Oli: $102+
Gold: Almost $1000
Euro: $1.51
Wheat: $15+
Case Shiller Housing Price Index: -8.9% for 2007
This is an economic crisis?
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Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
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The Bubble Meter Philosophy
The best way to get the housing market thriving again is to drop prices to the point where supply equals demand. Home sellers might not like it, but it's good for buyers and it's great for Realtors.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
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Bubble Meter Archive
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2008
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February
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- This is an Economic Crisis
- Yun Says Housing Market is "Scratching Bottom"
- Foreclosures Surge in Washington Region
- Case Shiller Housing Index Shows Major Prices Decl...
- Months Supply in Washington, DC (January)
- Rowhouses in Washington,DC
- Lawrence Yun Cannot be Trusted
- More Condo Projects Going Rental
- BubbleSphere Roundup
- Lawrence Yun Spins In Rochester
- Housing Units of The Wealthy Also Declining Signif...
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February
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David,
ReplyDeleteAll of what you mentioned is going to cut back spending. The faith in the dollar is probably the harshest impact. We're going to be forced very quickly to only spend what we can pay for today via exports. Ouch...
Wells Fargo's decree of 25% down for all DC non-conforming loans will spread like wildfire. The banks simply do not have the funds to keep putting new loans on the books. Fannie's looming downgrade by Moodys will also have a huge impact. At that point, they'll have to cut the risk of their new portfolio. That means an accross the board down payment hike.
I've been predicting 25% down payments will be the norm outside of FHA. It will take a while to spread through the system (9 to 15 months). But when it does, sellers will have to decide how they will deal with the small buying pool.
Got Popcorn?
Neil
Hi, I wonder if we could ex-change link to my blog which is the Realty Homes blog. Just visit my blog and leave your info if you are interesting for the link ex-change..thankss
ReplyDeleteFunny thing is rents, and by extension home prices, are shock absorbers in the economy, since they are most everyone's dominant expense, yet what we get for the bulk of the land rent we pay isn't purchasing a capital good, it's just paying for the right to occupy the spatial location in which we inhabit.
ReplyDeleteIf energy costs, food, health care, taxes, interest rates etc etc all double (and wages don't), the market will simply have to bid the land rent DOWN (over time) to compensate.