Home Prices Seem Far From Bottom By VIKAS BAJAJ Published: October 15, 2008 The American housing market, where the global economic crisis began, is far from hitting bottom. Home prices across much of the country are likely to fall through late 2009, economists say, and in some markets the trend could last even longer depending on the severity of the anticipated recession. In hard-hit areas like California, Florida and Arizona, the grim calculus is the same: More and more homes are going up for sale, but fewer and fewer people are willing or able to buy them. Adding to the worries nationwide are rising unemployment, falling wages and escalating mortgage rates â all of which will reduce the already diminished pool of would-be buyers. âThe No. 1 thing that drives housing values is incomes,â said Todd Sinai, an associate professor of real estate at the Wharton School at the University of Pennsylvania. âWhen incomes fall, demand for housing falls.â http://www.nytimes.com/2008/10/16/business/economy/16housing.html?_r=1&oref=slogin
BiLoSellHi and I and others, for years now, have been decrying the abuses that the Bush II Administration has allowed, whether directly, tacitly or through association or through negligence... We are seeing all of their deconstruction of the United States of America as we have known it and for what? to give the wealthy a tax credit by taxing all others including destabilizing the municipalities to the extent that we are now discussing billion dollar rescue packages for the cities? to enrich boone pickens and his kind at the expense of everyone else? to make those racist, biggoted, constituents feel good at the expense of other decent, well intentioned fellow citizens of other persuasions? what has happened here? whether or not we rebound, we are being sold out and betrayed by our leaders to an extent that the word treason doesn't do justice, nor does it seem that Congress will roast the feet(s) of those who presided over major corporate collapses, as if there's no one to hold accountable... what a mess.... and we were wondering how much worse it could be? we have yet to see..
And to think...we gave congress to the democrats we thought would save us all from this evil!!!! Nancy! Harry! Barney!! Hillary!!! Usama!!!! WTF? The next go around will be better, and if it is not, we can (will) blame Bush.
limitdown. Get off the far left web sites and learn what really happened. On second thought. Don't bother your mind is already made up. Hope you enjoy what you have asked for.
I'm waiting for when all these left of center do/ know nothings are scrambling for their next meal in the trash cans. At least when they try to steal from us it won't be through the legal system, they will have to do it to our face
W have not hit bottom yet. Unemployment is rising, housing foreclosures are rising, homes for sale (open market) are building in inventory, office space is anemic and getting weaker, and economic pain is hitting suppliers and retailers now. Realizing that the equity markets are 'forward looking,' they don't look so far into the future that they throw all common sense to the wind. We are not near the bottom yet. The economic trends have to at least[/] stop deteriorating before there can be hope for equity markets turning up on any sustained basis.
in the long run i concur, but in the short term less than 1 year anything goes, no one can predict what will happen