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Case-Shiler Composite 20 Home Price
Submitted by
CalculatedRisk on Tue, 10/27/2009 - 6:13am (23 comments)
Wow. It's like the crisis never ever happened.
So the Case-Shiller shill says housing is up 1.2% from July, only off 11.3% from last year. Now for a dose of reality - we have several builder friends who are moving into the custom homes they built last year in hopes of selling their old homes and only paying on one - or they lose both. The custom homes they built in 2007 that were selling for $750,000 will not even bring $450,000 now - that's a little more than 11%. On top of this, the second most "exclusive" home neighborhood in our area has 45 homes in foreclosure - found this out Saturday from a broker while we were getting our cars serviced, he tells me that over 10% of the homes are officially in foreclosure, 20% more on the market. 30% of the high dollar homes in one neighborhood under water.
Yeah, 11.3% my eye.
Nemo wrote:
What crisis?
Um... Uh...
I forget.
Never mind. Get out that credit card and go shopping for Christmas presents. I hear you need to start early this year for some reason.
Looking in the rearview mirror. I'm on the ground everyday in metro Boston working with RE agents and since mid-September activity has been a disaster. No way prices are appreciating in the $400+ range. No way. (BTW, we saw no appreciation during the summer either, with activity at roughly 2008 levels)
,rads,
They pretend the homes goes up in value, and we pretend to get HELOC's on them.
didnt get
,instead got knock by power burp. totally knocked off had to sign back in and everything.rather get 
Replies for BSR and Blackhat on previous thread:
Comment by Cinco-X from thread 'Johnson and Kwak: The home-buyer tax credit: Throwing good money after bad'
Comment by Cinco-X from thread 'Johnson and Kwak: The home-buyer tax credit: Throwing good money after bad'
jd
women didnt steal mens jobs,companies really looked at that bottom line.
I'm sure the recruiters will start calling me about working in California homebuilding again. Ugh.....just the thought of it , ethically speaking, makes my skin crawl.....
Down 11.3% year over year, now this is in top of a huge decrease from 2007 to 2008! We are starting to compete against already VERY low numbers in all areas of the economy, and we are still showing revenue and sales decreases in almost every report
tncubsfan
but isnt that what happens in a recovery,isnt it.
now we have toxic homes
to go along with the toxic assets
"Greg Allen/NPR
Toxic Chinese Drywall Creates A Housing Disaster
()
Between 2004 and 2007, an estimated 100,000 homes in more than 20 states were built with toxic drywall imported from China. It's being called a "silent hurricane" because emissions from the drywall destroy plumbing and electrical systems. The Gonzalez family moved out of their home because of drywall problems."
Toxic Chinese Drywall Creates A Housing Disaster : NPR
Looks like you if break the C-S into tiers you see what I see, except I disagree with the reported ~3% increase in the high tier ($400K +) over the summer (I saw it flat, but who can discern ~3%?). Regardless, "high tier" houses are not moving, especially since mid-September. There is no way this is not going to drive down prices on the low end eventually. These sellers are apparently getting desperate, according to RE agents.
Gabyjan
- I'm guessing that was a snark
token bull wrote:
I note that prices in low-volume tiers can be quite noisy.
Anyway, off to the salt mines.
......LOL.....probably, but not yet! ........nothing like a hearty laugh though.......
apparatchick gabyjan,
I do not begrudge you working, but merely wanted to point out that women traditionally have never been the wage-earners*, and it upsets the apple cart a little upstairs in many a noggin, Eve.
tncubsfan
you do that we are a recovery,right? according to tptb.so really im not sure that is a snark.
i am firmly in favor of one paycheck households,dont care if it the male or the female. and a budget for that household.
ps im old enough to remember that my choices of work were teacher or nurse both of which required college, or switchboard operator,clerk,etc which i usually did.
Yes, recovery...
Daily Kos: Hell: A "Job-Loss Recovery" w/Little Regulatory Reform
I think CR has been out
Lockyer sure didn't pull any punches talking to fellow Dems...........wow
The fundamental reason we're pushing for higher (more unaffordable) house prices is to save the banks. The Fed's MBS buying, artificially low interest rates and the $8K tax credit are all shams designed to get more people to overpay for housing. As more and more homes turnover, more risk is transferred from banks to the taxpayer. It's all a big sham.