Homes values fell 0.38% nationally from March to April and were down 4.1% from their levels in April 2009 ...
Home values declined month-over-month in 87 (70%) of the 124 metropolitan statistical areas (MSAs) tracked by Zillow this month, and year-over-year declines (defined as a decline of more than 1%) in home values were recorded in 96 (77%) of the 124 metros. Foreclosure activity continued to increase nationally with 0.11% of homes in the U.S. being foreclosed in April. ...
We expect to see pending home sales dry up significantly in the May pending home sales report from the National Association of Realtors. Existing home sales will continue to stay robust through the end of June, when contracts that were signed by the end of April must close in order for buyers to receive the tax credits. Expect them to fall off precipitously thereafter as we pay back the demand we’ve pulled into these months.
Wednesday, June 09, 2010
Zillow's view of the housing market
From Stan Humphries, Zillow's Chief Economist:
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Thank you for the straight forward honest assessment of the real estate reality.
ReplyDeletehttp://qedrealestate.wordpress.com/2010/06/07/goodbye-v-shaped-recovery/
"Homes values fell 0.38% nationally from March to April and were down 4.1% from their levels in April 2009"
ReplyDeleteAnd yet, from that same article, home values in DC rose 0.50% from March to April and were up 2.0% from their levels in April 2009.
"home values in DC rose 0.50% from March to April and were up 2.0% from their levels in April 2009"
ReplyDeleteAnd you think those numbers are profound? What a joke!
Hello All! Prices in DC will go down when federal employees start being laid off and spending cuts implemented as a measure to cut the federal deficit that is threatening the future of the USA...... Until then take a nap!
ReplyDeleteBill
"And you think those numbers are profound?"
ReplyDeleteNope. Just pointing out that its different here.
"Prices in DC will go down when federal employees start being laid off and spending cuts implemented as a measure to cut the federal deficit that is threatening the future of the USA."
ReplyDeleteYou mean in 2034 when the longs mature? I too agree that will decimate this area and you can buy at say, 2028 prices. Of course, who knows how much higer prices will be in 2028 than now...
"Homes values fell 0.38% nationally from March to April and were down 4.1% from their levels in April 2009"
ReplyDeleteAnd yet, from that same article, home values in DC rose 0.50% from March to April and were up 2.0% from their levels in April 2009.
I always find it amusing when folks talk about "the housing bubble". Can there really still be a significant number of people who can't seem to understand that there wasn't a "housing bubble" but a "suburbia bubble".
Hey! Who knew a 200% increase in a 3br/2ba house 20 miles outside of Las Vegas was unsustainable? Why are we even still talking about this phenomenon? As others have said, that value's never coming back.
Thank God I bought in a rapidly gentrifying East Coast city.
I carefully follow markets in California. I have no doubts we are headed for a second dip which will this time after the higher priced homes.
ReplyDeleteI would not touch real estate if I were you. This is going to be ugly.
Which CA market(s) LA, SD, SF? And do you portend that your following the markets in CA is somehow relevant for us in DC???
ReplyDeleteI really hope things get better!!
ReplyDeletewww.5movers.com
"Hey! Who knew a 200% increase in a 3br/2ba house 20 miles outside of Las Vegas was unsustainable? Why are we even still talking about this phenomenon?"
ReplyDeleteProbably cause it wasnt just a house outside of las vegas that dropped in price?
I was talking about 2011 not 2034! We either start bringing down the budget deficit or we gonna have an economic collapse. I hate to just think about what may happen. God have mercy!
ReplyDelete-- Bill
"Nope. Just pointing out that its different here."
ReplyDeleteWe just don't learn. We are doomed.