When will real estate market bottom? - Page 5 - PhillyBlog

njriverman · #41 (**permalink**) 01-15-2008, 11:30 AM

Quote:

Originally Posted by rimrock

Wait, 'active adults' will buy a 3-story unit in New Jersey (without an elevator at that price obviously)? How do they deal with the stair issue?

When they first call or come in they SAY they want everything on one level,

then as you examine it,

1 no they would like a full basement instead of a slab,

2 they would like a quest suite or attic storage on 2nd floor.

They want MBR on main level which it is, but they aren't ready to get rid off all their year's of STUFF yet, so they like basement and attic.

In Bensalem this style has been raelly popular, we only have 18 of 208 left.

They don't view this as three story.

http://granor.net/

More Pictures at http://granor.net/ChancellorsGlen.php

njriverman · #42 (**permalink**) 01-31-2008, 02:31 AM

Fed Rate cut does that mean worse real estate or housing news is on the way?

We've had some real good activity at our sites, it is possible bottom is behind us.

njriverman · #43 (**permalink**) 03-21-2008, 12:18 AM

Foreclosure rates for top 100 metro areas.
Rate Rank MSA Foreclosure Filings 1 filing for every #HH %Δ from First Half 2006
1 STOCKTON, CA 8,169 27 256
2 DETROIT/LIVONIA/DEARBORN, MI 28,705 29 99
3 LAS VEGAS/PARADISE, NV 22,928 31 142
4 RIVERSIDE/SAN BERNARDINO, CA 41,351 33 198
5 SACRAMENTO, CA 20,516 36 241
6 DENVER/AURORA, CO 23,842 42 11
7 MIAMI, FL 20,275 46 74
8 BAKERSFIELD, CA 5,365 47 222
9 MEMPHIS, TN 10,800 49 17
10 CLEVELAND/LORAIN/ELYRIA/MENTOR, OH 18,844 50 106
11 FORT LAUDERDALE, FL 15,720 50 72
12 ATLANTA/SANDY SPRINGS/MARIETTA, GA 36,502 54 17
13 FORT WORTH/ARLINGTON, TX 13,221 57 -10
14 FRESNO, CA 4,867 60 183
15 INDIANAPOLIS, IN 11,677 62 -6
16 DAYTON, OH 5,966 63 96
17 DALLAS, TX 23,284 65 -15
18 AKRON, OH 4,378 70 85
19 OAKLAND, CA 13,482 70 152
20 COLUMBUS, OH 10,706 70 85
21 JACKSONVILLE, FL 7,513 73 20
22 PHOENIX/MESA, AZ 21,378 74 139
23 SAN DIEGO, CA 14,859 75 164
24 TAMPA/ST PETERSBURGH/CLEARWATER, FL 15,905 79 68
25 WARREN/FARMINGTON HILLS/TROY, MI 13,093 80 92
26 TOLEDO, OH 3,530 84 47
27 VENTURA, CA 3,100 86 183
28 NEWHAVEN/MILFORD, CT 4,017 86 547
29 LOS ANGELES/LONG BEACH, CA 38,199 87 125
30 CHICAGO, IL 34,818 88 45
31 SARASOTA/BRADENTON/VENICE, FL 3,919 94 166
32 EDISON, NJ 9,462 98 58
33 ORLANDO, FL 8,325 98 49
34 CINCINNATI, OH 8,949 100 166
35 WORCESTER, MA 3,097 101 374
36 LAKE/KENOSHA, IL-WI 2,454 101 27
37 CAMDEN, NJ 2,761 101 56
38 CHARLOTTE/GASTONIA, NC 6,498 101 116
39 PALM BEACH, FL 6,063 102 32
40 GARY, IN 2,614 108 49
41 LITTLE ROCK/NORTH LITTLE ROCK, AR 2,617 108 -39
42 KANSAS CITY, MO-KS 7,703 111 117
43 SAN ANTONIO, TX 6,409 112 -1
44 HARTFORD, CT 4,326 112 446
45 ORANGE, CA 9,012 113 153
46 AUSTIN/ROUND ROCK, TX 5,155 115 -21
47 SPRINGFIELD, MA 2,424 116 234
48 BRIDGEPORT/STAMFORD/NORWALK, CT 2,847 122 552
49 TUCSON, AZ 3,323 122 55
50 NEWARK, NJ 6,745 124 20
51 TACOMA, WA 2,427 125 23
52 HOUSTON/BAYTOWN/SUGARLAND, TX 16,057 127 1
53 ESSEX, MA 2,179 135 409
54 OKLAHOMA CITY, OK 3,660 138 -22
55 TULSA, OK 2,712 143 -12
56 SAN JOSE/SUNNYVALE/SANTA CLARA, CA 4,197 148 105
57 SUFFOLK/NASSAU, NY 6,624 150 17
58 ST LOUIS, MO-IL 8,023 151 55
59 BOSTON/QUINCY, MA 4,862 153 342
60 RALEIGH/CARY, NC 2,505 158 105
61 NASHVILLE/DAVIDSON, TN 3,788 161 31
62 LOUISVILLE, KY 3,150 169 7
63 SALT LAKE CITY, UT 2,185 172 -39
64 EL PASO, TX 1,306 187 -2
65 CAMBRIDGE/NEWTON/FRAMINGHAM, MA 3,045 193 313
66 WASHINGTON/ARLINGTON/ALEXANDRIA, DC-VA-MD 8,483 195 430
67 PHILADALPHIA, PA 8,086 198 2
68 ALBUQUERQUE, NM 1,635 208 -38
69 ROCHESTER, NY 2,041 215 208
70 GREENSBORO/HIGHPOINT, NC 1,336 225 75
71 BIRMINGHAM/HOOVER, AL 1,986 227 157
72 OMAHA/COUNCIL BLUFFS, NE-IA 1,480 229 158
73 MILWAUKEE/WAUKESHA/WST ALLIS, WI 2,782 231 22
74 SCRANTON/WILKES/BARRE/HAZLETON, PA 1,076 239 110
75 MINNEAPOLIS/ST PAUL/BLOOMINGTON, MN 5,270 245 201
76 SEATTLE/BELLEVUE/EVERETT, WA 4,302 246 7
77 KNOXVILLE, TN 1,211 246 9
78 SAN FRANCISCO, CA 2,765 263 83
79 NEW ORLEANS, LA 2,178 267 610
80 PITTSBURGH, PA 3,917 281 -22
81 PROVIDENCE/NEW BEDFORD, RI 1,489 301 473
82 NEW YORK/WAYNE/WHITE PLAINS, NY 14,300 305 47
83 BUFFALO/CHEEKTOWAGA/TONAWANDA, NY 1,565 332 76
84 PORTLAND/VANCOUVER/BEAVERTON, OR 2,426 353 7
85 BETHESDA/FREDERICK/GAITHERSBURG, MD 1,196 368 581
86 BALTIMORE/TOWSON, MD 2,816 387 275
87 WICHITA, KS 633 399 0
88 POUGHKEEPSIE/NEWBURGH/MIDDLETOWN, NY 566 428 2
89 ALBANY/SCHENECTADY/TROY, NY 690 544 82
90 CHARLESTON, SC 483 547 -23
91 WILMINGTON, DE 469 588 108
92 SYRACUSE, NY 441 643 3
93 BATON ROUGE, LA 456 668 265
94 ALLENTOWN/BETHLEHEM/EASTON, PA 403 756 34
95 COLUMBIA, SC 392 757 -49
96 NORFOLK/VIRGINIA BEACH/NEWPORT NEWS, VA 747 787 191
97 HONOLULU, HI 286 1,151 68
98 MCALLEN/EDINBURG/PHARR, TX 155 1,494 -35
99 GREENVILLE, SC 151 1,721 -66
100 RICHMOND, VA 213 2,319 -1

Bryson662001 · #44 (**permalink**) 03-21-2008, 08:43 AM

Quote:

Originally Posted by njriverman

Fed Rate cut does that mean worse real estate or housing news is on the way?
.

If high inflation continues unchecked (W is such an idiot) and the value of the dollar continues to fall (W is such an idiot) then shouldn't house prices continue to rise?

SuzyH · #45 (**permalink**) 03-21-2008, 10:05 AM

Quote:

Originally Posted by Bryson662001

If high inflation continues unchecked (W is such an idiot) and the value of the dollar continues to fall (W is such an idiot) then shouldn't house prices continue to rise?

No, housing prices will continue to drop if incomes are flat. With high inflation and flat incomes people have to spend more on necessities.

Supply and demand dynamics dictate that housing prices must fall. Only when the cost of leasing a house from a bank (i.e. "owning") is commensurate with that of renting will house prices stop dropping. In other words, it's a long way down.

In addition, for those individuals who used to use their house as an ATM to live, these people will be foreclosed upon and that adds to inventory. The cycle feeds upon itself.

Housing inflation was artificially generated - it was created largely by fake appraisals, cash back scams, and realtor induced mania ("buy now or forever be priced out of the market").

If you believe that the Fed's printing of money will save us, think again. It can cause a loss of confidence in the dollar and wipe out the buying power of savers. At the moment this is the path that the government is taking. They feel they have no choice given the situation, and because it's an election year.

njriverman · #46 (**permalink**) 04-17-2008, 01:18 PM

Is the worst behind us or ahead of us?

I hope behind us, I am seeing decent traffic and offers on properties that are priced correctly, and show well.

Foreclosures lists don't seem so bad for Delaware Valley
http://www.pennjersey.info/forums/ot...html#post11349

darpizza · #47 (**permalink**) 04-17-2008, 01:59 PM

Quote:

Originally Posted by njriverman

When will real estate market bottom?

When overseas investors have bought up all the property.

Bryson662001 · #48 (**permalink**) 04-17-2008, 02:03 PM

Quote:

Originally Posted by njriverman

Is the worst behind us or ahead of us?

I hope behind us, I am seeing decent traffic and offers on properties that are priced correctly, and show well.

Foreclosures lists don't seem so bad for Delaware Valley
http://www.pennjersey.info/forums/ot...html#post11349

I was hoping this thread was behind us. Swinefeld does this belong here in center City?

njriverman · #49 (**permalink**) 05-13-2008, 09:33 PM

Pending Home Sales Slip Again

by Alison Rice
Builder Magazine

More restrictive lending requirements dampened Americans' ability to buy a new home in April, according to the National Association of Realtors' pending home sales index.

Last month's index reading slipped just under a percentage point to 83.0, which is 20.8 percentage points lower than April 2007. (The index measures home sale contracts that have been signed, but not closed.)

"Our members are telling us that more buyers are looking at homes, but are slow in signing contracts, and that's contributing to the weakness in pending home sales," said Richard F. Gaylord, the association's president and a RE/MAX broker in Long Beach, Calif.
When these buyers do decide to purchase, they encounter a mortgage market with far fewer options and many more rules than they might have during the boom. "Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," said Lawrence Yun, the association's chief economist.

For more information, including regional pending home sales indices, visit www.realtor.org/press_room/news_releases/2008/soft _existing_homesales_rise_midsummer.
Alison Rice is senior editor, online, at BUILDER magazine.

Bryson662001 · #50 (**permalink**) 05-13-2008, 09:57 PM

Give us local news! We don't care about Long Beach, California!

Quote:

Originally Posted by njriverman

Pending Home Sales Slip Again

by Alison Rice
Builder Magazine

More restrictive lending requirements dampened Americans' ability to buy a new home in April, according to the National Association of Realtors' pending home sales index.

Last month's index reading slipped just under a percentage point to 83.0, which is 20.8 percentage points lower than April 2007. (The index measures home sale contracts that have been signed, but not closed.)

"Our members are telling us that more buyers are looking at homes, but are slow in signing contracts, and that's contributing to the weakness in pending home sales," said Richard F. Gaylord, the association's president and a RE/MAX broker in Long Beach, Calif.
When these buyers do decide to purchase, they encounter a mortgage market with far fewer options and many more rules than they might have during the boom. "Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," said Lawrence Yun, the association's chief economist.

For more information, including regional pending home sales indices, visit www.realtor.org/press_room/news_releases/2008/soft _existing_homesales_rise_midsummer.
Alison Rice is senior editor, online, at BUILDER magazine.

View Poll Results: When will real estate market bottom?
either it has or in 1st quarter 2008	12	17.14%
2nd quarter 2008	8	11.43%
3rd quarter 2008	10	14.29%
4th quarter 2008	8	11.43%
1st quarter 2009	3	4.29%
2nd quarter 2009	6	8.57%
3rd quarter 2009	1	1.43%
4th quarter 2009	2	2.86%
2010	9	12.86%
2011 or later	11	15.71%
Voters: 70. You may not vote on this poll