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Home prices go negative for first time in 11 years
Old 03-27-2007, 10:07 AM   #1
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Home prices go negative for first time in 11 years

http://www.marketwatch.com/news/stor...&dist=morenews

An interesting article about the housing bubble bursting... or maybe just a slow leak...

Prices fell from December to January in 17 of the 20 cities; only Miami showed any price gains. Prices were flat in Charlotte, N.C., and Seattle. Prices were falling fastest in January in San Diego, down 1.7%, or a 22.4% annual rate. Prices dropped 1.1% in Los Angeles, or a 14% annual rate.
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Re: Home prices go negative for first time in 11 years
Old 03-27-2007, 10:10 AM   #2
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Re: Home prices go negative for first time in 11 years

Doesn't a negative home price mean that they will pay you to buy their house ?

I didn't look at the link but I suspect what they mean is that the appreciation rate went negative (ie. prices are falling).
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Re: Home prices go negative for first time in 11 years
Old 03-27-2007, 10:14 AM   #3
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Re: Home prices go negative for first time in 11 years

Its about time. Sacramento housing prices are insane.
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Re: Home prices go negative for first time in 11 years
Old 03-27-2007, 10:21 AM   #4
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Re: Home prices go negative for first time in 11 years

Quote:
Originally Posted by Masterblaster
Doesn't a negative home price mean that they will pay you to buy their house ?
Isn't the media wonderful?
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Re: Home prices go negative for first time in 11 years
Old 03-27-2007, 10:24 AM   #5
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Re: Home prices go negative for first time in 11 years

Quote:
Originally Posted by Masterblaster
I didn't look at the link but I suspect what they mean is that the appreciation rate went negative (ie. prices are falling).
Do ya think?

Ha
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Re: Home prices go negative for first time in 11 years
Old 03-27-2007, 10:31 AM   #6
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Re: Home prices go negative for first time in 11 years

Quote:
Originally Posted by Masterblaster
Doesn't a negative home price mean that they will pay you to buy their house ?

I didn't look at the link but I suspect what they mean is that the appreciation rate went negative (ie. prices are falling).
Yes... I just copied the headline of the article... thought the same thing you did.. let me have them!!!
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Re: Home prices go negative for first time in 11 years
Old 03-27-2007, 03:13 PM   #7
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Re: Home prices go negative for first time in 11 years

bursting bubbles! remember the haircut the market took when the bubble burst ... about 50%?
Quote:
"The S&P/Case-Shiller composite index showed a drop of 0.7 percent from a year ago in the price of a single-family home based on existing homes tracked over time in 10 metropolitan markets. Growth hasn't been that slow since January 1994 when it dropped by 0.9 percent compared to January 1993, S&P said."
http://biz.yahoo.com/ap/070327/home_...ndex.html?.v=2
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Re: Home prices go negative for first time in 11 years
Old 03-28-2007, 08:51 AM   #8
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Re: Home prices go negative for first time in 11 years

Read the Shiller report ... Boston down 5% in the last year. Had it in my head the drop was closer to 10% (probably true in my neighborhood(s)).

Had a vacancy materialize this month, soooo spoke to a realtor last week who said the bulk of the foreclosures are yet to hit the market (this I certianly believe). Need to get this thing cleaned up and on the market. Things do not look pretty down the road.

On the plus side (per my realtor) the buyers who are looking are well qualified (thanks to the subprime implosion) AND mortgage rates are still VERY good.

We'll see ....
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Re: Home prices go negative for first time in 11 years
Old 03-28-2007, 06:49 PM   #9
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Re: Home prices go negative for first time in 11 years

Boston prices are down 10% from the peak but holding steady now... in the last 4 weeks, I have watched a number of properties in Allston and Brookline be pulled off the market by owners rather than be sold for another 10% reduction... will be interesting to see how it all plays out. I am a buyer when prices fall another 10% because rents are so strong...
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