Comment and analysis on all things Charlotte

Housing: Another 20% Drop Expected

Ha ha ha. You’re stuck here!

Facts are facts, folks. There is no reason to expect real estate to start trending anywhere but down.

5 Responses to “Housing: Another 20% Drop Expected”

  • Dec
    30
    2010

    Jeff , facts are not facts. Have you not heard that facts are what the uptown crowd say they are?

  • Dec
    30
    2010

    Mighty Jack, correct?

  • Dec
    30
    2010

    I’m not saying that prices won’t move downward, but one thing to note about those graphs is that the data is largely from last summer. We have seen improvement in the broader economy as well as a number of those variables since. For example, the delinquency rate for mortgage loans was down in 3Q10 (chart 12), as was the percentage of loans in the foreclosure process (chart 13). November’s bank REO total was the lowest since May 2009 (chart 14). Unemployment claims have been trending downward in 2H10 (chart 15) Admittedly, today’s good number likely overestimates the improvement in the labor market. Residential vacancy rates are down as well (chart 21).

  • Dec
    30
    2010

    there was an article in todays op/ed of the WSJ that said the market needs to give back another 20% to put it where it should be assuming a long term growth trend of 3.3% that had been the rule untill 1998- “The bubble ain’t done bursting”

    On a practical level- if you appeal the appraisel of your house by the county next year, and the appeal takes 10 months to be ruled upon- what value would they use if the home had dropped another 10% in the 10 month red tape/appeals process time peroid

  • Dec
    31
    2010

    what value would they use if the home had dropped another 10% in the 10 month red tape/appeals process time period

    Maybe we could use the Meck Co. judicial approach and just get stuck in endless loops of appeals?

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