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dude wheres my house

Us House Prices At A 2 Year Low

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http://www.bloomberg.com/apps/news?pid=206...&refer=home

"The median price for houses and condominiums slid 1.8 percent to $212,300 in the first three months of this year, the lowest since the first quarter of 2005 when it was $199,700, the Chicago- based real estate trade group said. The median price for a single- family home fell in 62 of the 145 metropolitan areas the group studied. "

1.8 % a quarter is fairly swift

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http://www.bloomberg.com/apps/news?pid=206...&refer=home

"The median price for houses and condominiums slid 1.8 percent to $212,300 in the first three months of this year, the lowest since the first quarter of 2005 when it was $199,700, the Chicago- based real estate trade group said. The median price for a single- family home fell in 62 of the 145 metropolitan areas the group studied. "

1.8 % a quarter is fairly swift

Now this is RB's true territory, where are ya oh Big White One?

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dude wheres my house Posted Today, 05:19 PM

1.8 % a quarter is fairly swift

Just over 7% a year if it continues at this rate.

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No one seems to pick up on the fact that people go on about US house prices being in a bubble, yet already only months into the downturn you can get a condo for a little over £100K.

Our house prices are an absolute joke, and when this shakes out it will be seen as one of the biggest social reforms in history.

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Now this is RB's true territory, where are ya oh Big White One?

GC2 will be picking up momentum again when the next wave of resets hit in a few weeks time. Some markets are crashing harder than others with many areas on the West Coast seeing 7% + to the downside YoY.

Casualobserver has been saying that the huge rate of repossessions in the US is not being relfected in lower house prices. It seems that this view is incorrect. Repossession rates are closely related to prices as neighbourhoods where a large number of repos exist tend to become blighted quickly and neighbours tend to panic sell as a result.

We are at the beginning of a very large crash in the making. We are no more than about 6 months into GC2 if you take the start as the first negative YoY showing in the stats. In the UK we should start seeing negative YoY within 6 months of the first MoM negative. We may already be there and the Eas are going to be very busy massaging their "asking price" data to show increases MoM.

There is certainly some very serious trouble ahead:

http://www.californiahousingforecast.com/c...oney.com/renews

San Francisco: 40% of last year's loans are IO or neg-am
Posted on Monday, May 14, 2007 at 04:10PM by Registered CommenterSchahrzad Berkland | Comments3 Comments
Ivy Zelman, homebuilder analyst at Credit Suisse, has figured out where this housing market is headed. Below, some charts from her latest reports, for our San Francisco readers.
40% of all refinances and purchases in San Francisco in 2006, were made by people who couldn't afford to pay the principal on their loan. They are paying either interest or part of the interest (wtih the unpaid interest added to the principal).
i

http://articles.news.aol.com/business/_a/m...oney.com/renews

Mortgage Woes Push Banks to Big Discounts
By JAMES R. HAGERTY,
The Wall Street Journal
SAN DIEGO -- An auction of nearly 100 foreclosed homes here Saturday showed that mortgage lenders are having to accept huge discounts in some cases to unload such properties.
A surge of foreclosures over the past year or so has left lenders struggling to sell a growing backlog of homes. Rather than relying on real-estate agents, the usual practice, some are turning to large-scale auctions to speed up the sale process.

http://online.wsj.com/article/SB117910010258001458.html

An auction of nearly 100 foreclosed homes here Saturday showed that mortgage lenders are having to accept huge discounts in some cases to unload such properties.
A surge of foreclosures over the past year or so has left lenders struggling to sell a growing backlog of homes. Rather than relying on real-estate agents, the usual practice, some are turning to large-scale auctions to speed up the sale process.
Real Estate Disposition Corp., the Irvine, Calif., company that organized Saturday's auction of lender-owned homes, plans similar sales May 19 in Los Angeles and May 20 in Riverside, Calif.
At the San Diego sale, houses and condos typically sold for about 30% below the previous sale or appraisal prices. In a few cases, the discounts were around 50%.
A four-bedroom home in Oceanside, Calif., attracted a high bid of $495,000 at the auction, 33% below the sale price recorded in November 2005 for the property.
One condo in San Diego sold for $120,000, less than half of its previous value
.

50% down may be just the beginning. Expect 40-50% down in the UK hot spots soon.

Edited by Realistbear

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