Home prices continued to fall as the economic downturn deepened in September, according to the S&P/Case-Shiller home-price indexes and the Federal Housing Finance Agency home price index.Don't worry. As people have been predicting for three years now, the recovery is right around the corner.
"The turmoil in the financial markets is placing further downward pressure on a housing market already weakened by its own fundamentals," Case-Shiller index committee chairman David Blitzer said.
For the third quarter, the Case-Shiller national index posted a 16.6% decline in home prices from a year earlier, worse than the 15.1% drop posted in the second quarter.
Wednesday, November 26, 2008
S&P/Case-Shiller: House prices down 16.6% year over year
S&P/Case-Shiller released their latest home price index numbers yesterday:
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I can point to recent valid stats pertaining to a specific local market that show a YoY sales price increase despite decreased sales volume and increased DOM.
ReplyDeleteBut to keep it interesting on a slow day, I'll invite people to look for themselves: www.mris.com
hahahahahahaha...De-Nile, or is it Denial, janet?
ReplyDeleteJanet, let me guess - DC proper?
ReplyDeleteThis was posted below and is verifiable at mris.com:
ReplyDeleteOctober 2008 real estate statistics for Washington, DC. (That means Washington, DC, not Virginia and/or Maryland)
Total Dollar Volume Sold:
2008 = $231,350,012
2007 = $231,780,273
Percent change = -0.19%
Average Sold Price:
2008 = $558,816
2007 = $499,526
Percent change = +11.87%
Median Sold Price:
2008 = $394,450
2007 = $392,750
Percent change = +0.43 %
Total units sold:
2008 = 414
2007 = 464
Percent change = -10.78%
Average days on market:
2008 = 77
2007 = 62
Percent change = +24.19%
Average list price for Solds:
2008 = $603,004
2007 = $525,126
Percent change = + 14.83%
"hahahahahahaha...De-Nile, or is it Denial, janet?"
ReplyDelete=
Too biased and ignorant to look into the facts. Interestingly, a look at the facts proves that the author of the slop above is the one in denial.
"Average Sold Price:
ReplyDelete2008 = $558,816
2007 = $499,526
Percent change = +11.87%"
no. no. No. NO. NO! NO!NO!NO!NO!NO!
It just can't be! It isn't possible! My eyes are burning! My face is melting!!! Dear God, make this evil apparition vanish from the Earth, in the name of all that is HOLY!
GAAAAHHHH!!!! {gurgle}
Your fear and anger makes me happy.
ReplyDelete"Your fear and anger makes me happy."
ReplyDeleteIt was a facetious posting.
Your ignorance perplexes me. I guess I'm not stupid enough to understand.
dammit, janet said...
ReplyDeleteThis was posted below and is verifiable at mris.com:
Super one month trend there janet.
Robert? That is a year-to-year trend.
ReplyDeleteRobert said....
ReplyDelete"Super one month trend there janet."
Super ignorant comment there robert.
dammit, janet said...
ReplyDeleteRobert? That is a year-to-year trend.
Uhh, no janet. Key word here is trend.
Anonymous said...
ReplyDeleteSuper ignorant comment there robert.
Ignorance is think one month a trend makes.
"Ignorance is think one month a trend makes."
ReplyDeletePoorly stated.
It is a year-to-year trend. See where it says "2007"? And do you see how it also says "2008"?
Those are two different years, bobby.
That means the trend is year to year.
Average is directly proportional to number of sales. If you can do simple math, you will see that 2008 has a half million dollar loss, or 1 whole house less for the year.
ReplyDeleteRobert is right - one month isnt a trend - 10 months is. Lets see what the median price trend is in DC in 2008
ReplyDeleteJan +11.17
Feb +6.43
Mar -8.06
Apr +4.53
May +5.01
Jun +2.41
Jul -2.05
Aug +0.00
Sep +3.97
Oct +0.43
SUCK IT BUBBLE HEADS - BWAHAHAHAHAHAHAHA!!!!!!!!!!
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BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Now janet, anon has given enough data to start seeing a trend. Are prices indicating a trend up, down or flat? Can we gather enough other data, such as dollar volume, units sold, DOM? If so, would those indicators trend up, down or flat
ReplyDeletehahahahahahahahahahaha....wooohooo!
ReplyDelete"Two stops north on the Red line, residents of Fort Totten were thrilled when a developer swept in with talk of condominiums and rentals, a supermarket, shops and restaurants.
Now, Lowe executives talk of affordable housing. The chances of a supermarket seem more remote. Meanwhile, two plots of land in the middle of the community sit lifeless, surrounded by a chain-link fence.
"They've created an eyesore," said Willie Jenkins, a retired bus driver, standing outside a KFC, among the neighborhood's only restaurants. "Where's the economic development they promised?
"Even projects in flourishing neighborhoods are struggling."
http://www.washingtonpost.com/wp-dyn/content/article/2008/12/01/AR2008120103101_3.html
"Even projects in flourishing neighborhoods are struggling."
ReplyDeleteThere's your "trend," janet.
Janet is right that prices are up.
ReplyDeleteThe question is why?
Her numbers also show that volume is down. It could be that larger homes are selling while current ones stagnate. It could be that newer condos are selling in some formerly untouched neighborhoods, those that had ancient housing stock.
That being said, I doubt this is long-term trend. If you want to figure out where things are headed, look at the leading indicators, such as the unsold inventory particulary for condos. It is not accurately reflected on MRIS since many large condo projects simply don't list all their available inventory, which is just a game of angles, mirrors and bullsh*t. WaPost reported 8 1/2 years of condo inventory, which is certainly an unbalanced market.
The only way prices will remain stable is through a lot of inflation. In real terms, the only way this market is headed is down.
The best leading indicator of price is supply demand. With the pace of sales showing an 8 1/2 year supply, prices will plummet. This is not a balanced market.
ReplyDelete