Home Prices: Steepest Drop in 20 Years

uscitizen

uscitizen

Villified User
Home Prices: Steepest Drop in 20 Years
Tuesday August 28, 9:58 am ET
By Vinnee Tong, AP Business Writer
S&P Says Housing Prices Fell in 2Q by Steepest Rate Since Its Index Was Started in 1987

NEW YORK (AP) -- U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the research group said Tuesday.

http://biz.yahoo.com/ap/070828/home_price_index.html?.v=3
 
And Dano / spinner this is good news for those looking to buy and having good credit.
Might decrease the number of millionaires by a few though :)
 
As I said, get your refi now if you are in an adjustable loan.... otherwise you are going to get caught holding a high interest.
 
I don't know that they will fall that much more, a week 2006 and 2007 has seriously deflated the bubble. We may get 2 to 3 yrs of below average real estate gains though.
 
Topspin said:
I don't know that they will fall that much more, a week 2006 and 2007 has seriously deflated the bubble. We may get 2 to 3 yrs of below average real estate gains though.
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Many of the interest rate boosts kick in next year. so more defaults are on the way. we have not hit bottom yet.
 
Thorn said:
So Tiana, are you guys seriously looking these days?
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Yep! But its becoming a pain in the you know what. We can't see to agree on any homes and/or areas and lately my boyfriend likes these custom homes that I just think look like tacky shacks for the most part. I mean, if I hear "This is an awesome home" one more time only to find that its some freakishly shaped archeitectual nightmare, I'm going to scream. Keep a look out in the news for it.
 
LOL. I think that HGTV has a new program that helps couples with widely different tastes reach decorating/style compromises that satisfy them both. I forget the name of it, though; only watched a part of it once.
 
Home Prices: Steepest Drop in 20 Years

Outstanding!

I'm waiting for those sweet beach-front houses to drop another 100K
 
Thorn said:
LOL. I think that HGTV has a new program that helps couples with widely different tastes reach decorating/style compromises that satisfy them both. I forget the name of it, though; only watched a part of it once.
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We totally need something like that.
 
uscitizen said:
Many of the interest rate boosts kick in next year. so more defaults are on the way. we have not hit bottom yet.
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I agree, I think the worst is yet to come. I have been preaching on this for a long time, just ask cawacko. Hey cawacko, how is California doing. My friend in Nevada lost her job, one of the loan companies that went belly up!
 
froggie said:
I agree, I think the worst is yet to come. I have been preaching on this for a long time, just ask cawacko. Hey cawacko, how is California doing. My friend in Nevada lost her job, one of the loan companies that went belly up!
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Depends where you are in the state. There are a few places still enjoying price appreciation in CA but for the most part the state is seeing prices staying flat or dropping. Foreclosure numbers are still relatively small but they have been growing.

The biggest hit has come in the lower end/first time buyer type homes as far as pricing. There is still decent demand in the $800k - $1.5 million range (starter home prices in some areas).

The Orange County office market took a big hit when several of the loan companies laid off most of their workers. Not a good industry to be in at the moment.
 
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