Home Prices Rebound to 2003 Levels

[Barefootsies]

I am sure this comes as a news flash to those in Vegas, Miami, among many other places.

NEW YORK (CNNMoney) -- In another sign of a turnaround in the long-battered real estate market, average home prices rebounded in July to the same level as they were nine years ago.

According to the closely watched S&P/Case-Shiller national home price index, which covers more than 80% of the housing market in the United States, the typical home price in July rose 1.6% compared to the previous month.

It marked the third straight month that prices in all 20 major markets followed by the index improved, and it would have been the fourth straight month of improvement across the full spectrum if not for a slight decline in Detroit in April.

The index was up 1.2% compared to a year earlier, an improvement from the year-over-year change reported for June. While home prices have been showing a sequential change in recent months, it wasn't until June that prices were higher than a year earlier.

The July reading matched levels last seen in summer 2003, when the market was marching toward its peak in 2006. The collapse of the market after that led to the financial crisis of 2008.

SOURCE

[Barefootsies]

Record low mortgage rates and a tighter supply of homes available for sale have helped to lift home prices. Lower unemployment also has helped with home prices, although job growth in recent months has been slower than hoped.

How could this POSSIBLY be when Obama is driving the country off a cliff!??!

[keysync]

What does home prices have to do with whether or not he's driving us off a fiscal cliff?

[Barefootsies]

Originally Posted by keysync

What does home prices have to do with whether or not he's driving us off a fiscal cliff?

According to the Romney ads... there are no jobs. Housing is in the toilet. All because of Obama.

It seems those pesky facts keep getting in the way.

[Harmon]

Big fucking deal. The dollar is shit. It won't be long before you are buying a 2 br 2 ba shithole in east bumfuck Arkansas for $1,000,000 - it sounds good on paper, when in all actuality it's a joke.

How much was gas in 2003? Case closed.

[Markul]

If I sold my house I'd loose at least 150K USD ><

[Vendzilla]

Obama has the record for longest time above 8% unemployment since the depression.

Here's some more things he's done for the country http://www.forbes.com/sites/charlesk...of-government/

[HushMoney]

Originally Posted by Vendzilla

Obama has the record for longest time above 8% unemployment since the depression.

Here's some more things he's done for the country http://www.forbes.com/sites/charlesk...of-government/

maybe because it's the worst economy since the depression??

Your genius never ceases to amaze me. The president doesn't control the economy, and anyone in his place would be just as fucked. Good God man, pull your head out of your ass.

[Rochard]

People don't seem to understand what just happened to us. We went through the worst recession since the Great Depression. Three years ago exactly half of the twenty houses on my street were empty. This isn't something that will be fixed in four years, or even eight years. What we just went through was fucking massive.

It's going to be a slow climb to get back to "normal". And along the way, we might need to redefine what the "new normal" is.

Originally Posted by Vendzilla

Obama has the record for longest time above 8% unemployment since the depression.

But clearly if McCain and Palin was in office, we would be much better off, right?

[L-Pink]

2003 level? Hahaha not even close.

.

[Best-In-BC]

Originally Posted by Harmon

How much was gas in 2003? Case closed.

Not far from where it is now, lol

[baddog]

How about bringing them to 1985 levels?

[DWB]

I call shenanigans.

There is going to be a whole lot of media spin on everything between now and the election (both directions). Obama MUST be able to stand in front of the voters and say he did, this, that, saved the world, everything is back to normal, and so on. He has to say this and the media, who everyone knows is corporate owned, if they want him to be in office, will release whatever "facts" they need to make it happen.

I said this would happen months ago. Housing market would appear to be better, unemployment will probably fall, everything is going to look like it is getting better. Obama wins, it's all falling right back apart. The root of the prob has yet to be addressed, thus there is no solution or recovery. There are only band-aids to stick on everything just long enough to dupe everyone once again.

[mikesouth]

Can you handle the truth.....

It aint Obama OR Romney that has us in this fiscal meltdown, it is all the Obamas AND Romneys. BOTH these sorry ass pandering parties got us in this mess and now the only way out will be to eventually toss BOTH Parties (which are really just one problem with two names) out on their sorry fucking asses.

thats my $0.02

[shahab6]

Originally Posted by HushMoney

maybe because it's the worst economy since the depression??

Your genius never ceases to amaze me. The president doesn't control the economy, and anyone in his place would be just as fucked. Good God man, pull your head out of your ass.

exactly,, i hate when people think the president is almighty. The only think the president can do is control the spending. And since there not much money to spend, his job is limited. The only thing he can do is end the war, and stop spending so much money on the war.. Which he is doing.

[L-Pink]

Originally Posted by shahab6

The only thing he can do is end the war, and stop spending so much money on the war.. Which he is doing.

History shows that countries winning wars returned home rich with plunder. We certainty have 180'ed that concept.

.

[mikesouth]

Originally Posted by L-Pink

History shows that countries winning wars returned home rich with plunder. We certainty have 180'ed that concept.

.

Aint that the truth, we rescued Kuwait from Iraq, We maintain the ONLY military presence there to maintain stability yet they sell us their oil on the open market at no discount. Kuwait is a country that gives every citizen a house a college education and free healthcare....it aint like they cant afford to sell to us at a discount in exchange for our military presence.

Watch "The World Without US" Even the Kuwaiti's think we are insane to do that

[PornMD]

My property is worth less than half what it was when I bought in early 2007. This in the desirable-to-live San Diego.

[DWB]

Originally Posted by mikesouth

Can you handle the truth.....

It aint Obama OR Romney that has us in this fiscal meltdown, it is all the Obamas AND Romneys. BOTH these sorry ass pandering parties got us in this mess and now the only way out will be to eventually toss BOTH Parties (which are really just one problem with two names) out on their sorry fucking asses.

thats my $0.02

While there are many issues, the real root of the problem begins with the Federal Reserve. But you are correct in saying both of those tools, republicans and democrats, are to blame. And just like both sides helped put us in the shitter, both sides are going to continue to drive it into the ground. It is only going to smell pretty until the election is over.

[Harmon]

Originally Posted by Best-In-BC

Not far from where it is now, lol

Are you that fucking dumb?
http://money.cnn.com/2003/03/10/news...ices/index.htm

[BlackAndBlue]

Originally Posted by Barefootsies

I am sure this comes as a news flash to those in Vegas, Miami, among many other places.

While I think a lot of people would like to believe that would remain the case (including me), I do some side work for local Realtors and a Mortgage Broker who have all gotten a strong indication from the banks they work with that something akin to 3MM foreclosed homes are going to flood the market at the end of the year, just around mid-November.

This will drive housing prices down again, and also allow more foreclosures by lenders that have been holding off on forcing new foreclosures, due to the catalog of properties they were already sitting on.

Obviously, your mileage my vary depending on your state/county. However the feeling among the people I work with is that this is a done deal. Hundreds of foreclosure listings are already starting to go out from banks with foreclosure catalogs into the pre-listing post stage of attracting Realty and Mortgage firms to advise clients of auctions, buyers info on how foreclosure sales differ from other transactions and lending opps concerning purchasing foreclosures.

[mikesouth]

Originally Posted by DWB

While there are many issues, the real root of the problem begins with the Federal Reserve. But you are correct in saying both of those tools, republicans and democrats, are to blame. And just like both sides helped put us in the shitter, both sides are going to continue to drive it into the ground. It is only going to smell pretty until the election is over.

totally with ya on the federal reserve....printing money with nothing to back it up is just insanity

[Paul Markham]

Originally Posted by Barefootsies

How could this POSSIBLY be when Obama is driving the country off a cliff!??!

Stop telling the truth.

Mind you it's bad news for anyone who bought a house in 2007/8. Funding the inflation that finally burst the bubble.

[L-Pink]

pornopete

.

[crockett]

Originally Posted by Rochard

People don't seem to understand what just happened to us. We went through the worst recession since the Great Depression. Three years ago exactly half of the twenty houses on my street were empty. This isn't something that will be fixed in four years, or even eight years. What we just went through was fucking massive.

It's going to be a slow climb to get back to "normal". And along the way, we might need to redefine what the "new normal" is.



But clearly if McCain and Palin was in office, we would be much better off, right?

Most people are morons and get their information from 10 second sound/video clips. That's people you "might" call semi "informed", the rest spend their days browsing twitter & facebook and just believe every half assed rumor they read.

I can tell you for a fact that I have seen housing prices rise here in MA over the last few months. I've been shopping for a apartment building & I've noticed prices have been going up on the average, but there are still some that start too high and have to lower their price.

[Penny24Seven]

it is not true, at least where I live not even close to being true LOL, 2003 I sold my house for 255K, I bought the same exact house for 78K. The whole area is like this.

[crockett]

Originally Posted by Brian837

it is not true, at least where I live not even close to being true LOL, 2003 I sold my house for 255K, I bought the same exact house for 78K. The whole area is like this.

Every market is going to be different.. It depends a lot on local jobs and how many houses are for sale/foreclosed on. You are probably in some area that has far too many upside down mortgages.

[Barefootsies]

Originally Posted by L-Pink

pornopete

Agreed.

[Barefootsies]

Originally Posted by mikesouth

Watch "The World Without US" Even the Kuwaiti's think we are insane to do that

Yep. I posted about that documentary. People can watch it on Netflix. Major eye opener.

I think Robbie needs to watch it. Not because I have anything against Robbie. But one of his staples is about us "policing the world". While I am not saying it's right or wrong... it is explained in that movie WHY we do what we do militarily.

[Barefootsies]

Originally Posted by Rochard

It's going to be a slow climb to get back to "normal". And along the way, we might need to redefine what the "new normal" is.

When it first started, they said it would take a DECADE to climb out of it. But the media didn't think so. They were predicting 3-4 years. Sadly, it looks like it will take a GENERATION to get out of the real estate hole. I do not think there is going to be some magic HR office at the end of the road however.

Many people are going to have to accept reality that all they will ever have is low paying wages and crap jobs. Whether you want to blame hand outs, jobs going overseas, rich getting richer, whatever. The music's going to stop for many people who thought MTV cribs was one the entitlements on the Bill of Rights.

[Vendzilla]

Originally Posted by HushMoney

maybe because it's the worst economy since the depression??

Your genius never ceases to amaze me. The president doesn't control the economy, and anyone in his place would be just as fucked. Good God man, pull your head out of your ass.

LOL, ok, so are ok with the 8% and you agree that the president doesn't control the budget, that the house and the senate does, right? The democrats took control of the house and the senate in January of 2007, Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee. 15 months before things went to shit.

Then after two years, the house, the senate and the presidency were all democratic controlled. They could have done anything they wanted and decided that people out of work was not as important as healthcare that would still leave 30 million uninsured and raise about 8 billion dollars a year in 2017 from people that would rather pay the tax than get health insurance, according to recent statements by the CBO.

First step of pulling your head out of your ass is to not believe everything you were told.

Originally Posted by Rochard

It's going to be a slow climb to get back to "normal". And along the way, we might need to redefine what the "new normal" is.

But clearly if McCain and Palin was in office, we would be much better off, right?

Richard, you love history, they said the same thing when Carter was in office, that we had to live with it and accept it, then Reagan took office and when he left, things were different. I' can't speculate on McCain and Palin anymore than if Ross Perot would have won.

Originally Posted by mikesouth

Can you handle the truth.....

It aint Obama OR Romney that has us in this fiscal meltdown, it is all the Obamas AND Romneys. BOTH these sorry ass pandering parties got us in this mess and now the only way out will be to eventually toss BOTH Parties (which are really just one problem with two names) out on their sorry fucking asses.

thats my $0.02

I agree with you on this to a point, the two parties don't have moderates anymore and just play against themselves and get nothing done.

[JP-pornshooter]

One thing Obama did not get fixed was the housing crisis...
Yes they tried to force banks to reduce principals but that never worked, why should the banks take it in the ass.
I still say Greenspan get the interest rate too low for too long..
Fanny Mae and HUD/FHA did help some to refinance to lower rates but that was years after the help was needed.
We are still down 20-30% down in So California but we know it will go up since the entire world wants to live on a beach in California.....meantime we have nearly the worst public schools of the nation and the state itself is nearing bankruptcy...

[Barefootsies]

Originally Posted by JP-pornshooter

meantime we have nearly the worst public schools of the nation and the state itself is nearing bankruptcy...

Supposedly they once used to be some of the best in the nation...

before it became a welfare state, and you moved half of Mexico in.

[Vendzilla]

Originally Posted by Barefootsies

Supposedly they once used to be some of the best in the nation...

before it became a welfare state, and you moved half of Mexico in.

then gave the Mexican drug cartels more guns so more Mexicans want to move north.

Our school system was pretty good at one point, after raising my daughter in it, I couldn't believe how bad it had gotten and it's worse now.

My sister moved from California to Penn state for her job and her son had a learning problem and it wasn't known until they moved, the school system there saw it in the first week, while here in California, we are providing hot breakfasts for the poor.

[Barefootsies]

Originally Posted by Vendzilla

My sister moved from California to Penn state for her job and her son had a learning problem and it wasn't known until they moved, the school system there saw it in the first week, while here in California, we are providing hot breakfasts for the poor.

Indeed.

Perhaps when they eventually HAVE to raise taxes to cover the budget/deficit there, people will start to get a collective clue. At some point this government is going to have to make some tough choices. One of which is raise taxes. Especially since you can NEVER EVER touch the precious military's annual spending.

[Penny24Seven]

Originally Posted by crockett

Every market is going to be different.. It depends a lot on local jobs and how many houses are for sale/foreclosed on. You are probably in some area that has far too many upside down mortgages.

Central Florida, it is unreal, there are so many brand new houses in town with no one living in them, others with people still in their house but having not paid in over 3 years.
I think my street has 5 in a row that are empty

[Vendzilla]

Originally Posted by Barefootsies

Indeed.

Perhaps when they eventually HAVE to raise taxes to cover the budget/deficit there, people will start to get a collective clue. At some point this government is going to have to make some tough choices. One of which is raise taxes. Especially since you can NEVER EVER touch the precious military's annual spending.

We need a strong military, but we don't need a strong military presence in every country in the world. My daughter served on the USS Ronald Reagan when they rendered aid to the Philippines. A modern aircraft carrier has two reactors and run the ships power needs on just one, while the other can be used to replace a power grid of a good sized city. It can also generate drinking water right out of the harbor it's anchored in, medical aid and supplies from it's flight deck, she got a medal for humanitarian efforts, pretty cool.

The problem with raises taxes as we see it here in California is that it adds to the cost of doing business and in turn drives business out of California. Laws that declare cities safe havens for illegal aliens to the point where if an illegal alien is pulled over for driving without a license, they don't have to worry about their cars being impounded.

They find something that adds money to the tax base like the medical marijuana clinics or the porn industry by making them wear condoms, they just keep shooting themselves in the foot by trying to close these industries down. The court systems are so fucked up, it's not about right and wrong, it's about the liability involved.

Don't get me wrong, I love this state, I lived in a spot in northern California that I could see two glaciers from one spot. This state is truly amazing!

[Barefootsies]

Originally Posted by Jesus H Christ

Then when you call them on it they then try to convince you it's the "new" norm or try and correct your understanding of their wording. You see folks this is NOT the first time this has happened in our history. The populace gets confused on what is right and wrong and pushes back, usually in a type of civil war.

"The only thing that is new in this world is the history you DON'T know"