The NAR just published this quarter’s house price data. No surprises here; prices are falling; the bubble is definitively over. Here are the sorry details:
• During the first three months of this year, the nationwide median price for houses and condominiums slid 1.8 percent to $212,300.
• Prices are at a two year low.
• Over half the cities in the US experienced declines.
• Sales are down 6.6 percent compared to last year.
Just to complete the grim picture, here are a few additional numbers, which again confirm that the housing market is in the middle of a massive recession:
• The National Association of Home Builders/Wells Fargo index of sentiment fell to 30 this month from 33 in April, matching a 15-year low reached in September.
• In April, U.S. foreclosure filings jumped 62 percent compared to last year.
To summarize; prices are falling, sales are falling, and foreclosures are rising. In other words, the market is falling off a cliff.
Hey Ged,
ReplyDeleteIt seems a little doom and gloomy to me, but hey the truth hurts. Bubbles are meant to be broken. I rode the inflation ski lift for three years here in Portland, OR and cashed out in 10/06. Lucky, huh? With a $3,000 down loan we cashed out $58,000 on a fixer upper we never could afford to fix up. Not counting the tax advantage for three years.
If you have the time check out my blog,philznewz.blogspot.com for a little humor, ranting and political commentary. Keep telling it like it is...