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Wednesday, March 26, 2008

Mixed Messages

New Home Sales Fall, Factory Orders Drop: Financial News - Yahoo! Finance:
"WASHINGTON (AP) -- Sales of new homes fell in February for the fourth straight month, pushing activity down to a 13-year low as the steep slump in housing continued.
The Commerce Department reported Wednesday that new home sales dropped 1.8 percent last month to a seasonally adjusted annual rate of 590,000 units, the slowest sales pace since February 1995. The decline was slightly worse than expected.The median price of a home sold last month dropped to $244,100, down 2.7 percent from the level of a year ago."
Now I just heard on the news that they are saying its beginning to turn around for the better because EXISTING home sales are UP over 9%.
And no the stats did not come from the administration, they came straight from the people who monitor these things.
Perhaps the statistics I heard more localized to our area, but if you are just going by new homes then yeah its going to be down in the winter just because -- dude, you can't build in the rain & snow!

C'mon! Lets take a decent look at the statistics, man. And it makes sense that the prices were way out of whack with reason. When a two bedroom home with a single bath, 1 car garage costs over $250,000 that's out of whack.

Our old house resold for nearly $300,000 - it had a single bath, 2 small bedrooms, full living room, galley kitchen (very small, one step gets you from one side to the other), single-detached garage, and looking out any window will allow you to see what what happening in the neighbor's house.

We could NOT believe they asked for that much and got close to it. My guess is once the new owners got in there they felt really stupid. That place was so small that we converted the attic into a sleeping area, so technically it was a 1 1/2 story house.

It was incredible what some people were getting for their homes -- and the cities weren't doing anything about it because they would get more in property taxes. Now, do you think they will voluntarily pull down what they say the property is worth? Heck no. People will have to have their homes evaluated BEFORE the tax statement comes out and fight it in city hall. If you don't take that action you can pretty much bet that your property taxes will equal a house payment if not more (ours is equal to about 3 house payments right now).

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