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U.S. home prices dropped rapidly in October - Macleans.ca
Home prices in 20 key U.S. cities fell by 1.3 per cent in the month of October, according to S&P/Case-Shiller. That’s a 15 per cent decline on an annualized basis. “The double-dip is almost here,” David Blitzer, chairman of the Index Committee at rating agency Standard & Poor’s said Tuesday. House prices in the U.S. have fallen for four months, partly due to the expiry of tax incentives for first time buyers. Analysts had predicted a decline, but some were surprised by the magnitude of the fall. Prices were down in all 20 cities studied. Sales volumes were down 25 per cent in October compared with 12 months earlier. The inventory of homes grew by 50 per cent year over year.
If it should turn out that there is, in fact, a generational housing bubble, the recent decline in the value of housing will seem miniscule by comparison
What a way to introduce the new year.
Home equity is even lower for most Americans who have, out of frustration, just splurged for Christmas.
Wait until the spending bills come due and the monthly bank statements are delivered; more homes than ever will be put up for sale as prices drop even further.
And never rule out the now considerable likelihood that the stock markets will soon crash again. Happy 2011.
Cheers,
Rudy Haugeneder
Victoria, BC
On the bright side, this decade will say goodbye to the house as a money machine so we can return our focus towards productivity, technology and real investment in Canada's future.
Obscene home prices in Toronto keep most from buying and being able to rent an affordable place to live.
$1,200.00 a month just to rent a 1 bedroom apartment? This is just dead wrong and place the blame on speculators and over-prices apartments and condos.
Here is a different way of looking at the housing market in nations where there was a massive increase in the birth rate after the Second World War:
http://viableopposition.blogspot.com/2010/12/next…
If it should turn out that there is, in fact, a generational housing bubble, the recent decline in the value of housing will seem miniscule by comparison
Open_Democracy on
What a way to introduce the new year.
Home equity is even lower for most Americans who have, out of frustration, just splurged for Christmas.
Wait until the spending bills come due and the monthly bank statements are delivered; more homes than ever will be put up for sale as prices drop even further.
And never rule out the now considerable likelihood that the stock markets will soon crash again. Happy 2011.
Cheers,
Rudy Haugeneder
Victoria, BC
haugeneder on
Figure 3 in that report by the first commenter shows at age 65 you become a net home seller.
http://www.informaworld.com/smpp/section?content=…
What's concerning is Canada has the most top-heavy (oldest) demographic curve of the advanced nations (worse than US).
https://sites.google.com/site/canadianhousingdemo…
On the bright side, this decade will say goodbye to the house as a money machine so we can return our focus towards productivity, technology and real investment in Canada's future.
FionaSK on
Only if the elderly are forced to continue working.
haugeneder on
Obscene home prices in Toronto keep most from buying and being able to rent an affordable place to live.
$1,200.00 a month just to rent a 1 bedroom apartment? This is just dead wrong and place the blame on speculators and over-prices apartments and condos.
Greg in Cambridge on
How dumb can you be!
fred sroka on