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Case Shiller: U.S. home prices fall to nearly decade low
Posted on 4/24/12 at 2:21 pm
Posted on 4/24/12 at 2:21 pm
LINK
If you read the report, it really reflects what was being said here in the last housing thread. Mainly, housing prices nationally might be bottoming/turning, but depending on where you are, there's still lots of pain being felt. Sorry tirebiter, prayers sent bro:
If you read the report, it really reflects what was being said here in the last housing thread. Mainly, housing prices nationally might be bottoming/turning, but depending on where you are, there's still lots of pain being felt. Sorry tirebiter, prayers sent bro:
quote:
Prices in Atlanta continue to plummet, with the 12-month change collapsing 17.3%. That’s the worst annual rate of decline in the 20-year history of the index.
This post was edited on 4/24/12 at 2:22 pm
7
Posted on 4/24/12 at 2:24 pm to kfizzle85
*ETA: my dad sent me a text that PBS Frontline is doing a thing on the 2008 crash.
This post was edited on 4/24/12 at 2:25 pm
Posted on 4/24/12 at 2:28 pm to kfizzle85
quote:
Prices in Atlanta continue to plummet, with the 12-month change collapsing 17.3%. That’s the worst annual rate of decline in the 20-year history of the index.
So glad I didn't buy a house when I moved here in 2006 like so many people advised.
Posted on 4/24/12 at 2:42 pm to kfizzle85
quote:
Prices in Atlanta continue to plummet, with the 12-month change collapsing 17.3%. That’s the worst annual rate of decline in the 20-year history of the index.
You'd never know if from my neighborhood. Homes rarely stay on the market longer than 2 weeks and pretty much everyone is getting close to asking price with a lot of people fielding multiple offers.
Homes are being renovated like crazy and I'm even seeing complete teardowns again. I was out jogging yestereday afternoon and saw one that was under contract and the foundation wasn't even finished yet.
Posted on 4/24/12 at 3:04 pm to Martavius
For every neighborhood everyone wants to move into, there are many more of them people would like to avoid.
By the way, being born in 1985 is turning into real shitty financial timing. Im sure home prices will be up once I can afford one.
By the way, being born in 1985 is turning into real shitty financial timing. Im sure home prices will be up once I can afford one.
This post was edited on 4/24/12 at 3:06 pm
Posted on 4/24/12 at 3:05 pm to Martavius
Maybe it's because I'm not in love with Atlanta and come from relatively small cities, but I'm still not dying to go out and get one at the prices I see. I'll keep renting (I'm not actually looking as I'm not really settled in here).
Posted on 4/24/12 at 3:17 pm to kfizzle85
quote:
quote: Prices in Atlanta continue to plummet, with the 12-month change collapsing 17.3%. That’s the worst annual rate of decline in the 20-year history of the index.
Feeling that right now as we try to sell our house.
Posted on 4/24/12 at 3:49 pm to Martavius
quote:
Prices in Atlanta continue to plummet, with the 12-month change collapsing 17.3%. That’s the worst annual rate of decline in the 20-year history of the index.
You'd never know if from my neighborhood. Homes rarely stay on the market longer than 2 weeks and pretty much everyone is getting close to asking price with a lot of people fielding multiple offers.
That's my perception about Atlanta also. I have a close relative who lives there and the house prices in her area are down but only by a few percent from their peak. I'm wondering if some big housing development has collapsed which distorts the overall pricing for the area. I know that sounds far fetched but those numbers just don't pass the sniff test.
Posted on 4/24/12 at 3:52 pm to reb13
quote:In what area of Atlanta do you live?
quote: Prices in Atlanta continue to plummet, with the 12-month change collapsing 17.3%. That’s the worst annual rate of decline in the 20-year history of the index.
Feeling that right now as we try to sell our house.
North, south, east or west...or northwest, northeast, etc.? My relative's home is near Emory University on the northeast side of Atlanta.
Posted on 4/24/12 at 3:55 pm to LSURussian
I'll let tirebiter answer, I have no insight into the Atlanta housing market, but I would imagine its just as bifurcated as any other large, spread out city.
Posted on 4/24/12 at 3:59 pm to kfizzle85
quote:
I would imagine its just as bifurcated
"Tee, hee, hee...."
"That's not a dirty word, Joey!!!"
Now back to your regularly scheduled programming.....
Posted on 4/24/12 at 4:28 pm to LSURussian
quote:
I know that sounds far fetched but those numbers just don't pass the sniff test.
It's about right for a lot of areas. We just did a short sale for 65% f what we bought for at the end of 2007.
If you look on Zillow, the drop is anywhere between 30-40% in most of Gwinnett, Forsyth and Fulton counties. It's brutal in the metro area. I say most because there are pockets where the drop is lower, but I know of no area in those counties that aren't materially lower than the peak
Now, it might be different inside of the loop, so your peeps by Emory could be right.
This post was edited on 4/24/12 at 4:30 pm
Posted on 4/24/12 at 4:47 pm to kfizzle85
Its gonna get nasty soon, especially n'hoods were heavy construction took place in 07'. A lot of 5/1 ARM's are coming down the pipeline. We're expecting quite a few coreclosures in the next few months in several markets.
Posted on 4/24/12 at 5:19 pm to ItNeverRains
Can you elaborate? Why do you expect ARMs to all of a sudden become an issue with benchmark rates still hanging out at effectively zero? Additionally, how many people that had 5/1s 5 years ago haven't refi'd in one of the multiple refi booms we've had since? I'm not sure why it would be any different now than in 2010 or 2011 periods, which were 5 years after heavy construction took place in 06 or 05, so I'm interested in your reasoning.
This post was edited on 4/24/12 at 5:20 pm
Posted on 4/24/12 at 5:24 pm to kfizzle85
Case was on Bloomberg this morning, they asked him about policy changes to help clear the inventory and he replied with "the only way to clear it at this point is to demolish it" (paraphrasing). Also pointed out the current stat is something like 14% of 24-35 yo males live with their parents, which is severely hampering number of households.
Posted on 4/24/12 at 6:54 pm to LSURussian
quote:
In what area of Atlanta do you live?
Roswell/Alpharetta off of exit 7 on 400.
quote:
My relative's home is near Emory University on the northeast side of Atlanta.
That is a really nice area, and is probably less impacted due to the proximity to actual Atlanta.
What is weird is the builders are keeping their prices high in the area, but most of the homes in the area are 15-20 years old. We bought at about 479 and put in about 100. We will be lucky to see 510.
This post was edited on 4/24/12 at 6:58 pm
Posted on 4/24/12 at 7:41 pm to reb13
Ouch!!!
Posted on 4/24/12 at 10:42 pm to kfizzle85
Some interesting historical peaks and valleys...
Shiller's Real Home Price Index
1890, 100.00 (first data value)
1894, 123.98
1921, 65.61
1955-3Q, 115.97
1974-4Q, 102.51
1979-1Q, 121.81
1982-3Q, 103.31
1989-3Q, 125.85
1996-4Q, 106.73
2006-1Q, 198.01
2011-4Q, 115.52
Man, 1894 was really not a good year to buy a home. I blame the Pittsburgh boom city mentality.
Shiller's Real Home Price Index
1890, 100.00 (first data value)
1894, 123.98
1921, 65.61
1955-3Q, 115.97
1974-4Q, 102.51
1979-1Q, 121.81
1982-3Q, 103.31
1989-3Q, 125.85
1996-4Q, 106.73
2006-1Q, 198.01
2011-4Q, 115.52
Man, 1894 was really not a good year to buy a home. I blame the Pittsburgh boom city mentality.
Posted on 4/25/12 at 8:40 am to Doc Fenton
quote:
Some interesting historical peaks and valleys...
That is interesting. What I see is that in the long run, investing in housing is pretty much like investing in TIPS. You beat inflation by just a tiny bit but nothing more.
Which means that there should be other reasons one should want to own a house other than investment purposes.
Posted on 4/25/12 at 8:53 am to kfizzle85
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