Some have noticed that recently, I have not been blogging. I have been very busy with other things. I will be back posting starting August 15th. Thanks.
No, Lance, there still is a housing bubble and most housing markets in bubble metro areas continue to decline.
Subscribe to:
Post Comments (Atom)
Posts
"Lance said...
ReplyDeleteDavid,
Before you stop updating this blog altogether ... Can you please give us an update as to when we should be expecting a recession and resulting fire sale prices on homes?"
I think can answer that Lance, look at the stock market now,
Answer: within the next 8 months. Sorry, the elections wont help. Ah.. pennies on the dollar!!
Thank god. I was afraid this blog was going to die with that stupid-looking alien as the final post.
ReplyDeleteDave,
ReplyDeleteGood luck with whatever you're doing during your "blogging break."
Personally, I believe the real changes will happen September and October, so this is a good time to take a break. We're going into a credit crunch; an event that is always "interesting."
Got popcorn?
Neil
Glad to hear from you David. The followers of the blog were beginning to wonder (and worry a little) about you.
ReplyDeleteI hope you come back relaxed & refreshed from your break.
David,
ReplyDeleteThank you for the notice. I rarely comment, but found your website to be very informative.
Thank you.
"most housing markets in bubble metro areas continue to decline."
ReplyDeleteThat's probably true, but prices still look pretty robust in the zip codes I like. Take 22207 (in North Arlington: off of Spout Run near the GW Pkwy). According to the Melissa-data, both sales and purchase prices absolutely surged in the month of July (https://www.melissadata.com/lists/ezlists/ezHomeowners.aspx?zip=22207).
Where are the REALLY GOOD bargains? Does anybody know?
enjoy your break, david. it's well deserved :)
ReplyDeleteYou've had a great blog for a long time, David.
ReplyDeleteInteresting time right now. If you look at the "old" housing tracker website, the data is about to reach going back two years.
Asking prices are now over 15% down nominally, and almost certainly over 20% down in real terms, from two years ago.
Two years ago, I said DC-area prices needed to fall 50% in real terms. Right now, they have already fallen 20%, and no relief is in sight. Some mainstream predictions have even predicted over 10% falls from this point, and I would guess still more than that.
To this renter, it looks like it has been a brutal two years for the DC area housing market, but I'm sure Lance and others will try to tell me that on their block, things have never been better.
A Redskins fan
The recovery continues in the DC Condo market:
ReplyDeletehttp://www.gcaar.com/statistics/2007-home-sales/dccc0707.pdf
I love this one from a Viginia real estate agent in March. If you go to the link you'll see he also takes a shot at "bubbleheads":
ReplyDelete"Only time will tell if the correcting is over but my instincts tell me in the single family and townhouse market it's done."
http://localism.com/article/86144/Washington-DC-Real-Estate-Prices-Stabilize
The sky is falling. Bad for lots of people but the market was out of control crazy. Hopefully we'll see the bottoms soon and people will get some nice deals before we start to go up again. The DC landscape has changed so I think there are still deals to be had.
ReplyDeleteIf Jumbo loans are drying up - that can't be good for prices over 417K? A constant mantra(that I almost believed) was that the DC market was solid, because the local economy is basically recession proof, but that's of no help when you can't get a loan on a higher priced home.
ReplyDeletehttp://www.nytimes.com/2007/08/12/business/12mortgage.html?em&ex=1186977600&en=2eeb88d00bc094f8&ei=5087%0A
These times are so exciting! wow, I'm blessed to have started reading about bubbles about a year and a half ago!..
ReplyDeleteWoohoo..I'm in cash right now and can't wait till the housing bubble bursts as with the markets too!
I'm betting 08 will be great..It's like the dutch tulip situation back in the day.
There's gotta be a sucker in every transaction.
I'm going to treat home sellers like I treat a car salesmen. I'm going to so lowball them..hahahaha they're going to love every minute of it too.
MRIS statistics say DC, Arlington and Alexandria July YoY prices are up. Average and Median. Hmmmmm.
ReplyDelete"MRIS statistics say DC, Arlington and Alexandria July YoY prices are up. Average and Median. Hmmmmm. "
ReplyDeleteNOOOOOOOOOOO!!!!! PLEASE! I WANT MY DREAM HOME AT 50% OFF!!!!!
NO FAIR! My HUSBAND and I make ALMOST ONE HUNDRED THOUSAND DOLLARS a year! That's with FIVE zeros! And we can't afford a 4 bedroom house within 15 minutes of downtown!~!! WHO EVER HEARD OF SUCH A THING!?!?!?!
ReplyDeleteKeep flapping your yap while you still can, I have lived here all my life and have seen this before. Prices spike quickly, the price declination is a slow, painful bleed as homeowners wonder why their homes aren't selling and grudgingly have to face reality.
ReplyDelete-----------------------------
Anonymous said...
"MRIS statistics say DC, Arlington and Alexandria July YoY prices are up. Average and Median. Hmmmmm. "
NOOOOOOOOOOO!!!!! PLEASE! I WANT MY DREAM HOME AT 50% OFF!!!!!
"Keep flapping your yap while you still can, I have lived here all my life and have seen this before. Prices spike quickly, the price declination is a slow, painful bleed as homeowners wonder why their homes aren't selling and grudgingly have to face reality. "
ReplyDeleteShut up and make sure you pay your rent on time, otherwise I'll kick you the hell out.
Ooops, sorry, I own the home in upper NW that my parents left me. I am just thinking of buying something else to add to my portfolio now that prices are weak.
ReplyDeletenumbskull belched:
"Shut up and make sure you pay your rent on time, otherwise I'll kick you the hell out."