Post by unlawflcombatnt on Feb 12, 2009 10:11:10 GMT -6
from Yahoo/AP:
Median home prices fell nationwide in 4Q
Alan Zibel, AP Real Estate Writer
Thursday February 12, 2009, 10:48 am EST
"Home prices fell in nearly 9 out of every 10 U.S. cities in the 4th quarter of last year as low-cost foreclosures flooded the market and the housing market's decline spread nationwide.
The National Association of Realtors said Thursday that median sales prices of existing homes declined in 134 out of 153 metropolitan areas compared with the same period in 2007. Sales fell in all but 6 states.
Nationwide, the median sales price was $180,100, down 12% from a year ago.
[Median prices are down -35% from the peak of $275K in June/July of 2006]
But price declines of 30% or more were found in much of California, plus parts of Michigan, Florida, Arizona and Nevada. The biggest drop, of more than 50%, was in Fort Myers, Fla....
In California and Florida, sales of distressed properties accounted for about 2/3 of all sales, compared with about 45% nationally....
Nationwide, more than 274,000 homes received at least 1 foreclosure-related notice in January, according to RealtyTrac Inc., an Irvine, Calif.-based foreclosure listing service. That was...up 18% from the same month a year ago. The numbers would have been higher if not for efforts to stall the foreclosure process.
More than 2 million American homeowners faced foreclosure proceedings last year, and that number could soar as high as 10 million in the coming years depending on the severity of the recession, according to a report last month by Credit Suisse."
finance.yahoo.com/news/Median-home-prices-fell-apf-14338411.html
A -12% decline in home prices over the last year means a -12% decline in the aggregate wealth represented by homes as an asset. The -35% decline since the peak in 2006 represents a -35% loss of home-associated wealth over that period of time.
Coupled with a stock market decline of -40% over the last year, there has been a huge loss of aggregate wealth by Americans.
If this loss of wealth was properly accounted for, and subtracted from GDP, it would show that we've been in a recession since late 2006. That's when the fake wealth from housing over-valuation began to disappear.
Median home prices fell nationwide in 4Q
Alan Zibel, AP Real Estate Writer
Thursday February 12, 2009, 10:48 am EST
"Home prices fell in nearly 9 out of every 10 U.S. cities in the 4th quarter of last year as low-cost foreclosures flooded the market and the housing market's decline spread nationwide.
The National Association of Realtors said Thursday that median sales prices of existing homes declined in 134 out of 153 metropolitan areas compared with the same period in 2007. Sales fell in all but 6 states.
Nationwide, the median sales price was $180,100, down 12% from a year ago.
[Median prices are down -35% from the peak of $275K in June/July of 2006]
But price declines of 30% or more were found in much of California, plus parts of Michigan, Florida, Arizona and Nevada. The biggest drop, of more than 50%, was in Fort Myers, Fla....
In California and Florida, sales of distressed properties accounted for about 2/3 of all sales, compared with about 45% nationally....
Nationwide, more than 274,000 homes received at least 1 foreclosure-related notice in January, according to RealtyTrac Inc., an Irvine, Calif.-based foreclosure listing service. That was...up 18% from the same month a year ago. The numbers would have been higher if not for efforts to stall the foreclosure process.
More than 2 million American homeowners faced foreclosure proceedings last year, and that number could soar as high as 10 million in the coming years depending on the severity of the recession, according to a report last month by Credit Suisse."
finance.yahoo.com/news/Median-home-prices-fell-apf-14338411.html
A -12% decline in home prices over the last year means a -12% decline in the aggregate wealth represented by homes as an asset. The -35% decline since the peak in 2006 represents a -35% loss of home-associated wealth over that period of time.
Coupled with a stock market decline of -40% over the last year, there has been a huge loss of aggregate wealth by Americans.
If this loss of wealth was properly accounted for, and subtracted from GDP, it would show that we've been in a recession since late 2006. That's when the fake wealth from housing over-valuation began to disappear.