drop in Paradise Valley compared to 52% in the state as a whole since 2007. So we see that rich-people housing holds its value better.
It's probably a good time to move to AZ. Now that they are kicking out the illegal aliens, the QoL will probably improve quite a bit.
The QoL will not improve in AZ, because the nice pleasant Iowa immigrants have been replaced by nasty rude selfish and boorish Southern California trash.
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Response by w67thstreet
over 15 years ago
Posts: 9003
Member since: Dec 2008
Rub row! Alan.
Take em to school. Here comes double dip followed by many more. Flmao. Seiously. A family member's rental is being foreclosed upon as I type. Flmao. Yeah. Awesome! To be a Joe homeowner! Flmao.
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Response by alanhart
over 15 years ago
Posts: 12397
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"See Return to 60’s Home Prices"
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Response by nyc10023
over 15 years ago
Posts: 7614
Member since: Nov 2008
W67: if I'd-a been smart like you and upsized the rental, I wouldn't be watching one of my neighbors chasing the market down. Doh! Better luck next life.
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Response by sniper
over 15 years ago
Posts: 1069
Member since: Dec 2008
Bobby and the Midnites?
Give me a break. Give the late, great Lowell George credit where it is due. That is a Little Feat song!
(just giving you a little good-natured shit...I am a stickler for proper musical crediting).
'/%3e%3c/g%3e%3c/svg%3e)
http://www.housingpredictor.com/market-free-fall.html
Growing consumer unrest over the economy, real unemployment reaching levels that have not been seen since the Great Depression and falling home sales has triggered a housing market in the majority of the U.S. that is in a free-fall. Purchase applications for home mortgages fell to the lowest level since 1996, and they are still falling.
The foreclosure crisis, which is narrowing in on nearly a year and a half has taken an estimated 7.2-million homes, according to government officials as bankers refuse to negotiate better terms with mortgage holders in plight over the financial crisis.
The Obama administration’s efforts to quiet the storm in the foreclosure crisis has resulted in little fundamental improvement in most markets, according to housing analysts as home values in most of America decline at levels that haven’t been seen in nearly a half a century.
See Return to 60’s Home Prices
The Mortgage Bankers Association index, a composite of loan application volume, showed an unadjusted basis drop of 12.6% compared to the previous week. The purchase index was 43% below a year ago average, showing a massive drop in applications for new home mortgages.
The decline in home mortgage applications is a result of the federal government’s efforts to incentivize home purchasers to make home buying decisions as a result of tax incentives offered that expired at the end of April, and the uneasiness of consumers over the foreclosure crisis.
Home sales have not shown evidence of strengthening markets as the Obama administration had hoped with its series of programs to bolster markets. The drop is resulting in a huge pent up inventory of homes for sale across the nation that have little hope of selling in the next year.
Even mortgage rates, at their lowest levels in nearly 40 years don’t seem to be getting home buyers off the fence, who are less than confident about the economy’s future. New home sales declined to their lowest levels in May, according to the Commerce Department, the lowest since they have been keeping records in 47 years.
The crisis presents a massive series of problems for the housing market and the overall economy, which has seen unemployment grow as a result of the troubled economy.
The shaky ground the housing market is on was also elevated by the Mortgage Bankers Refinance Index, which decreased 2.9% from the previous week, the first time in early two months that refinancing had dropped as homeowners lost interest in obtaining refinances on mortgages.
Published July 15, 2010
So the question remains: how long can the NYC RE market resist macro economic factors.
Until New York starts resembling Topeka, in terms of socioeconomics, the impact here will continue to be different.
how long can wall street make money while the rest of the country stuggles?
If there is money to be made I have faith in the streets ability to exploit it, either here or abroad. By the way it's not all shit and broken glass out there.
of course not.
there is still a staggering amount of wealth in this country.
unfortunately there is also a staggering amount of people without jobs.
a staggering amount of people with little or no retirement savings.
fair to say that all state governments are effectively broke.
no doubt, wall street will find a way to get the last nickel; the question is what then?
staggering
Perhaps the bigger concern is the growing chasm between the classes. It seems a day of reckoning is inevitable as the have nots grow into a more formidable political force. We are already beginning to see signs of such a shift.
Yet it would seem that many of the emerging have nots as represented by the tea partiers are seeking ties with the politicians who are aligned with the haves. Makes no sense to me.
Hilarious.
Vicarious.
Nefarious.
comparing NYC RE to miami, vegas etc is ridiculous. we have had a healthy 20% correction off the highs. volume has picked up as it often does at the lows. price appreciation follows. new york and vicinity has weathered the economic storm much better than the rest of the country, with the exception of DC(gov't getting bigger all the time). our relative strength will cause a faster and healthier recovery as the economy turns around. all the yahoo's on these boards who salivate over the national #'s and dream of buying manhattan RE at <$300 sq/ft will remain in their rentals until their caskets have been picked out.
apt23 question: So the question remains: how long can the NYC RE market resist macro economic factors.
columbiacounty answer: how long can wall street make money while the rest of the country stuggles?
My answer: the biggest decline in housing prices have occurred in prole and middle class housing. Rich-people-housing hasn't gone down as much. This is true even in places like Phoenix that saw big declines in prices but not so big in established wealthy neighborhoods like Paradise Valley.
looks like wealthy are just walking away too:
http://www.nytimes.com/2010/07/09/business/economy/09rich.html
"%u201CI%u2019ve never seen the wealthy hit like this before,%u201D Mr. Lowman said. %u201CThey made their plans based on the best of all possible scenarios %u2014 that their incomes would continue to grow, that real estate would never drop. Not many had a plan B.%u201D
bob_d, PV ("Projectile Vomit") is the blue line: http://realestate.aol.com/Paradise_Valley-AZ-real-estate
ruh row
"It's so easy to slip,
it's so easy to fall
just let your memory drift,
and do nothing at all..." (Bobby Weir, Grateful Dead, Bobby& The Midnites )
The Arizona chart shows something like a 39% price drop in Paradise Valley compared to 52% in the state as a whole since 2007. So we see that rich-people housing holds its value better.
It's probably a good time to move to AZ. Now that they are kicking out the illegal aliens, the QoL will probably improve quite a bit.
bob_d, the chart shows
PV****$1,980,142***$1,032,165**48% decline (to date)
AZ******$328,625***$158,181****52% decline (to date)
The QoL will not improve in AZ, because the nice pleasant Iowa immigrants have been replaced by nasty rude selfish and boorish Southern California trash.
Rub row! Alan.
Take em to school. Here comes double dip followed by many more. Flmao. Seiously. A family member's rental is being foreclosed upon as I type. Flmao. Yeah. Awesome! To be a Joe homeowner! Flmao.
"See Return to 60’s Home Prices"
W67: if I'd-a been smart like you and upsized the rental, I wouldn't be watching one of my neighbors chasing the market down. Doh! Better luck next life.
Bobby and the Midnites?
Give me a break. Give the late, great Lowell George credit where it is due. That is a Little Feat song!
(just giving you a little good-natured shit...I am a stickler for proper musical crediting).