Home prices near 2009 lows -- and may fall more!

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posted on Feb, 22 2011 @ 02:34 PM
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NEW YORK (CNNMoney) -- Home prices took a big hit at the end of 2010, even as the rest of the economy gained steam.

National home prices fell 4.1% during the last three months of 2010, compared with 12 months earlier, according to the latest report from the S&P/Case-Shiller home price index, a closely watched indicator of market trends. They were down 1.9% compared with three months earlier.

"Despite improvements in the overall economy, housing continues to drift lower and weaker," said David Blitzer, spokesman for S&P.

And things may get a lot worse, said Robert Shiller, a Yale economist and half of the Case-Shiller team, in a web conference after the report's release.

"There's a substantial risk of home prices falling another 15%, 20% or 25% more," he said. .


Wait a second, what happened to "economic recovery"?




posted on Feb, 22 2011 @ 02:41 PM
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house prices need to fall.

houses were never meant to be "investments".

they are (and always have been) long-term consumables.

anybody that doesn't understand this is apt to lose his/her shirt.



posted on Feb, 22 2011 @ 02:43 PM
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Good! I hope they keep falling. Housing prices were ridiculously high. Still are, but they are starting to re-enter the realm of reality again. I am a little sorry for people who purchased a house at the inflated prices and now owe more than what it is worth. But the bubble was just so obviously fake, I don't understand why people thought it was a good time to buy.

My family and I have needed a new house for a few years now, but I have refused to buy one at the inflated prices demanded by the artificial market. With prices finally getting back to where they should have been I am now in the market and will pay a fair price.



posted on Feb, 22 2011 @ 02:43 PM
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reply to post by alomaha
 


I never quite understood how they thought the home prices were going to go back up? My wife and I have been in our 1st home for just over 5 years now & I told her we could start looking again in another 5 years. I don't expect the house prices to start to recover for another 3-5 years and that's being nice. Everywhere I look there is a new house sitting open...not sure why they keep building them? I'm waiting for that one house that has been sitting for over a year then make my move.



posted on Feb, 22 2011 @ 02:54 PM
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reply to post by Montana
 


im with you, brother.

there were greedy folks out there with no knowledge of construction building crappy structures, or mom-&-pop outfits out there trying to become real estate moguls by "flipping" houses at 2 x the houses' actual worth.

the fed went along with it, 'cause it was good for the banks & lenders; the states, counties and municipalities went along with it because it was "good for jobs" and pumped up the property tax coffers. the people went along with it because...well, because why shouldn't i own a 450,000$ house even if i only clear 32 K a year.

it always was a lie, and i want to see the liars pay.



posted on Feb, 22 2011 @ 02:54 PM
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The problem is that in some parts of the country prices are still ridiculously high,while in some others are getting almost ridiculously low. Economic divades are growing more and more in U.S. It may be dangerous...





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