Word: prices
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...will not see a residential construction crane in the sky in downtown Miami for a generation," Zalewski told TIME. "Well, at least seven years," he said before modifying his forecast yet again. "Let's go with a decade," he finally concluded. Let's. The latest Case-Shiller Home Price Index for a 20-city composite showed that prices recorded a 1% drop in August and were down 16.6% for the past 12 months. Miami had a 1.8% monthly drop and a 28.1% tumble over the past year; in San Francisco, it was -3.5% monthly and -27.3% for the year...
...Angeles (and even in Miami), there is evidence that the housing market is lifting its head off the deck, even as foreclosures continue to pile up and prices edge downward. Properties are at least moving again there, many at 30% to 40% off even last year's lowered prices. "In Los Angeles, one year ago, the median home price was $582,450; this September, it was $376,790," says Leslie Appleton-Young, chief economist for the California Association of Realtors. That may sound awful, particularly if you're the seller, but it may represent a clearance level - i.e., prices...
...similar story in California, where the median price for houses dropped 41% in a year, according to the California Association of Realtors. In the Los Angeles area, the outlying suburbs of San Bernardino and Riverside have been hit the hardest due to the high number of homes owned by marginal and subprime borrowers. As a consequence, sales of distressed properties are up significantly. Also in the Los Angeles area, housing sales were up 83% in September over the prior year, with distressed properties notably contributing to the surge. "We're seeing a significant increase in sales activity over the last...
...Delao, 30, can't seem to find his way into this real estate market. Five months ago, the Roseville, Calif., case worker at a social services agency decided, after years of renting, that housing prices had finally bottomed. Since then, he has made offers on four foreclosed or distressed-seller homes. And while two of his offers were above the asking price, none have been accepted. He is not the only one being rejected. Of the four houses Delao has considered, two remain unsold. He made his most recent offer in late August, and is still waiting to hear back...
After an extended period when home values in Charlotte were not only stable but rising while those in other cities dropped, prices in Charlotte declined 1.8% for July 2008, the fourth straight month of declines. (July is the last period measured by the S&P/Case-Shiller Home Price Index.) "We're seeing a lot of mixed signals in the marketplace right now," says Garrett Alexander, the Mecklenburg County assessor. "I don't think we've seen all the impact of Wachovia. It's too early to tell what that impact will...