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Realistbear

Congenial News On The Crash In The U S

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http://www.builderonline.com/industry-news...rticleID=241685

But offsetting the tighter market last month was a substantial decline --
30 percent
-- in sales compared with record resale activity in December 2004. The 2,392 homes that resold in Sacramento, Placer, El Dorado and Yolo counties in December was the
lowest sales total for that month in four years
, DataQuick Information Systems reported Thursday.
The market gave mixed signals on home prices:
The median sale price fell for the fourth consecutive month
in Sacramento County, to $355,000, marking a 4.6 decline from a peak of $372,000 in August, DataQuick said. Yolo County saw its median price decline slightly last month, to $410,000, from November.

The significance of these figures is that California is the bellweather bubble for the US and since the UK always (not sometimes) follows the US in crash scenarios the information is helpful to predict what's in store for us.

The continung negative reports coming from the US make pleasant reading and do bring a glow to our otherwise sallow countenances.

:D

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Well, I live in Seattle and here the market shows no signs of stopping. I am also a first time buyer and looking out for a decent house but can't afford one. In October 2005 I noticed three single home wannabes (homes with so little space amongst each other that you feel claustrophobic living in them) in a desirable community at bloated prices (as usual) but not moving. I actually met all the sellers and the hubris was unbelievable. Even a hint of negotiating the price would generate a cold stare. I had asked them if anyone had given them an offer. Two of them said no, one said yes. In November 2005, I noticed all the houses were still on the market. In December 2005, I noticed that each house had reduced its price by 2.5%. Still no buyers. I was beginning to hope for a turnaround. The house stayed there till January 10. Then suddenly on Jan 11 all house got sold. Then I went to take a look at another house and was shocked to see that in 2 hours while I was there, 4 families had come there for a viewing - and the house was very ordinary.

A colleague of mine who works in the same company as I, wanted to move to California in Oct 2005. He thought he'd better buy a house before he moved. He said he was not getting a decent house even for $700K and that he was being outbid by as much as $50K.

Now regarding the busting of the market or the soft landing scenario, I would prefer a soft landing scenario sijmply because a bursting is going to cause more harm than good. We will again have recessions, massive job losses etc. I saw the 2001 recession here in the US (which the govt cheekily says lasted from March 2001 to Sept 2001 - only 6 months) and it was not pretty. This housing bubble is apparently the biggest asset bubble in history. If it burst, things would be bad globally. I'd rather that the house market stalls for several years till the wages catch up with the market, rather then bust and cause perhaps the greatest depression after 1939.

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http://www.builderonline.com/industry-news...rticleID=241685

But offsetting the tighter market last month was a substantial decline --
30 percent
-- in sales compared with record resale activity in December 2004. The 2,392 homes that resold in Sacramento, Placer, El Dorado and Yolo counties in December was the
lowest sales total for that month in four years
, DataQuick Information Systems reported Thursday.
The market gave mixed signals on home prices:
The median sale price fell for the fourth consecutive month
in Sacramento County, to $355,000, marking a 4.6 decline from a peak of $372,000 in August, DataQuick said. Yolo County saw its median price decline slightly last month, to $410,000, from November.

The significance of these figures is that California is the bellweather bubble for the US and since the UK always (not sometimes) follows the US in crash scenarios the information is helpful to predict what's in store for us.

The continung negative reports coming from the US make pleasant reading and do bring a glow to our otherwise sallow countenances.

:D

Our appartment was bought buy an idiot savage investor about 5 months ago and have been trying to sell the overpriced tat ever since, nothing has moved and yesterday we found a letter stuck to the front door inviting us to purchase at a new reduced rate for a quick sale!!!! the quick sale price is a drop of 20%!!! If you factor in the current 20% discount I'm convinced it's worth 60% less that the current asking price if the average local wage is anything to go by......

They cost of living is going thru the roof, most people I know have spent around 10K (or are waiting to get it fixed) on fixing their roofs after the Hurricane Wilma. Roll on Hurricane season 06

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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