New Home Sales and Prices Continue Seemingly Endless Decline

RE:New Home Sales and Prices Continue Seemingly Endless Decline

Jose — Mon, 03 Mar 2008 13:00:00 GMT

Like they say, real estate is local. Texas has not experienced the migration that California, Florida and New York have in the last decade. Certain parts of the country in 2004 and 2005, property value virtually remained the same increasing at the normal rate of approximately 6 % to 6Â½ % annually. A residence in certain areas of the country specifically in California that was worth on the average of 200k in 2003 was suddenly ridiculously priced at 550k to 600k in 2004 and 2005. That is the reason that property value in California, New York and Florida are adjusting back to the normal or more realistic prices. The media is simply put reporting the facts that the economy is on a decline just line they did when they reported monthly that property value was going up 20% to 30% per month as a result of improprieties conducted by individuals in the mortgage industry.

RE:New Home Sales and Prices Continue Seemingly Endless Decline

James Barnes — Mon, 03 Mar 2008 13:00:00 GMT

It never ceases to amaze me how reporters from the major news wires seem to only concentrate on the bad news from California, New York and Florida. So many parts of the country are doing just fine. In Austin, the markets are fine and values are still going up and the same can be said for Oregon and the Pacific NW. Only in the areas where they saw 25% or more a year in appreciation are they having these issues. The "Real Estate Bubble" is not everywhere. How about someone reporting on that?

RE:New Home Sales and Prices Continue Seemingly Endless Decline

Justin Travatte — Mon, 03 Mar 2008 13:00:00 GMT

The affordability factor in most markets is outrageous. In the markets where housing expenditures never outgrew affordability things are OK. Just about every other location is not faring well. WA State is not doing well. We are working with a growing # of foreclosures. Values are down across the board. Statistics are easily skewed when you're not comparing apples to apples. Hang on!

RE:New Home Sales and Prices Continue Seemingly Endless Decline

ANON — Wed, 27 Feb 2008 13:00:00 GMT

It can't turn around until there is money in the pockets of those who want to buy and continue to live in a house. It's called the affordability index, and there is no majority of people that can afford to buy and maintain the majority of houses. When that changes, there will be stability and not before.

RE:New Home Sales and Prices Continue Seemingly Endless Decline

dB — Wed, 27 Feb 2008 13:00:00 GMT

The Pacific Northwest has experienced a minor hit, but nowhere near as bad as other regions in the US. Market times have increased though... I'm hoping this turns around soon!