S&P: Home prices drop by record 15.8 pct. in May
By J.W. ELPHINSTONE, AP Business Writer 54 minutes ago
NEW YORK - Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened nationwide.
The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.
No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.
Home values have fallen 18.4 percent since the 20-city index's peak in July 2006.
Location, location, location.
Home prices have risen in my area
There are always exceptions to the negative reports about our economy and housing; the fact that some of us are fortunate enough to live in areas where our home prices have not lost close to the national averages only tells us that the majority of home owners are still suffering.
That you and the righties are trying to paint a positive picture about our economy is laughable; Bush created the biggest federal deficit, the biggest drop in home values, biggest drop in our stock market, the biggest increase on our fuel and food prices, and you guys keep trying to save a sinking boat - Bush.
cicerone imposter wrote:There are always exceptions to the negative reports about our economy and housing; the fact that some of us are fortunate enough to live in areas where our home prices have not lost close to the national averages only tells us that the majority of home owners are still suffering.
That you and the righties are trying to paint a positive picture about our economy is laughable; Bush created the biggest federal deficit, the biggest drop in home values, biggest drop in our stock market, the biggest increase on our fuel and food prices, and you guys keep trying to save a sinking boat - Bush.
If, as you suggest, that Bush created it, that contradicts everything you have said about him.
If he can create this mess, and by using the word create you are suggesting he did it intentionally, that means that he is much smarter then you think he is.
And, since he got congress, including the dems, to go along with him, then he must be smarter then all of the people in Congress.
And if he is that smart, then he isnt the idiot you like to portray him as.
cicerone imposter wrote:There are always exceptions to the negative reports about our economy and housing; the fact that some of us are fortunate enough to live in areas where our home prices have not lost close to the national averages only tells us that the majority of home owners are still suffering.
Fortunate? I made an educated decision to live in this area. I have a knack for spotting trends.
Don't buy into the left wing hype that the sky is falling, unless of course that's what you want to see happen.
mysteryman wrote:cicerone imposter wrote:There are always exceptions to the negative reports about our economy and housing; the fact that some of us are fortunate enough to live in areas where our home prices have not lost close to the national averages only tells us that the majority of home owners are still suffering.
That you and the righties are trying to paint a positive picture about our economy is laughable; Bush created the biggest federal deficit, the biggest drop in home values, biggest drop in our stock market, the biggest increase on our fuel and food prices, and you guys keep trying to save a sinking boat - Bush.
If, as you suggest, that Bush created it, that contradicts everything you have said about him.
If he can create this mess, and by using the word create you are suggesting he did it intentionally, that means that he is much smarter then you think he is.
And, since he got congress, including the dems, to go along with him, then he must be smarter then all of the people in Congress.
And if he is that smart, then he isnt the idiot you like to portray him as.
It doesn't take a smart person to create a mess, MM. Your logic does not follow. It also doesn't follow that people create things intentionally.
Cycloptichorn
H2O_MAN wrote:Location, location, location.
Home prices have risen in my area
Google Athens GA Housing Statistics 2007. I couldn't find anythin for 2008.
cicerone imposter wrote:Bush created the biggest federal deficit, the biggest drop in home values, biggest drop in our stock market, the biggest increase on our fuel and food prices, and you guys keep trying to save a sinking boat - Bush.
NO - Bush did not create these events.
realjohnboy wrote:H2O_MAN wrote:Location, location, location.
Home prices have risen in my area
Google Athens GA Housing Statistics 2007. I couldn't find anythin for 2008.
Building slowed down for a short time here, but it has been ramping up for more than two months.
This little dip did slow home sales for a short time - people adjusted and we are on an upswing.
These slow times are very good at thinning the herd and making everything a little better in the end.
My economy is relatively stable at this moment.
H2O, According to Zillow.com, the majority of homes in your areas sells for less than $200K; that's about the cheapest average in the US. Some of us like to live in locations with some culture and scenery. Stable heh? LOL
You're lucky if you can find a house trailer home in our area for that price.
cicerone imposter wrote:H2O, According to Zillow.com, the majority of homes in your areas sells for less than $200K; that's about the cheapest average in the US. Some of us like to live in locations with some culture and scenery. Stable heh? LOL
Ha! You are looking at overly liberal downtown Athens with it's
lopsided section 8 housing that drags all of the values way down.
My neighbors house just sold for $1.25 million and that's a steal.
You should liquidate and move here, I live in a diverse area with
Japanese, Chinese and Muslim neighbors. Very few earthquakes.
Speaking of earthquakes, the Los Angeles area just had one at 5.8.
Listed as 5.8 vs 6.7 for the 1994 one. As I recall, a 6.8 is 10 times more powerful then a 5.8. 10x for each 1 point increase. I may be wrong about that.
We have had two quakes in central VA in recent years, by the way.
An earthquake registering 2.0 on the Richter scale is 10 times stronger than a quake registering 1.0. A quake registering 3.0 is 10 X 10 or 100 times stronger than a quake registering 1.0 A 4.0 is 10 X 10 X 10 or 1,000 times greater than 1.0 and so on.
We have little ones here in Georgia all the time, but the last big one was over 100 years ago.
I remember feeling a few when I lived in Richmond, VA many years ago.
Good evening.
I have mentioned before that I am in the retailing racket and my group of stores is one of 104 or so which participate monthly in a survey run by the Federal Reserve Bank of Richmond. The Richmond Fed covers MD, DC, VA, NC, SC and part of WV.
I get a two page report summarizing activity in the region for the current month in a handful of activities (revenue, # of employees, shopper traffic etc), compared to the two previous months. An accompanying graph shows monthly and three month moving averages of the Revenue Index.
Looking bleak. Both graphed lines dropping off sharply since April.
Gas and food prices are really beginning to hurt retail sales.
Mervyn's, as noted earlier here, went into bankruptcy (not liquidation; rather reorganization). Two issues for them as I understand it. Squeezed between the lower end WalMart and the higher end stores and, secondly, heavily located in economically hard-hit CA.
Also today, I note that a TX based chain of restaurants (operating under the Brennigans or Steak and Ale flags) abruptly shut down all of their bunch of outlets. A 1000 or so jobs went along. The article, which I found on Forbes, mentioned a few other chains that seem to be in trouble, including Outback Steakhouse (which is the only one I can recall).
These places tend to be cash cows when the economy is good, but they are highly leveraged, so when prices rise and traffic drops off, they are very vulnerable.
My sales are down about 6% YTD. I can tell you more about that if anyone is interested. -rjb-
H2O_MAN wrote:cicerone imposter wrote:Bush created the biggest federal deficit, the biggest drop in home values, biggest drop in our stock market, the biggest increase on our fuel and food prices, and you guys keep trying to save a sinking boat - Bush.
NO - Bush did not create these events.
yep, he initiated them.
or facilitated, take your pick...
yay for war that wont end and wont be won when our economy is in a flop...
so smart.
isnt that why rome collapsed? money issues?
OGIONIK wrote:
isnt that why rome collapsed? money issues?
If you think our republic has money issues now, Obama's plan with shock you
rjb, Thanks for sharing that info. I'm surprised that your sales is not hurting as much during this downturn in our economy. With the cash-cow essentially gone from the consumers, I expect more retail and restaurants to go out of business. I'm just not sure how long this recession is going to last, but by my rendering, it looks like we're in it for the long-term.
There have already been reports about passing on the higher cost of products to consumers, but many retailers have been holding off doing so at the expense of much lower margins. Many say they're going to start passing the higher cost to customers, or they'll just go out of business.
When I worked for Florsheim Shoe Company as the Audit Manager, I was responsible to forecast total sales and net profit for each month for the retail division honcho, and my numbers used to come in pretty close - even for November and December when sales were the highest. What made it tough was how the weather in the north-east (heavy snow) impacted the sales numbers. I enjoyed it tremendously, though, and learned something about international business.
Looking at this holiday season, I see the retail business struggling to meet sales figures for the year. How it translates into the next few years is anybody's guess.
bein in las vegas sucks.
people dont take vacations to GAMBLe when they are losing their homes.
and so much for having stability.
in a society that forces you to be stable or you cant have anything nice, home, car, childhood, education etc..
maybe im missin somethin?
