No bottom in sight yet....

[RLLD 4,283]

``There is still no bottom in sight,'' said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc., a New York forecasting firm. ``Sales will continue to fall until there is a greater price capitulation by sellers. It still appears that we have not reached market-clearing prices to reduce the inventories of unsold existing homes.''

 

Rink'

 

Prices have been falling, but now we are reaching a point where people can no longer drop their prices unless they accept a loss. Most people ardently refuse to lose money when selling their home, so they either leave it on the market at the stated price, or pull it completely.

 

It would be difficult to know just how many listed homes get pulled, the NAR would never release such data. Suffice it to say that those who MUST sell to avoid foreclosure or bankruptcy are not finding buyers right now; while homes are selling, we are now getting to the point where it's going to slow in ever increasing amounts.

 

I have been impressed with how well people have been dropping prices in general, but they will simply have to go much, much further before this thing rights itself.

[hoytdwow 202]

buy low, sell high

[RLLD 4,283]

buy low, sell high

[kutulu 1,727]

I will shoot those motherfockers in the face if they try to take me out of my home.

[edjr 7,108]

Rink'

 

Prices have been falling, but now we are reaching a point where people can no longer drop their prices unless they accept a loss. Most people ardently refuse to lose money when selling their home, so they either leave it on the market at the stated price, or pull it completely.

 

It would be difficult to know just how many listed homes get pulled, the NAR would never release such data. Suffice it to say that those who MUST sell to avoid foreclosure or bankruptcy are not finding buyers right now; while homes are selling, we are now getting to the point where it's going to slow in ever increasing amounts.

 

I have been impressed with how well people have been dropping prices in general, but they will simply have to go much, much further before this thing rights itself.

 

I know I said this before, but I'll say it again.

 

I went to see a house that was listed for 310,000 12 months ago, it's on the market for 190,000 now.

[GutterBoy 2,900]

Unfortunately this hasn't affected central jersey or the jersey shore.

[IAMWood 6]

Still thriving in Austin.

 

Property taxes are high.

 

But now when I contest it, I have some merit.

 

[Walter34 3]

Loonie > US Dollar

[RLLD 4,283]

Unfortunately this hasn't affected central jersey or the jersey shore.

 

It very well may not. Prices in those areas have been pretty high as a rule, I am not sure they really rose all that hard. Regardless, the areas you mention might remain strong for a very long time.