Some housing bubble news from Wall Street and Washington. Inman News, “The same forces that built up the housing boom also played a major role in its drop-off, according to the latest annual housing market report by Harvard University’s Joint Center for Housing Studies.”
“‘Except in the few areas facing real economic distress, this housing downturn has been driven largely by the market’s own excesses. Chief among these is the oversupply of homes triggered by inflated demand from investors, second-home buyers and others intent on getting in on rapidly appreciating prices,’ according to ‘The State of the Nation’s Housing’ report.”
“It is uncertain when the real estate recovery will begin, the report states. ‘Now that the downturn is in full swing, the question of duration hangs over the market.’”
The Boston Globe . “The median price of a single-family home in Greater Boston has droppe...
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‘A Lot Of Dropped Prices’ For Long Beach CondosFrom: thehousingbubbleblog.com
Post Date: 2006-05-10 16:06:43
Some housing bubble updates on California. “Petaluma is making national news again, this time, for its high housing prices. According to a New York Times article, the Santa Rosa-Petaluma area is the third least affordable region nationwide. ‘I think that we’re much more affordable than people give us credit for,’ said (broker) Marsha Harris.”
“The problem in the past, she said, has been the low inventory of available homes, which drove up prices....
more Record Inventory Means ‘Discounting’ In Dallas AreaFrom: thehousingbubbleblog.com
Post Date: 2006-05-10 14:20:52
The Dallas News reports the boom is running out of steam. “Has the North Texas housing market finally turned down? It’s too early to say, but April’s 13 percent drop in pre-owned home sales from a year ago should catch folks’ attention.”
“April’s decline was the biggest year-over-year slide in local home sales in more than two years, and follows a 4 percent decline in March. ‘For two months in a row it’s negative,’ said Jim Gaines...
more ‘Buyers Feel The Power Swing To Their Side’: S. OregonFrom: thehousingbubbleblog.com
Post Date: 2006-05-10 12:44:39
The Mail Tribune has this update on southern Oregon. “As more and more ‘For Sale’ signs sprout up along with May flowers, Jackson County homebuyers are displaying temerity unseen in recent years. For every four houses on the market this time last year, there are 11 for sale today. In west Medford, nearly four times as many homes are for sale than the same time last year, while Central Point and east Medford have three times as many on the market.”
“The growing...
more Fed Hikes Rate; No Pause?From: thehousingbubbleblog.com
Post Date: 2006-05-10 10:58:35
The FOMC minutes are out. “The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 5 percent. Economic growth has been quite strong so far this year. The Committee sees growth as likely to moderate to a more sustainable pace, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices.”
“The Committee judges that some further policy firming ma...
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