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ProShares Ultra Real Estate Message Board

  • blasto_blasto_blastoo blasto_blasto_blastoo Apr 28, 2009 1:12 PM Flag

    Just closed on a home...

    We just closed on a home for my mother-in-law, about 20% below prices same time last year, and in a decent area.

    The closing was delayed due to an overwhelming amount of closing, it was pushed out 5 days. We could have lost the house.

    JPM was a joke and did their best to screw it up, no wonder the banks are in such trouble.

    But as far as housing goes, seems there are plenty of buyers, and I think many of these are first-timers.

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    • Just opened escrow on a house in Newport Beach, CA (against my better judgement). Regular sale, just a hair above a 50% haircut from the last sale. Still too high IMO, but my wife like the house.

    • What part of the country do you live in?

      Lots of 'sales' here in FL too. They count foreclosure transfer to the bank as a sale in the stats. My county is on track for record breaking foreclosure filings this month at 900+. Last record was Oct 2008 at 907. The inflow of supply into the market is still peaking here.

    • First timers are taking advantage of the Fed. Aid!

    • Make sure u invite us longs to your house warming party!
      Enjoy it!
      NEW YORK (AP) -- Home prices dropped sharply in February, but for the first time in 25 months the decline was not a record, another sign the housing crisis could be bottoming.

      The Standard & Poor's/Case-Shiller index released Tuesday showed home prices in 20 major cities tumbled by 18.6 percent from February 2008. That was slightly better than January's 19 percent and the first time since January 2007 the index didn't set a record.

      The 10-city index slid 18.8 percent, the first time in 16 months its decline was not a record.

      But the good news was mixed. All 20 cities in the report showed monthly and annual price declines, but half recorded annual records. Prices fell by more than 10 percent in 15 cities, including Las Vegas, San Francisco and Phoenix. In fact, Phoenix home prices have lost more than half their value since peaking in July 2006.

      Yet, nine of the metros -- including Dallas, Denver and Boston -- showed improvement in their yearly losses compared to the month before.

      "We will certainly need a few more months of data before we can determine if home prices are finally turning around," said David M. Blitzer, chairman of the S&P index committee.

      Last week, data for March home sales also offered a conflicting picture of the housing market. Existing home sales fell 3 percent from February to March, while new home sales seemed to have hit bottom.

      Prices in the 20-city index have plunged 30.7 percent from their peak in the summer of 2006, and the 10-city index has lost more than 31.6 percent.

90.51-4.27(-4.51%)Feb 5 4:00 PMEST