Interesting info on housing prices

[Argo]

So I wrote a little script that scans the house listings in my neighborhood and compares the prices for the same house from day to day.

Interestingly, within the last 4 days 5% of the houses listed in my immediate neighborhood had a price drop. Most were in the $10k-$15k range, but one was listed $50k lower. Just another cool indication that real estate prices are come back down to earth.

 

[aphex]

really?

 

[Q]

Originally posted by: aphex
o'rly?

Fixed

 

[SoundTheSurrender]

no wai.

 

[mugs]

WTF, how many people are selling their house in your neighborhood and why are they all leaving? Maybe you smell...

 

[jpeyton]

Originally posted by: aphex
really?

Text

"A down market is getting baked into expectations," says Chris Flanagan, head of research in JPMorgan Chase's (JPM) asset-backed securities group. "People say: I'm not buying until prices are lower.'" He predicts prices will fall about 25%, bottoming in 2010.

 

[txrandom]

2010 is just in time for me to buy a house.

 

[Slew Foot]

Originally posted by: jpeyton

Originally posted by: aphex
really?

Text

"A down market is getting baked into expectations," says Chris Flanagan, head of research in JPMorgan Chase's (JPM) asset-backed securities group. "People say: I'm not buying until prices are lower.'" He predicts prices will fall about 25%, bottoming in 2010.

Thats actually pretty close to what ive been saying.

Now work on your script to work like this:


http://flippersintrouble.blogspot.com/

 

[theeedude]

Interesting, because the stock market thinks real estate has bottomed. I don't buy it myself.

 

[Jumpem]

Housing is fine here. My house (1500sq.ft. on 4 acres) was $117k, and my cousin bought a fixer upper for $55k.

 

[Muadib]

Originally posted by: Jumpem
Housing is fine here. My house (1500sq.ft. on 4 acres) was $117k, and my cousin bought a fixer upper for $55k.

You must be upstate NY.

 

[Jumpem]

Originally posted by: MuadibYou must be upstate NY.

Indeed.

 

[her209]

If you bought an overpriced house, then you deserve to lose your shirt.

 

[Parasitic]

Originally posted by: Muadib

Originally posted by: Jumpem
Housing is fine here. My house (1500sq.ft. on 4 acres) was $117k, and my cousin bought a fixer upper for $55k.

You must be upstate NY.

Are houses really that cheap upstate NY?

 

[JEDI]

Originally posted by: senseamp
Interesting, because the stock market thinks real estate has bottomed. I don't buy it myself.

yup.. my REIT stocks are actually up 3% this year!

(compared to the S+P which is down like 7%)

 

[Muadib]

Originally posted by: Parasitic

Originally posted by: Muadib

Originally posted by: Jumpem
Housing is fine here. My house (1500sq.ft. on 4 acres) was $117k, and my cousin bought a fixer upper for $55k.

You must be upstate NY.

Are houses really that cheap upstate NY?

Yes they are. When I thought about making the move, there were some really great buys. My dad got sick though, so I stayed in NJ.

 

[T9D]

I figured as much also. This is why I've been dumping all mine below market. I've been liquidating my properties. (moving to new area and setting up there). Longer I hold cash to though the more properties I'll be able to buy later. I'm taking small losses off my equities from last year but I'm still making money on them. I see all these house that keep coming down and more and more houses that are dumping on the market. But then there are so many homes that they refuse to lower the price and they aren't selling. By spring they are going to dump down hard when they realize how much competition is out there now and they just can not sell them that high anymore.

So I'm undercutting them now and getting mine sold. If I try to get more I could end up sitting on them and having to lower them later with the rest of the market, then will have all that competition, then will sit longer, have to lower again and again. Forget it. Price what seems low now and get out. Wait till those houses come way down later and buy back in.

 

[Jumpem]

Yes I live in northern NY, about 40 miles north of Syracuse. My house is ten years old, 1500sq.ft., on four acres, adjacent to state snowmobile trails, and a quarter mile from the lake.

 

[Squisher]

Well, we in Detroit have been experiencing the bust for a couple of years and as a service to you we will continue to be your canaries in the coal mine.