The Housing Market Sucks August 16, 2008
Posted by Michael in News.trackback
Except in a few places, like Texas.
It sucks in Ohio.
NEW YORK (CNNMoney.com) — More homeowners than ever are selling at a loss, propelling the real estate market deeper into crisis.
In the 12 months that ended June 30, nearly 25% of all homes sold nationwide fetched less than sellers originally paid, according to real estate Web site Zillow.com.
While the nation’s double-digit decline in home prices has been well documented, the new report underscores the economic force of those price declines. Homeowners are walking away with much less in their pocket when they sell.
Me too.
25 percent of home sales result in loss – Yahoo! Real Estate.
A good friend just sold her home in Clarendon. She made a bundle and bought a condo in Balleston.
Where you at, Chief?
I’m by Ft. Myer.
The grim, gray Northeast has been hard hit. I put mine in Rhode Island on the market at $30K less than the city says it’s worth for tax purposes, and it’s just sitting there. I have to compete price-wise with three foreclosures in my street.
Of course, bad news for sellers is good news for buyers. I imagine lots of people will be able to step on the property ownership ladder for the first time. But that’s not me, so BOO!
Rhode Island and the Providence Plantations.
Such a large name for such a teeny state.
(good luck Weasel; sorry the market blues are upon ye)
They’re not even sure which Island was Rhode. None of them are called that now.
Providence is like a giant allegory. The old part of the city (which is very old indeed for the States), all the streets have names like Hope and Power and Benefit. It was founded, after all, by a man who got kicked out by the Puritans for being a religious nut.
Hmmm. Was it the dude that wrote “Pilgrim’s Progress”?
Kinda sounds like his MO.
I think we agreed at some point to call that state Choad Island and the Tern Pooter Plantations.
I think we agreed at some point to call that state Choad Island and the Tern Pooter Plantations.
Micheal,
You owe me 10 cents in royalties for using my name for that state.
Now is not the time to sell a house, Now is the time to buy a house!
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I totally get a kick out of this video:
“Now is the time to buy a house!”
Assuming, of course, you are gainfully employed.
Or independently wealthy.
Harrison – Just north of Gettysburg, PA