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May 24, 2007 at 8:17 AM #9151May 24, 2007 at 8:20 AM #54691Alex_angelParticipant
What irks me is the median of $229,100. The sad part is this median is only over $200k because of California and NY. I’d hate to see what the national median home price would be without NYC/Man or Cali. It would probably be under $100k.
May 24, 2007 at 8:20 AM #54705Alex_angelParticipantWhat irks me is the median of $229,100. The sad part is this median is only over $200k because of California and NY. I’d hate to see what the national median home price would be without NYC/Man or Cali. It would probably be under $100k.
May 24, 2007 at 8:22 AM #54693The-ShovelerParticipantNor_LA-Temcu-SD-Guy
I think it was still below April 2006 sales and lowest April Sales since 2003, that being said,
What would happen if the Builders reset the prices back to 2003/early 2004 in a few months time frame and then resume more normal price appreciation 5% to 8% a year.
This I think would be in everyone best interest,
Not likely I know but seeing what the builders have been doing in Riverside and SCV the last few weeks hmmm Maybe ???
Maybe this is what is happening ???
May 24, 2007 at 8:22 AM #54707The-ShovelerParticipantNor_LA-Temcu-SD-Guy
I think it was still below April 2006 sales and lowest April Sales since 2003, that being said,
What would happen if the Builders reset the prices back to 2003/early 2004 in a few months time frame and then resume more normal price appreciation 5% to 8% a year.
This I think would be in everyone best interest,
Not likely I know but seeing what the builders have been doing in Riverside and SCV the last few weeks hmmm Maybe ???
Maybe this is what is happening ???
May 24, 2007 at 8:41 AM #54694HereWeGoParticipantJust a weird report. Up 45% in the NE, down 28% in the MW, down 25% in the W? The median fell 11%? Doesn’t it seem those numbers are an order of magnitude off from reasonable m-o-m numbers?
May 24, 2007 at 8:41 AM #54709HereWeGoParticipantJust a weird report. Up 45% in the NE, down 28% in the MW, down 25% in the W? The median fell 11%? Doesn’t it seem those numbers are an order of magnitude off from reasonable m-o-m numbers?
May 24, 2007 at 9:17 AM #54700CardiffBaseballParticipantThe big red headline on Drudge early this morning said FIRE SALES.
Of course he moves things off the main headline throughout the day, and that story is now at the top left.
May 24, 2007 at 9:17 AM #54715CardiffBaseballParticipantThe big red headline on Drudge early this morning said FIRE SALES.
Of course he moves things off the main headline throughout the day, and that story is now at the top left.
May 24, 2007 at 10:23 AM #54736LA_RenterParticipantThis is really getting to be a confusing situation. It appears the primary activity were low end home sales in the south. I have family that lives in Kentucky and I visited earlier this year. Home prices are not disconnected from fundamentals there. In fact you could probably sale a high end home in California and buy a good chunk of the state of Kentucky. Interest rates are still historically low so I can see how activity would increase in these areas. Such is not the case in the bubble markets as we all know. The bulls here in California are on their knees praying for a rate cut. That just got put off with today’s report. It appears we are now heading into the brunt of the ARM Reset / foreclosure storm with mortgage rates going up not down. IMO this is very bad news for California RE. The FED remains in a very tight spot. There are actually rumblings of further rate hikes. This is a worst case scenario for the state of California. Job growth is anemic, retail sales (auto), are down, net out migration of monied population, more college grads leaving than coming in, escalating NOD’s and foreclosures, falling home prices and no relief in sight. Will California be the sacrificial lamb before the FED can step to the plate?? It’s starting to look like that everyday.
May 24, 2007 at 10:23 AM #54751LA_RenterParticipantThis is really getting to be a confusing situation. It appears the primary activity were low end home sales in the south. I have family that lives in Kentucky and I visited earlier this year. Home prices are not disconnected from fundamentals there. In fact you could probably sale a high end home in California and buy a good chunk of the state of Kentucky. Interest rates are still historically low so I can see how activity would increase in these areas. Such is not the case in the bubble markets as we all know. The bulls here in California are on their knees praying for a rate cut. That just got put off with today’s report. It appears we are now heading into the brunt of the ARM Reset / foreclosure storm with mortgage rates going up not down. IMO this is very bad news for California RE. The FED remains in a very tight spot. There are actually rumblings of further rate hikes. This is a worst case scenario for the state of California. Job growth is anemic, retail sales (auto), are down, net out migration of monied population, more college grads leaving than coming in, escalating NOD’s and foreclosures, falling home prices and no relief in sight. Will California be the sacrificial lamb before the FED can step to the plate?? It’s starting to look like that everyday.
May 24, 2007 at 10:25 AM #54738ibjamesParticipantWhat chants do I have to chant and dances do I have to do during the sacrifice? I have my torch lit and my war paint on, I want to do some dancing.
May 24, 2007 at 10:25 AM #54753ibjamesParticipantWhat chants do I have to chant and dances do I have to do during the sacrifice? I have my torch lit and my war paint on, I want to do some dancing.
May 24, 2007 at 10:29 AM #54741HereWeGoParticipantLooks like the regional numbers were misreported at first.
Here are the new numbers:
The strength in sales was led by a 27.8 percent surge in the South. Sales were also up in the West by 8.5 percent and in the Northeast, where they rose 3.8 percent.
Sales fell in the Midwest, dropping by 4 percent.
That’s more sane, I guess. I’d love to know how the numbers broke down on a state-by-state basis in the “South”
May 24, 2007 at 10:29 AM #54755HereWeGoParticipantLooks like the regional numbers were misreported at first.
Here are the new numbers:
The strength in sales was led by a 27.8 percent surge in the South. Sales were also up in the West by 8.5 percent and in the Northeast, where they rose 3.8 percent.
Sales fell in the Midwest, dropping by 4 percent.
That’s more sane, I guess. I’d love to know how the numbers broke down on a state-by-state basis in the “South”
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