Home Price Double Dip Begins

[Arraya]

http://www.cnbc.com/id/39192979

The trouble with many of the “indicators” we report is that some are pretty current and others are severely lagging. Home sales are generally the former and home prices the latter.

That’s why, given the combination of the expiration of the home buyer tax credit and the increasing number of loans moving to final foreclosure, we knew that home prices overall would take a hit, but it would take a while.

Well we’re here.

Two new reports out today prove the consequences of oversupply of organic inventory (12.5 months on existing homes in July according to the National Association of Realtors) and the shadow inventory of foreclosed properties (estimates vary widely and wildly). CoreLogic’s Home Price Index shows home prices “flat” in July as transaction volume continues to decline. “This was the first time in five months that no year-over-year gains were reported,” according to the release. In June, prices were up 2.4 percent year over year. In addition, “36 states experienced price declines in July, twice the number in May and the highest number since last November when prices nationally were still declining.”

And there’s the rub.

[DWCAP]

I prefer the part about the seller:

“We thought it was the value of the house that we could probably get, if the market would pick up a little bit, and people were a little positive,” Gabriel told us.

So you priced agressivly, or above market, and hoped to hook a sucker. It didnt happen, so:

They say today’s buyers are only looking for great deals, so if you price the home at its actual value, nobody’s interested. You have to go below.

“Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.

[DWCAP]

I prefer the part about the seller:

“We thought it was the value of the house that we could probably get, if the market would pick up a little bit, and people were a little positive,” Gabriel told us.

So you priced agressivly, or above market, and hoped to hook a sucker. It didnt happen, so:

They say today’s buyers are only looking for great deals, so if you price the home at its actual value, nobody’s interested. You have to go below.

“Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.

[DWCAP]

I prefer the part about the seller:

“We thought it was the value of the house that we could probably get, if the market would pick up a little bit, and people were a little positive,” Gabriel told us.

So you priced agressivly, or above market, and hoped to hook a sucker. It didnt happen, so:

They say today’s buyers are only looking for great deals, so if you price the home at its actual value, nobody’s interested. You have to go below.

“Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.

[DWCAP]

I prefer the part about the seller:

“We thought it was the value of the house that we could probably get, if the market would pick up a little bit, and people were a little positive,” Gabriel told us.

So you priced agressivly, or above market, and hoped to hook a sucker. It didnt happen, so:

They say today’s buyers are only looking for great deals, so if you price the home at its actual value, nobody’s interested. You have to go below.

“Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.

[DWCAP]

I prefer the part about the seller:

“We thought it was the value of the house that we could probably get, if the market would pick up a little bit, and people were a little positive,” Gabriel told us.

So you priced agressivly, or above market, and hoped to hook a sucker. It didnt happen, so:

They say today’s buyers are only looking for great deals, so if you price the home at its actual value, nobody’s interested. You have to go below.

“Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.

[permabear]

[quote=DWCAP]”Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.[/quote]

I just sold my home in 2 days because I priced it “just right”. I got a fair price – not too low, not too high.

I see others listing their homes at 10%+ more than they’re really worth. Then the home lingers for 90+ days, people start wondering “what’s wrong with it??” and THEN they DO have to drop the price below market.

Sellers are stupid. You want to build up buzz – the “this won’t last!” mentality.

[permabear]

[quote=DWCAP]”Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.[/quote]

I just sold my home in 2 days because I priced it “just right”. I got a fair price – not too low, not too high.

I see others listing their homes at 10%+ more than they’re really worth. Then the home lingers for 90+ days, people start wondering “what’s wrong with it??” and THEN they DO have to drop the price below market.

Sellers are stupid. You want to build up buzz – the “this won’t last!” mentality.

[permabear]

[quote=DWCAP]”Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.[/quote]

I just sold my home in 2 days because I priced it “just right”. I got a fair price – not too low, not too high.

I see others listing their homes at 10%+ more than they’re really worth. Then the home lingers for 90+ days, people start wondering “what’s wrong with it??” and THEN they DO have to drop the price below market.

Sellers are stupid. You want to build up buzz – the “this won’t last!” mentality.

[permabear]

[quote=DWCAP]”Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.[/quote]

I just sold my home in 2 days because I priced it “just right”. I got a fair price – not too low, not too high.

I see others listing their homes at 10%+ more than they’re really worth. Then the home lingers for 90+ days, people start wondering “what’s wrong with it??” and THEN they DO have to drop the price below market.

Sellers are stupid. You want to build up buzz – the “this won’t last!” mentality.

[permabear]

[quote=DWCAP]”Actual value”. Nice. Value is what people will pay, not what you think your house is worth cause that is what you want for it. Good to see the bubble mentality is alive and strong.[/quote]

I just sold my home in 2 days because I priced it “just right”. I got a fair price – not too low, not too high.

I see others listing their homes at 10%+ more than they’re really worth. Then the home lingers for 90+ days, people start wondering “what’s wrong with it??” and THEN they DO have to drop the price below market.

Sellers are stupid. You want to build up buzz – the “this won’t last!” mentality.

[bearishgurl]

[quote=permabear]I just sold my home in 2 days because I priced it “just right”. I got a fair price – not too low, not too high.[/quote]

Good for you, permabear!

[bearishgurl]

[quote=permabear]I just sold my home in 2 days because I priced it “just right”. I got a fair price – not too low, not too high.[/quote]

Good for you, permabear!

[bearishgurl]

[quote=permabear]I just sold my home in 2 days because I priced it “just right”. I got a fair price – not too low, not too high.[/quote]

Good for you, permabear!

[bearishgurl]

[quote=permabear]I just sold my home in 2 days because I priced it “just right”. I got a fair price – not too low, not too high.[/quote]

Good for you, permabear!

[Author]

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