LEN has been named to replace G in SP500 interesting stock pick ... housing bubble potholes on select highways down the road
http://www.drudgereport.com/ NYT TUESDAY FRONT PAGE: Real estate slowdown that began in a handful of cities this summer has spread to almost every hot housing market in the country... In Manhattan, the average sales price fell almost 13% in the third quarter...Developing...
Manhattan apartment price off in 3rd qtr vs 2nd qtr But before champagne corks start popping, real estate investors and home buyers need to take note that the average price of a Manhattan apartment in the third quarter of 2005 was still 10.1 percent higher than in the same period a year ago, according to the report. The quarterly snapshot of Manhattan's real estate market was released following the end of the third quarter on Sept. 30, which was Friday. Prices per square foot rose 1.4 percent to $984 in the third quarter from $970 in the second quarter -- and jumped 22.5 percent from $803 in the year-ago quarter. "We're not seeing prices fall," said Jonathan Miller, author of the Prudential Douglas Elliman Manhattan Market Overview report. "What we're seeing is more entry-level sales and a more moderate appreciation of property than we've seen in previous quarters." Overall, the median sales price for a Manhattan apartment fell to $750,000 in the third quarter, down 3.2 percent from $775,000 in the second quarter, but still up 25 percent from $600,000 in the third quarter of 2004. ----------- Lets gets some price correction before setting up the next ramp higher.
I believe everything is being set-up to crash after the current MAESTRO (also the catalyst for this asset bubble and inverted yield curve) retires. Also we would not want to slow down any HOLIDAY SHOPPING, so like the stock bubble it will crash after December. Once we have spent all our lines of equity and maxed out our credit cards, then they drop the curtain Oh and let's not forget the new Bankruptcy Law aka "Tough Love to make everybody responsible like grade AAA conservatives"- that is the icing on the cake for the perfect storm . . . Alright BUSH ! A return to the Old French aristocracy, all we need is Laura to dress-up like Marie-Antoinette
I am glad I moved to Denver, I know we made it for 9th most expensive, but with an avg price of $260's for a house I laugh at my old neighbors in So Cal that pay $700k for a house that needs work, ouch! Actually I feel sorry for them. Maybe Greenspan did a bad thing lowering rates?
ok. that bof a analyst should be fired, that was a pathetic panic call at the bottom. Look at these housing stock charts, ripping!!