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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (268348)	8/11/2010 5:30:54 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 306849

NAR-consult a Realtor because every market is different. Should read: Every house history is different. -g-

To: LTK007 who wrote (268348)	8/11/2010 5:31:35 PM
From: tejek	Read Replies (1) \| Respond to of 306849

Not being impolite, but i leave it to yourself to figure that out--it gets too wordy--just keep in mind the house BC describes is selling at WAY above the present median price but it is still be sol;d at a HUGE loss. There are many sales like this, and THUS giving a FALSE indicator via the median price that falsely indicate housing prices are rising because houses sold at the top end are dumped at huge losses---that's the idea. Max First, I never saw the BC post you're citing. So I am having a hard time following what you are saying. Secondly, yes, there homes are still 'underwater'. That's very typical after a big bust. An extreme example is S. CA and its housing bust of the early 90s. It took 6 years before the market recovered completely and regained the median price it had in the last 80s. However that bust was much worse than the present one. The truth is CA has been booming and busting for decades. So none of this comes as a shock to them. Unfortunately, under the Bush years, the CA craziness spread to AZ, NV, and FLA. These were all major markets, providing the thrust behind the housing boom. And unfortunately, NV, AZ and FLA are not as adept at busting as CA. What pain other markets are experiencing is related more to the economic debacle rather than a prolonged housing boom. As jobs dried up, people lost their houses. Flash forward....now what we are seeing in those markets where employment has stabilized is some growth in sales and median prices. I live in one of those markets. We are starting to see construction of large new housing projects and there is talk of starting office construction next year. I think how you perceive the news depends on where you live. Things definitely are not great but they do seem to be improving.