U.S. existing home sales lowest in 9 years - GoFuckYourself.com

Barefootsies · 02-25-2008, 01:54 PM

Existing home sales plummeted to the lowest level in nine years nationwide, as the housing market battles a critical credit crunch and a flood of homes listed for sale, the National Association of Realtors said Monday.

The seasonally adjusted annual rate dropped to 4.89 million homes last month, the lowest recorded since 1999, when the national association began tracking the activity.

And the median home price -- meaning half the homes sold for more, the other half for less -- declined for the fifth-consecutive month to $201,100, a 4.6 percent drop from $210,900 a year ago.

The elimination of subprime loans, considered the primary cause for the housing meltdown, has greatly slowed the market compared to previous years, industry leaders say.

"Subprime loans and other risky mortgage products have virtually disappeared from the marketplace, and over the past five months, this has been reflected in soft but fairly stable home sales," NAR chief economist Lawrence Yun said in a news release.

NAR president Richard Gaylord of Long Beach, Calif., says some home buyers, especially those in higher-priced markets, are waiting for higher limits on conventional loans.

"Once buyers have greater access to higher loan limits, it will take a few months for increased shopping activity to translate into higher sales," he said in a news release. "We should see some movement of pent-up demand by this summer, but higher loan limits need to be implemented fully and promptly to have maximum benefit."

Existing home sales -- including condominiums and town homes -- dropped in all four regions of the nation, according to the 1.3 million-member association. In the West, existing home sales tumbled 28.5 percent from a year ago.

Some economists are less optimistic of a quick turnaround, citing a 10.3-month supply of homes on the market nationwide -- about double the inventory a few years ago, according to an Associated Press report.

http://www.bizjournals.com/pacific/s...25/daily3.html

Fletch XXX · 02-25-2008, 02:00 PM

lots of hard times all around, and sooooo many repos on the market.

Brother Bilo · 02-25-2008, 02:03 PM

Not to mention its a steal to get a new one with all the incentives and discounts being offered by builders. Shit, I just bought a place a couple weeks ago and from the time we started the whole thing about 8 months ago until we signed the final papers, they had dropped the price of the house by almost 40 grand.

It was pointless to try and find anything better, we basically made out like champs buying this place.

Barefootsies · 02-25-2008, 02:10 PM

Quote:

Originally Posted by Brother Bilo

Not to mention its a steal to get a new one with all the incentives and discounts being offered by builders. Shit, I just bought a place a couple weeks ago and from the time we started the whole thing about 8 months ago until we signed the final papers, they had dropped the price of the house by almost 40 grand.

It was pointless to try and find anything better, we basically made out like champs buying this place.

Yep. Some houses, and neighborhoods I have been eyeballing since last spring have dropped their asking from $30-70k.

TurboAngel · 02-25-2008, 03:12 PM

It's good news if you're looking to buy.

sweetcuties · 02-25-2008, 03:20 PM

If you guys aren't taking advantage of the market, you're an idiot... now is the time to buy... and buy as much as you can get your hands on

Brother Bilo · 02-25-2008, 03:22 PM

Quote:

Originally Posted by sweetcuties

If you guys aren't taking advantage of the market, you're an idiot... now is the time to buy... and buy as much as you can get your hands on

Something I ran into when we were just buying our place is that a lot of places out here won't sell to you if it's not a primary residence. We didn't have to worry about it, but it eliminated all the rental buyers in the area.

I'm not sure if that is the case everywhere, but out where we bought, it's all standard homebuyers.

Persius · 02-25-2008, 03:25 PM

bad for those who bought last year...

Gianna_CECash · 02-25-2008, 03:25 PM

Quote:

Originally Posted by TurboAngel

It's good news if you're looking to buy.

exactly!

Elli · 02-25-2008, 03:35 PM

Houses for unde 200k? Man, we need some of those up here!

webgurl · 02-25-2008, 03:38 PM

Quote:

Originally Posted by Elli

Houses for unde 200k? Man, we need some of those up here!

here you can't even get a studio/bachelor downtown for that

pornask · 02-25-2008, 03:42 PM

Shit, I live in wrong area. Prices went up 200% compared to 10 years ago here in Edmonton. Highest growth in Canada

BradM · 02-25-2008, 04:00 PM

Canada is seeing a different trend. They say it won't follow the US.

helic0pter · 02-25-2008, 04:08 PM

Although that does suck for a lot of people and the economy, if you have excess money laying around you can make bank investing in these properties now while they're cheap because in 5 years the odds are greatly in your favor that it will be worth significantly more.

Real estate is always a good investment, it's just a matter of time.

02-25-2008, 01:54 PM	#1
Barefootsies Choice is an Illusion Industry Role: Join Date: Feb 2005 Location: Land of Obama Posts: 42,635	U.S. existing home sales lowest in 9 years Existing home sales plummeted to the lowest level in nine years nationwide, as the housing market battles a critical credit crunch and a flood of homes listed for sale, the National Association of Realtors said Monday. The seasonally adjusted annual rate dropped to 4.89 million homes last month, the lowest recorded since 1999, when the national association began tracking the activity. And the median home price -- meaning half the homes sold for more, the other half for less -- declined for the fifth-consecutive month to $201,100, a 4.6 percent drop from $210,900 a year ago. The elimination of subprime loans, considered the primary cause for the housing meltdown, has greatly slowed the market compared to previous years, industry leaders say. "Subprime loans and other risky mortgage products have virtually disappeared from the marketplace, and over the past five months, this has been reflected in soft but fairly stable home sales," NAR chief economist Lawrence Yun said in a news release. NAR president Richard Gaylord of Long Beach, Calif., says some home buyers, especially those in higher-priced markets, are waiting for higher limits on conventional loans. "Once buyers have greater access to higher loan limits, it will take a few months for increased shopping activity to translate into higher sales," he said in a news release. "We should see some movement of pent-up demand by this summer, but higher loan limits need to be implemented fully and promptly to have maximum benefit." Existing home sales -- including condominiums and town homes -- dropped in all four regions of the nation, according to the 1.3 million-member association. In the West, existing home sales tumbled 28.5 percent from a year ago. Some economists are less optimistic of a quick turnaround, citing a 10.3-month supply of homes on the market nationwide -- about double the inventory a few years ago, according to an Associated Press report. http://www.bizjournals.com/pacific/s...25/daily3.html __________________ Should You Email Your Members? Link1 \| Link2 \| Link3 Enough Said. "Would you rather live like a king for a year or like a prince forever?"

02-25-2008, 02:00 PM	#2
Fletch XXX GFY HALL OF FAME DAMMIT!!! Join Date: Jan 2002 Location: that 504 Posts: 60,840	lots of hard times all around, and sooooo many repos on the market. __________________ Want an Android App for your tube, membership, or free site? Need banners or promo material? Hit us up (ICQ Fletch: 148841377) or email me fletchxxx at gmail.com - recent work - About me

02-25-2008, 02:03 PM	#3
Brother Bilo Confirmed User Join Date: Jun 2007 Location: I live in cage Posts: 4,193	Not to mention its a steal to get a new one with all the incentives and discounts being offered by builders. Shit, I just bought a place a couple weeks ago and from the time we started the whole thing about 8 months ago until we signed the final papers, they had dropped the price of the house by almost 40 grand. It was pointless to try and find anything better, we basically made out like champs buying this place. __________________

02-25-2008, 03:20 PM	#6
sweetcuties Confirmed User Join Date: Feb 2002 Location: Somewhere Posts: 5,859	If you guys aren't taking advantage of the market, you're an idiot... now is the time to buy... and buy as much as you can get your hands on __________________

02-25-2008, 03:35 PM	#10
Elli Reach for those stars! Industry Role: Join Date: Apr 2003 Location: Vancouver, BC Posts: 17,991	Houses for unde 200k? Man, we need some of those up here! __________________ email: [email protected]

02-25-2008, 03:12 PM	#5
TurboAngel H.B.I.C. Industry Role: Join Date: Jun 2003 Location: NC Posts: 30,122	It's good news if you're looking to buy.

02-25-2008, 03:25 PM	#8
Persius Tap into MOBILE! Industry Role: Join Date: Jul 2003 Location: Hollywood Posts: 11,779	bad for those who bought last year...

02-25-2008, 03:42 PM	#12
pornask So Fucking Banned Join Date: Aug 2006 Location: 253-233-241 Posts: 6,518	Shit, I live in wrong area. Prices went up 200% compared to 10 years ago here in Edmonton. Highest growth in Canada

02-25-2008, 04:00 PM	#13
BradM Confirmed User Join Date: Dec 2003 Location: 1123,6536,5231 Posts: 3,397	Canada is seeing a different trend. They say it won't follow the US.

02-25-2008, 04:08 PM	#14
helic0pter Confirmed User Join Date: Feb 2008 Posts: 155	Although that does suck for a lot of people and the economy, if you have excess money laying around you can make bank investing in these properties now while they're cheap because in 5 years the odds are greatly in your favor that it will be worth significantly more. Real estate is always a good investment, it's just a matter of time.