16.7% year over year increase in TEXAS!!

[honobob]

Housing Markets Where Prices Are Rising

4% Appreciation my *ss!!

Who's buying those $500,000 homes when the median income is only $37,000? And what would the taxes be?

[REWahoo]

Quote:

Originally Posted by honobob Who's buying those $500,000 homes when the median income is only $37,000?

According to the link you provided, no one:

Beaumont, TX market

Number of homes for sale 168
Number of sales last month 0

[TromboneAl]

This is what Zillow says about the price of our home. I wonder what causes the supposed uptick? Several houses for sale here but none have sold. A big fancy house was just built across the street.

[Leonidas]

I guess prices are down, but have recovered slightly. Zillow can't access my home information, so I chose the same floor plan two doors down.

My house is worth a little more because it's a lake lot, and I was talking to a house-flipper two days ago who said he thought I could sell for $310K. I thought that was a little excessive and figured 285 as a more likely number.

Edit - Here's a better chart (longer time period like Al's)

[ERD50]

Quote:

Originally Posted by REWahoo According to the link you provided, no one: Beaumont, TX market Number of homes for sale 168 Number of sales last month 0

Perfect example of "we see what we want to see", huh?


-ERD50

[honobob]

Quote:

Originally Posted by REWahoo According to the link you provided, no one: Beaumont, TX market Number of homes for sale 168 Number of sales last month 0

WOW! See how quick you get priced out of the market if you wait. Today is a good day to buy real estate...in Beaumont Texas.

[ziggy29]

Beaumont's market may be wonky because of hurricanes. Still, I don't know how many folks can pay $500K for a house in Beaumont.

Having said that, Texas real estate has weathered the housing slump much better than much of the country. For one thing, we never had the insane run-ups that required a lot of toxic mortgage concoctions leading to the foreclosure epidemics we're seeing in Florida and Arizona and Vegas and parts of California. For another, even though it's fairly weak here now too, the state economy is generally a lot stronger than most of the rest of the country.

[Orchidflower]

Has anyone here ever actually been to Beaumont? Oil country area.
Hard to believe that there would ever be a demand for $500K houses there...ever.

[Tadpole]

Well, selling or not, the larger the assessments, the larger the property tax revenue.

[Texas Proud]

Quote:

Originally Posted by Orchidflower Has anyone here ever actually been to Beaumont? Oil country area. Hard to believe that there would ever be a demand for $500K houses there...ever.

There are a number of refineries there... so I am sure there are some well paid managers that could afford those prices of house...

If you notice, the average is about $170K which sounds high to me from what I know... but I guess when you factor in the high end it might be...

If you put in my zip... they show a number of $1.1 and $1.3 million homes... but I can tell you there are only a few... the median for my zip is about $187K... and you can buy the house next to me for $105K... and there are some in the $80s....

[MichaelB]

Median and average sales prices are usually misleading - they make no adjustment for age, location, size or condition.

Case-Shiller data, which tracks individual addresses, shows Dallas home prices declining 1-2% per month, after having leveled off 6 months ago.

According to CS data, there is no major housing market in the US that is not declining in price right now, while 6 months ago 8 of 20 were showing small but positive changes.

Michael

[Rustic23]

Yep, been to Beaumont. Next door neighbor's kids live there. I am not sure if Valero's headquarters is there, so my guess is there is some money in that town. Been a while since we were through there, but it does not surprise me that there are $500,000 homes. Aslo, housing shot up after Ike, Rita, Katrina simply because of supply and demand. i.e. lots of supply blown off the markte.

[Martha]

According to the WSJ:
The S&P/Case-Shiller home-price index, a closely watched gauge of U.S. home prices, showed accelerating price declines in November. No area experienced year-over-year price gains, the eighth straight month that has happened.
None of the cities managed to avoid month-to-month declines for the second month in a row. In September, Cleveland and Boston managed to eke out gains from the prior month, while prices were flat in Chicago and Denver.
Phoenix, Las Vegas and San Francisco continued to lead decliners, all with monthly drops over 3% and year-to-year drops over 30%.
The indexes showed prices in 10 major metropolitan areas fell 19.1% in November from a year earlier and 2.2% from October. The drop marks the 10-city index’s 14th-straight monthly report of a record decline. In 20 major metropolitan areas, home prices dropped 18.2% from the prior year, also a record, and 2.2% from October.
As of November, the 10-city index is down 27% from its mid-2006 peak and the 20-city is down 25%. The two indexes have fallen every month since August 2006, 28 straight. –Phil Izzo
See the full S&P/Case-Shiller report.


Now, you can sometimes cherry pick and find a few contrary sales (this is why anecdotal evidence isn't really evidence), but in general real estate still sucks.

[Sam]

Quote:

Originally Posted by Martha Now, you can sometimes cherry pick and find a few contrary sales (this is why anecdotal evidence isn't really evidence),

[ERD50]

Quote:

Originally Posted by Tadpole Well, selling or not, the larger the assessments, the larger the property tax revenue.

Is that true for Beaumont? It is NOT true for my county and many others.

My assessment determines how the taxes are divided, not the absolute amount of the taxes.

-ERD50

[deepc]

Hey, the house in front of ours is for sale for $549k, last sold five years ago for $350k.

Ten percent year over year increase! Where's my checkbook?

Disclaimer: on the market for a year, two showings, no offers.