Housing prices still have a long way to fall

[BuyOnDips]

The bubble areas in the housing market really haven't corrected that much. I wouldn't buy a house in CA, NV, AZ or FL any time soon.

http://www.nypost.com/seven/02212009/postopinion/opedcolumnists/the_foreclosure_five_156287.htm

http://www.nypost.com/seven/02212009/photos/five.jpg

[johnlvs2run]

That article is misleading.

First of all, what happened to Colorado and Connecticut?
They were both in the top 4 in the last 24 months, ahead of California.

I don't know why NY is so low, home of the NYSE and the FED. It would be interesting to find out.
However, prices in CA at not higher than in New York. The median price in this town 3 years ago was 460k,
compared to less than 200k now, a much higher decline than the 20.8% depicted in the article.

California has responded to the crisis quite rapidly, whereas some other states are still selling into the crash.
For example I took a trip around the west 3 years ago and was astounded at the high prices in Washington,
and especially Colorado, for houses that were comparable to ones here.
Even then I could have purchased a better home in California than in either of those places.

After the first year or two of decline and when CO was ranked 2nd in the country for foreclosures,
a real estate in Lyons, CO told me prices were continuing upward. They are still playing bubble game.

Finally, this is a nationwide issue, not caused by consumers in 5 states.
California prices have adjusted well to the bubble, and are currently quite realistic.

The FED's home town papers are tossing out spin, trying to divert attention from their actions.

[BuyOnDips]

No, the bubble was really isolated in those areas listed in that article. Prices in CA, NV, FL and AZ have a long way to fall, since they soared so unrealistly during the bubble compared with housing prices in the rest of the country. FWIW, I probably wouldn't buy a house in CO either. I doubt I'd get a loan anyway. :)

http://www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=5681&accnt=64847

http://www.realtytrac.com/images/news/q4-us-foreclosure-heatmap-959x648.jpg

[johnlvs2run]

No, the bubble was really isolated in those areas listed in that article. Prices in CA ... soared so unrealistly during the bubble compared with housing prices in the rest of the country.

That's the point, California soared like the rest of the country but is not unrealistic compared to the rest of the country, in fact is more realistic than the rest of the country. Prices here right now are comparable to what they were here 10 years ago, and not that much higher than they were in the late 1980's and early 1990's.

Prices in WA, CO, UT, ID, and probably NY have gone up much higher, in some places 5 to 6 times what they were 20 years ago.

The bankers and fed are playing the old bait and switch game, like they are all holy, it must be this consumer or that state that caused the whole mess, which is nuts. States and consumers have nothing to do with setting the monetary policies of the country.

Stop all the bailouts and stimuli, which are blatant stealing from the American people. The taxes, false money and theft from the people are the issue, not a few consumers that spent too much, have nothing to do with it, and states that don't set the nationwide monetary policies. The article was posted from NY, the home of the NYSE, the IRS and the Fed, trying to point the scent somewhere else.

[BlackholeDivestment]

The New World Order reality of real estate is communist O'Bama Nation. The value of a home has been artificially inflated intentionally by New World Order globalists that have conspired to achieve the mark of inflation as a tax on individuals. Buying the New World Order real estate only insures the present call for the New World Order New Deal touted by the pathetic political fools like Gordon Brown.

If you are dumb enough to buy a home now, that is not way below value, it's only because you are delusional. You will never recover the tax required to sustain your personal title to a self devouring principle. When you accept the mark of inflation, you will reap the reward of that judgment.

It does not matter if your income is able to ride the wave of debt consuming personal income because, in a communist system the young and the poor will drown in the wake, along with individual liberty, freedom and justice for all.

If it is not a Bugatti but ...say a Ford or any normal car, the same principle loss now exists when you buy the medium home. You LOSE on maintaining property and suffer the tax on ownership. The New call for carbon tax is rising politically on cars and efficiency related to homes. People are not saving a dime by not buying artificial inflation, cars and homes, they are now frozen by the future loss defined by the fact that average income has no credit left and they can't buy sell or trade without suffering the mark of debt now offering to consume the required rate of return on investment.


This system is ridiculous... Anyone who continues to support this pathetic Blavatsky snake consuming it's own arse is a fool.

Rent at a lower rate if possible and get your dusty butt actively involved in stopping the madness. If you do not make an effort to restore order, in the end you will understand the mark of the beast is upon you and you are the beast.

Wake up, the Citi of the New World Order Babylon defines the bible real estate and the mark of debt upon the wages of sin. Babylon is falling and the reality of a real estate stimulus check in the mail defines the self devouring principle interest ...the spirit of deception. Don't buy the lie, stand fast and do no harm. Insure you invest in redemption and a rate of return equal with a sound investment that offers a sustaining principle not subject to loss.

If failure is not an option, it's only because a thief was given power to change the rule of law as a New World Order to insure control over individual right of ownership. You can't keep perfection down by being good to a thief, you will lose your return when perfection judges your good works that forsake perfection and you will find the perishing principle is not just the lie you accepted, it is the final reward for deception.
http://www.youtube.com/watch?v=oXQ-cpiPYAE

[johnlvs2run]

Good post, Blackhole. I have to agree with much that you said.

A house on the next street over is pending at $149,000 and due to close in a couple of days.
Another home down the street is at $152,000. These are prices that similar homes were selling for in 1988.

I live near the coast of central California, which is probably one of the most desirable places to live.

Prices are probably going to fall quite a bit more, but not as much as they are going to be falling in New York.

[BlackholeDivestment]

Every knee shall bow to the truth, the truth is not a choice. The truth is, the Mcmansions are Egyptian obelisks casting shadows of death, erected by labor in service to a lie that delivers no reward and offers no escape. In the end, failure is realized by the mason that claims to derive the tomb from the labor of the flesh offered as wage of gain against the principle required to sustain the New World Order masonic offer. The flesh required to fulfill the cryptofacist design attempting to sustain an occupant inside a graven image, has attempted to deceive all flesh by this New World Order claim of dominion over the rule of law, the truth.

Make sure the tomb is empty my friend, invest in provision ...and when you hear the margin call ...know you are able to stand without want, in agreement with the principle in command. Do not accept a stimulus check, the interest of thieves. The day is fast approaching for another 911 and the ''Global New Deal'' now on the table will offer peace and safety, not a choice after the Biden ''generated event''. Do not accept this new deal, it's another New World Order counter intelligent artificial AIG 911 margin call lie people have been MIHOP and LIHOP to death by. Stand fast, do no harm. The name of Yahshua, agreement with principle, truth, is not lost, it is sustained and defined risen out of the New World Order and the sure promise of the rate of return for perfection will destroy the good work of a pathetic mason.
It's no secret, the world knows the name of the truth and recognizes the body in agreement by the spirit of the perfect principle. Not all shall accept the labor of the harvest as the foundation for a real estate, they will remain compromised by their own fear and shall not stand fast in agreement with the standard command of Old Glory.

P.S. If I happen to see the Bomb and Brown in town today, I'll let them hear it.

[BuyOnDips]

I agree with Mish's assessment in the link below.

http://globaleconomicanalysis.blogspot.com/2009/03/case-shiller-and-car-analysis-february.html

2009 will be a terrible year. Late 2010 might be a good time to buy some property. Eventually, hyper inflation will hit us. Buy a farm like Jim Rogers says. :)

Another overview of our economic situation:

More Debt Won’t Rescue The Great American Ponzi

http://optionarmageddon.ml-implode.com/2009/03/09/more-debt-wont-rescue-the-great-american-ponzi/