http://dallasfed.org/news/speeches/fisher/2006/fs061102.cfm ".Today, as anybody not from the former planet of Pluto knows, the housing market is undergoing a substantial correction and inflicting real costs to millions of homeowners across the country. It is complicating the task of achieving our monetary objective of creating the conditions for sustainable non-inflationary growth. " oops we messed up..America...I think we broke your Economy..You have insurance,right?
Should take 3-5 years to correct. 5% drop between now and end of December and another 10-15% drop by the end of 2007. Still have a long way to go...
Naturally...Just as in trading! the minute I "get in"..the market goes against me! Inventories of Condo's in Denver are at all time highs...9 of them are for sale in my building of 29...(the front door is running out of space for the realtor lock boxes) I am just going to pay it off and live here for a while, I guess...(better than renting still, I think...) Rents are on the rise in Southern California...glad I still do not live there! (wouldn't even be able to afford the property tax!) Michael B.
9 out of 29, thats alot. Where my friend lives 6 condos just went up for sale. I dont know how many units are in the building but I do know they have been sitting there for close to 2 months. Believe the last few that sold, which were 1 bedroom were 365,000-375,000, this was july/august. The ones up for sale are starting at $360,000. Think those will be coming down to around 345,000 in the next 1-2 months. Same apartment in 2002-2003 went for $230,000-$240,000.
it all depends on where you live. Here, they're estimating housing prices to still rise ~15% in 2007.