Home prices falling faster in most metro areas

[n2doc]

Associated Press
November 30, 2010|6:45 a.m.


NEW YORK — Home prices are falling faster in the largest U.S. cities, and a record number of foreclosures are expected to push prices down further through next year.

The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday fell 0.7 percent in September from August. Eighteen of the cities recorded monthly price declines.

Cleveland recorded the largest decline. Prices there dropped 3 percent from a month earlier. Prices in San Francisco, Los Angeles and San Diego, which had been showing strength this year, also dropped in September from August.


Washington and Las Vegas were the only metro areas to post gains in monthly prices.

http://www.latimes.com/business/la-fiw-home-prices-20101130,0,1790098.story

[bemildred]

1. No jobs, no people looking for houses. Duh. nt

[n2doc]

2. But Inflation is just over the horizon! n/t

[bemildred]

4. Buy now!!

:rofl:

[edhopper]

3. Many people

still don't realize how unsustainably high prices rose during the bubble, And how low they have to fall before they come into line with historical standards.
In New York prices are still about 50% higher than economically feasible. (Income to price, rent to own, etc...)

[tech9413]

9. I left the home ownership rat race in 02

NY Metro area, I had a 100% gain over six years when I sold. It's been paying my living expenses since then. I wouldn't even think about buying again unless I was sure I was going to be there for a long time.

[Romulox]

5. I'm looking to buy, but prices still seem too high. Homeowners and banks are being unrealistic. nt

[edhopper]

6. So don't buy.

Why buy a house you can't afford that will lose money as prices return to the norm.
Especially if renting is cheaper.

[Romulox]

7. I'm already a homeowner. Looking to move up.

There's an opportunity for people looking to move up, even in a declining market.

[NNN0LHI]

8. House down the street that sold for $300,000 4 years ago just sold for $200,000

This is in the country.

Big house. Too big. Needs 2 furnaces and 2 air conditioners to heat and cool it. Jeebuz. I can barely afford to keep one of each going.

Don

[NightWatcher]

10. I'm looking at small foreclosed farms, but I feel dirty doing it

we're getting ready to move out of the metro and a small farm an hour outside of town would be great, but I feel like a vulture sifting through the ashes of other people's lives for a deal.