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8824 Ladies Man
Joined: 29 Jul 2004 Posts: 15136 City: Wilmington, Delaware
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Posted: Oct 26, 2006 6:11 am Post subject: |
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J-Ro, I am not sure I can carry all those periodicals you get delivered every day.
IBD, WSJ, NYT, WP and of course the T and A times.
Please address me as Winthorpe. _________________ www.integrity-wake.com |
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J-Ro PityDaFool Who Posts This Much
Joined: 13 Jan 2003 Posts: 5662 City: Rocklin
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Posted: Oct 26, 2006 6:14 am Post subject: |
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Winthorpe, I don't get those liberal rags.....IBD, WSJ, and Bigguns are all I need. _________________ Steal My Book
Read My Blog
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8824 Ladies Man
Joined: 29 Jul 2004 Posts: 15136 City: Wilmington, Delaware
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Posted: Oct 26, 2006 7:10 am Post subject: |
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Here are some fresh numbers for J-RO to rip apart.
Existing Home Sales Fall; Prices Decline Again
MBA (10/26/2006) Velz, Orawin
Existing home sales decreased 1.9 percent in September to a seasonally-adjusted annualized rate of 6.18 million—the fifth consecutive monthly decline to the slowest pace since January 2004. Single-family home sales fell 1.6 percent, compared with 3.2 percent for condo sales.
Year-to-date total existing home sales declined 8.0 percent relative to sales in the first nine months of 2005. The decline in condo sales was more pronounced than that for single-family homes (a 10.1 percent year-to-date decline for condos sales versus a 7.7 percent decline for single-family home sales).
The inventory of single-family homes has escalated sharply over the past year, increasing 33.9 percent from last August to 3.2 million units. Condo inventory rose to 546,000 units—a 42.9 percent increase from a year ago.
The months’ supply or the inventory/sales ratio was 7.3 months. Condo months’ supply increased sharply to 8.6 months from 5.0 months last September. The months’ supply for single-family homes increased to 7.1 months from 4.6 months a year ago.
Sharply rising unsold home inventories are increasingly hurting sellers’ pricing power. Year-over-year home price gains decelerated sharply over the past several months. The median price for single-family homes declined 1.9 percent in September—the second consecutive monthly decline. The median price for condos declined 1.7 percent from a year ago, the third decline over the past four months.
Also yesterday, the Federal Open Market Committee left the federal funds rate unchanged at 5.25 percent. This was the third consecutive meeting that the committee did not raise rates. Richmond Fed President Jeffrey Lacker dissented for a third straight meeting, voting for a quarter-point increase.
The FOMC statement is similar to the previous statement on June 30. It noted that growth has slowed, as a result of cooling housing market. It stated that core inflation has elevated in recent months but inflation pressures should moderate over time.
Going forward, the Fed continued to leave the door open for another rate hike if necessary. The committee again concluded that the “extent and timing of any additional firming” will depend on economic growth and inflation outlook.
Long-term interest rates edged down following news of a more-than-expected decline in existing home sales. The yield on 10-year Treasuries edged down 2 basis points to 4.80 percent. Following the FOMC statement in the afternoon, the yield declined an additional 2 basis points to 4.78 percent. The decline on the yield was the biggest in three weeks.
(Orawin Velz is director of economic forecasting in the Mortgage Bankers Association’s economics and research department. She provides commentary and analysis on key monthly economic indicators. She can be reached at _________________ www.integrity-wake.com |
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chavez Ladies Man
Joined: 22 Sep 2003 Posts: 27375 City: Roseville
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Posted: Oct 26, 2006 7:16 am Post subject: |
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muckmeister, here's another one.
SBJ wrote: |
California's unsold home inventory jumps
Sacramento Business Journal - 2:18 PM PDT Wednesday
More reports came Wednesday of a large increase in the inventory of unsold homes in California.
The California Association of Realtors reported that the unsold inventory index for existing, single-family detached homes in September was 7 months, more than double the 3.2 months for the same period a year ago and slightly above the 6.8 months in August. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Separately, Centex Corp. CEO Tim Eller said during a quarterly conference call that buyers are "either waiting on the sidelines for conditions to improve or canceling their purchase all together."
National developer Centex is locally building Fifty One, a residential complex on the former Del Monte packing plant complex in San Jose, and Trellis, a new development going up in Sunnyvale.
Meanwhile, CAR's report said home sales decreased 31.7 percent in September in California compared with the same period a year ago, while the median price of an existing home statewide increased 1.8 percent, the California Association of Realtors reported Wednesday.
In the Sacramento area, home sales plummeted 38 percent last month from a year ago,and median home prices in the four-county region dropped to $369,460 in September, 3.8 percent lower than a year ago, according to the CAR report.
"We expected a fairly steep decline in sales last month compared with a year ago, when sales were near their all-time record," said CAR President Vince Malta. "Unsold inventory is holding steady, and is close to the long-term historic average typical of a more 'normal' market."
All four counties reported lower median home prices, including a 16.5 percent decline in Placer and 15.6 percent in Yolo. Sacramento and El Dorado counties fared relatively better, with price drops of 6.1 percent and 1.8 percent, respectively.
The median price means half the homes sold for more, the other half for less.
The median price of an existing, single-family detached home in California during September 2006 was $553,050, a 1.8 percent increase over the revised $543,510 median for September 2005. The September 2006 median price decreased 4 percent compared with August's $576,360 median price.
Closed escrow sales of existing, single-family detached homes in California totaled 444,780 in September at a seasonally adjusted annualized rate, according to the report. Statewide home resale activity decreased 31.7 percent from the 650,780 sales pace recorded in September 2005.
The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
Several area cities reported double-digit price decline, including a 27.1 percent tumble in West Sacramento to $350,000, according to the monthly report. Lincoln and Roseville prices plummeted 18.4 percent and 17.9 percent, respectively.
Only a handful of local cities reported slight increases in home prices, paced by 2 percent in Rancho Cordova and 1.7 percent in El Dorado Hills.
Statewide, the 10 cities and communities with the highest median home prices in California during September 2006 were: Los Altos, $1.5 million; Manhattan Beach, $1.4 million; Newport Beach, $1.3 million; Burlingame, $1.3 million; Los Gatos, $1.2 million; Rancho Palos Verdes, $1.1 million; Danville, $1 million; Cupertino, $968,750; San Clemente, $940,000; Santa Barbara, $917,500.
Statewide, the 10 cities and communities with the greatest median home price increases in September 2006 compared with the same period a year ago were: Los Gatos, 38.6 percent; Delano, 31.7 percent; Paramount, 26.9 percent; Inglewood, 24.5 percent; Colton, 23.8 percent; Barstow, 22.4 percent; San Juan Capistrano, 21.8 percent; Irvine, 19.1 percent; Lake Forest, 15.4 percent; Compton, 14.9 percent. |
Compton RE is exploding!!! I am sooo there! _________________
Quote: | That's Mr. Gingermex to you a$$hole. |
RIP MHL 04/25/1958 - 01/11/2006 |
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J-Ro PityDaFool Who Posts This Much
Joined: 13 Jan 2003 Posts: 5662 City: Rocklin
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Posted: Oct 26, 2006 7:18 am Post subject: |
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Pretty much what I expected, especially the condo part. _________________ Steal My Book
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8824 Ladies Man
Joined: 29 Jul 2004 Posts: 15136 City: Wilmington, Delaware
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Posted: Oct 26, 2006 7:26 am Post subject: |
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chavez, Prices have gone up every since NWA moved ot of compton....... _________________ www.integrity-wake.com |
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c.cal Guest
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Posted: Oct 27, 2006 10:17 pm Post subject: |
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Oh, looking backward, no one should have bought a house since 2000 to be in a "good" investment. |
My $915k home took 4 months of me living in it to turn into a $1,040,000 home. This wasn't pre-2000 but hey, maybe it's just because everyone wants to live in the beautiful S.L.O. The property adjacent to my parent's property sold for 300k~ a year and a half ago, I paid 430 for 6 acres of bare land and closed a month ago. Asking price was 400 with three parties making offers. Centex Shoebox Corp. hasn't been doing to hot, but the rest of the market continues to exchange hands. |
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chavez Ladies Man
Joined: 22 Sep 2003 Posts: 27375 City: Roseville
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Posted: Oct 28, 2006 4:17 pm Post subject: |
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Quote: | Centex Shoebox Corp. hasn't been doing to hot, but the rest of the market continues to exchange hands. |
Not around these parts. Nothing around here right is moving, not Centex Shoebox, not DR Whorton, nobody. Even the small builders are screeching to a halt.
We suffer from the same problem Phoenix is going to suffer from. So called Investors (aka flippers) who are going to get a rusty dildo with no lube rammed right up their asses. Toss in the idiots who overextended themselves by using "creative" financing who are going down the foreclosure road in a very short order. _________________
Quote: | That's Mr. Gingermex to you a$$hole. |
RIP MHL 04/25/1958 - 01/11/2006 |
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J-Ro PityDaFool Who Posts This Much
Joined: 13 Jan 2003 Posts: 5662 City: Rocklin
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Posted: Oct 30, 2006 6:32 am Post subject: |
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And that's when Chavez swoops in and buys up his empire....bwahahaha! _________________ Steal My Book
Read My Blog
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