Tuesday, June 24, 2008

The weekly tumble

Here's the latest bad news from HousingTracker.net. This weeks median listing priced took a beating, down $5k across the board.

Trend06/23/20081 month3 month6 month12 month
Median Price$270,000-5.3%-14.3%-22.9%-32.5%

(SFH + Condo)
25th Percentile50th Percentile
75th Percentile













bigdog76 said...

I heard something about congress signing the bill on the housing mess

President is suppose to veto it.

Will that help?

golfer_X said...

You mean the B of A bailout?

Might help the banks, sure as hell aint gonna help many homeowners. But then again when Bush vetos it, it won't do much of anything.

Martin Burtin said...

If we want to see the end of this mess and get prices back to reality, the market for housing has to stabilize on it's own, without gummint help. One reason for prices not falling when reason tells you they should, is that there is hope during this election year that the gummint will come to the rescue. This is leading to some stickyness in the inflated prices. They are hanging on the hopes of taxpayer bailout money and gummint guaranty's to save their greedy butts.

The correct solution is, to quote Nancy, "Just say no". No to banks, no to Wall St., No to home owners, etc. Let the market bleed. This way the suffering will be short and only those who got their hand caught in the cookie jar will pay a price. Nobody else, meaning those of us who were prudent, should need to pay one cent for the poor judgment of others.

golfer_X said...

I totally agree, I think the banks are holding out and dragging thier feet on taking homes back because they are waiting and hoping for a bailout of some sort. This is only slowing the correction down.

Santa Ana River Rat said...

problem is...these banks are pretty much the biggest pies in most retirement plans and 401k alikes. For the past 10 years or so, blue chip index, which is used by most funds to create "safer" portf's for their clients have shifted to banking/investment operations. (made sense for portf managers at the time...mortgage backed revenue is hard to beat in conventional wisdom) Many of the mortg service firms are either subsid/whole by one of these banking/investment giants. Not to support the bailout, but the impact of their irresponsible biz practice will hurt not only their mortg clients but also their shareholders. With so many baby-boomers about to hit the retirement market, it'll further shrink their net asset and with the current pace of inflation, it's going to be no fun for many retirees. Some of the biggest pension funds/retirement funds list WashMutual, WellsFarg as one of their top holdings. WaMu alone lost pretty much most of its values since the bomb went off. And the mortg backed bonds, which is also a fav of many portf managers for their retired clients, are pretty much killed off or dying a slow death. I don't want the tax payers money to be spent for bailing out the scumbag banks but at the same time, all the people that had invested into these morons will get jacked and that'll further suck the economy dry. What to do, what to do.....

Martin Burtin said...

The Baby-Boomers are screwed. They always have been, if you think about it. I'm in the young part of that group, looking fwd to retire... desperately.

In the fewest words, you have a pyramid scheme that was inverted from the start. The Boomers somehow expected the generations after them who were also fewer in number, to help support them in their old age. But the Boomers were large in number and high in expectations and low on savings. The foundation of the pyramid was Social Security, need I say more?

Now we see the pyramid disintegrating into dust, against our hopes and wishes and prayers, but are we surprised? No. Who will support and care for this Boomer generation as we age? The Government? Gen X? Illegal Aliens? I'm reminded of the Chinese curse: May you live in interesting times.