Posted December 29th, 2010 at 8:39 PM by Jeff Taylor
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 2010At 9:07 am, bruce Said:
Jeff , facts are not facts. Have you not heard that facts are what the uptown crowd say they are?
Dec 30 2010At 9:52 am, RickHenderson Said:
Mighty Jack, correct?
Dec 30 2010At 10:38 am, nc28205 Said:
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 2010At 1:34 pm, Rick Barton Said:
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 2010At 3:48 am, LNBruno Said:
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?