Msg. 42647 of 65535 (This msg. is a reply to
42624 by
Decomposed)
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re: "The question to ask when it comes to a housing recovery is, "Where will the money come from?"'
My question was a good one. As you can see, the housing crisis is alive and well. Planting your head in the sand and pretending that March's numbers mean everything is rosy would be NUTS. At best, March *MIGHT* be the start of something good. On the other hand, there have been many other such retracements in this multi-year catastrophe and none of them meant a thing.
So, for prices to rebound now . . . where would the money be coming from? Are any of you feeling particularly wealthy at the moment?
How about this question instead: Are any of you underwater on your mortgages? Hopefully not, but the numbers suggest that most Americans now are.
I advised folks to sell their homes, as I did with both of mine, in a series of Raging Bull posts between 2003 and late 2005. I'm sure that clo and OCU remember.
LOL - the article says prices fell sharply in Detroit - which leaves me wondering, how could prices POSSIBLY fall sharply in DETROIT???? Folks must be paying 'buyers' now to take Detroit's starter crack houses off their hands!
Homes Prices Drop 2% to Post-Crisis Lows: Case-Shiller
Published: Tuesday, 29 May 2012 | 9:11 AM ET
www.cnbc.com
Home prices fell in the first quarter to new post-crisis lows, but prices were up in March from February for the first time in seven months.
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Still, the major indexes ended the first quarter at new post-crisis lows, the report said. For the first quarter, prices were down 2 percent, compared to a 3.9 percent decline in the last three months of 2011.
Prices increased in Tampa and Miami — two of the hardest hit markets.
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Prices dropped sharply in Detroit, Chicago and Atlanta.
re: "A comeback in the housing market might be under way."
The question to ask when it comes to a housing recovery is, "Where will the money come from?"
Housing prices are down enormously. In *SOME* places, home purchases even make sense. But, in many others, they're still too high.
Use the ONE PERCENT rule to assess houses in your area. If a house can rent for ONE PERCENT or better of its purchase price, then it is not overpriced.
So, for houses to be fairly priced, a $200,000 house must rent for $2,000/month or more. A $600,000 house must rent for $6,000/month or more.
Does YOUR area pass the ONE PERCENT rule? If not, then your area's homes are still overpriced. I regret that this is still the case in much of the country.
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