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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (355965)	10/24/2007 2:03:56 PM
From: tejek	Read Replies (1) \| Respond to of 1578495

Yun said that the price declines should be put into perspective in that they are occurring after a five-year housing boom which pushed prices up to record levels. Smartest thing someone has said all year. The last year of the boom the median for Las Vegas went up 44% YoY. That's just for one year of the boom. By comparison, a 3, 4, 5% drop is nothing. Of course, the last ones in during the boom aren't happy but then you can't please all the people all the time. He forecast that prices will decline by about 1.5 percent this year. That would be the first annual price decline on Realtors' records going back four decades> The boom in housing prices for the first part of this decade was unprecedented. Therefore, its not surprising that we are experiencing an unprecedented decline in price this year......and probably next.....although I think we will see a pick up in sales come this Spring. The real problem was the mortgage standards of the last two years when people who shouldn't have been buying were allowed to buy. That's the ugly part of the boom, not the boom itself. People got too greedy and tried to extend it beyond its normal life.