It's Official: Housing Double Dip In Full Effect

[AgeOfEnlightenmentSCP]

Remember when I said housing hasn't hit bottom yet? I'd still buy- and I've still been buying. But I'm right about the fact that we've got another 20% - 40% to go to the downside, and all government attempts at re-inflating the housing bubble it created are doomed to fail.

www.cnbc.com/id/42904204

The trouble with liberals is that all of their instincts in responding to crisis involve throwing money at it-- and sooner or later, the money runs out. What will little Barry do now?

It's official.

Home prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital.

It was inevitable, and it was predicted (by me for sure) that a surge in sales of foreclosed properties and a big push by banks to facilitate short sales would force home prices down dramatically.

Sales of bank-owned (REO) properties hit 34.5 percent of the market, according to the survey, resulting in a national price drop of 4.9 percent quarterly and 5 percent year-over-year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008. Add short sales, where the bank allows the borrower to sell for less than the value of the mortgage, and prices have nowhere to go but down.

[❤ mollymouser ❤]

I know that the housing market in my central California city has certainly tanked ... and there are LOTS of foreclosures and short sales.

[Opti]

May 6, 2011 11:23:24 GMT -5 AgeOfEnlightenmentSCP said:

Remember when I said housing hasn't hit bottom yet? I'd still buy- and I've still been buying. But I'm right about the fact that we've got another 20% - 40% to go to the downside, and all government attempts at re-inflating the housing bubble it created are doomed to fail.

www.cnbc.com/id/42904204

The trouble with some liberals is that all of their instincts in responding to crisis involve throwing money at it-- and sooner or later, the money runs out. What will little Barry do now?

It's official.

Home prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital.

It was inevitable, and it was predicted (by me for sure) that a surge in sales of foreclosed properties and a big push by banks to facilitate short sales would force home prices down dramatically.

Sales of bank-owned (REO) properties hit 34.5 percent of the market, according to the survey, resulting in a national price drop of 4.9 percent quarterly and 5 percent year-over-year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008. Add short sales, where the bank allows the borrower to sell for less than the value of the mortgage, and prices have nowhere to go but down.

I've been against the housing credits,etc. for awhile. We need to let it to continue to unroll and put legislation in that prevents the CDO,etc. mess for the future.

Sigh, as if TARP wasn't throwing money at the issue and supported by both sides of the aisle.

[Deleted]

The population is dropping in the town closest to me. The retirees are dying faster than new ones are moving in. A lot of non-selling houses line the streets with their grown over yards. Kind of sad, it used to be a pretty little town of about 800 people.

[marshabar1]

Ordinary people ought to rent!

Property ownership should be reserved for the elite ruling class and the government. What good is it to be a superior being if everybody gets the same perks? All this home ownership by the masses is overrated. They still behave like animals! Get rid of the tax incentives for the poooooor!


No more castles for the masses! Just makes 'em uppity!

Makes 'em think they matter! Makes 'em think their chatter means something!!

[❤ mollymouser ❤]

<--- not ordinary. (not normal, either!)

[Value Buy]

I do not think this was a double dip.
If the Government never gave the big tax crdit for homeowners last year, the housing market never would have seen an uptick.
It has been a steady as you go 45 degree downward trend.

[Deleted]

We were told this was coming. YIPPEE, it's here!!!! Now who was it said it wasn't gonna happen?

Hey, Marsha!! I'm common, and I'm smart!! I rent, was not about to let gov't suck me in to a house I could NEVER be able to afford to take care of. Just got a new stove today. FREE!!! I like free!!!
;D

[AgeOfEnlightenmentSCP]

Well, ironically all the government "assistance" to help "ordinary" people buy houses is what drove housing prices up faster than ordinary people could save to buy one. Ordinary people who are smart, frugal, wise planners are actually now in a better position to buy than before now that housing prices are correcting.

[steff]

This message has been deleted.

[formerexpat]

We need to let it to continue to unroll and put legislation in that prevents the CDO,etc. mess for the future.

CDO's alone were not the problem. I wouldn't stop the ability for one to invest in a vehicle that allows one to diversify in the real estate asset class; whether residential or commercial.

You can ask for better disclosure and risk analysis on these securities [very detailed information is available on the underlying holdings of these securities] but other issues caused this too.

Money wouldn't have flowed into these vehicles if interest rates were held too low for too long; these securities looks much more appealing than a treasury, in part because of the low interest rate on treasuries and in part because the risk was assessed incorrectly.

[Deleted]

And others that would have been in good shape to buy in a few years now have destroyed credit from jumping the gun with help from gov't, and are stuck renting now for a long time, even if they get in a good position to buy. I'm glad no one in my family got caught in it. My landlord tried, promised me financing, but if felt wrong to me. You can't own a home if you don't have money in the bank to fix it.

[burnsattornincan]

that's what we did and how we got the 'dream' house. It was sold for drastically less than what it had been valued at 2 years before, it had been foreclosed on less than a year before.... and still paid well below what it is valued at now.

No wonder you think so highly of Barney Frank, Nancy Pelosi and Chris Dodd!

[steff]

This message has been deleted.

[steff]

This message has been deleted.

[burnsattornincan]

I guess you missed the point. The inept policies (CRA ect.) upheld by those miscreants, that you support by the way, are the reason why you got your house for so cheap.

[steff]

This message has been deleted.

[burnsattornincan]

Just admit I got you on this... ok?

[steff]

This message has been deleted.

[ty]

May 6, 2011 11:32:25 GMT -5 ❤ mollymouser ❤ said:

I know that the housing market in my central California city has certainly tanked ... and there are LOTS of foreclosures and short sales.

A friend of mine in CA just purchased a home for close to 400k. I told him to wait for at least another 3 to 6 months before buying. He just closed on the home puirchase about a month ago.

[ungenteel]

With all the gummint employees that will soon lose their jobs .. federal, state and local .. since budgets will severely be cut back .. when they start defaulting on their mortgages ... get ready for the next ride down