Sunday, August 27, 2006

These folks are hoping you forgot what they said

The Basics
The next hot housing markets
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Average prices nationwide are soaring, but for every San Diego, there’s a Tucson – sunny, relatively cheap and growing fast.

By Liz Pulliam Weston
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Hot housing markets
The latest numbers: Double-digit gains in 62 markets; Florida steps into the limelight.
February 15, 2005: 11:40 AM EST
By Sarah Max, CNN/Money senior writer
Hot housing markets
These markets saw the greatest gains between the fourth quarter of 2003 and fourth quarter of 2004.

Market Percent increase
Las Vegas, NV 47.3
Riverside/San Bernardino, CA 34.7
West Palm Beach/Boca Raton, FL 34.0
Bradenton, FL 32.0
Sacramento, CA 31.5
Melbourne/Titusvile/Palm Bay, FL 30.5
Washington, DC 26.9
Ocala, FL 26.8
Ft. Myers/Cape Coral/Punta Gorda, FL 26.5
Sarasota, FL 25.8

Source: National Association of Realtors



NEW YORK (CNN/Money) – Anyone looking for signs of weakness in the real estate market will be disappointed, according to the National Association of Realtors.
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Housing market stays hot
Valley sales boom to another record
Catherine Reagor Burrough
The Arizona Republic
Apr. 21, 2005 12:00 AM
Home buyers waited in line for a chance purchase in new communities. Sellers were
bombarded with multiple offers on their homes. Real estate agents had more clients
than houses to show.
Metropolitan Phoenix's housing market broke records again in March.
Existing-home sales shot up nearly 39 percent from a year ago to hit 12,911 last
month, according to R.L. Brown's Phoenix Housing Market Letter. Single-family
building permits jumped almost 19 percent, to reach 6,203. New-home sales climbed
17 percent to 4,913.
"Why shouldn't the Valley's housing market be this strong?" Brown said. "Population
growth is strong. The job market is not far from being called good. And obviously
people can still afford homes in the Valley.
--------------------------------------------

By JEFF HARRINGTON, Times Staff Writer
Published March 24, 2005

Need further evidence that Florida is defying what appears to be a national cool-down in the housing market?

Consider this milestone of sorts from an industry report Wednesday: The median sales price of an existing home in Florida topped the $200,000 mark in February for the second month in a row.

"We are hotter than a firecracker right now," said Nancy Riley, a longtime real estate agent in Pinellas County. "It is not unusual at all to see multiple offers and multiple back-up offers after one has been accepted."

She recalled one recent listing in Feather Sound for a $350,000 home that drew three offers in a week: two for full price and one for $5,000 above listing. Then there was the condominium that drew five offers within four hours of going on the market.
==========================
ousing Market Still
Hot in Los Angeles

By Maura Webber Sadovi
Special to The Wall Street Journal Online

Still near the top of the pile in a nation of soaring housing values, Los Angeles' red-hot rate of home-price appreciation dropped into the single-digit range last quarter. Median home values rose 8.3% to $474,800 in the metropolitan area during the second quarter from the year-earlier period, after rising 25.9% to $446,400 in 2004.
[Los Angeles]

This three-bedroom home in Covina, east of downtown Los Angeles, has an asking price of $635,000.

Residents looking to catch a break by renting are also out of luck. They face average monthly payments that are among the nation's highest thanks to a steady influx of new immigrants priced out of the home market, and a high proportion of young adults in the population, according to Property & Portfolio Research Inc. (PPR), a Boston-based real-estate research firm.
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I would be interested to see if all the people who have been predicted that there was no end in sight to the rise in housing prices will now be admitting it. I've seen a lot of ominous silence from the ranks of those who were such vociferous opponents of the idea that there was a bubble. Their words are memorialized throughout the net.

2 Comments:

Anonymous cockman said...

http://graphics8.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2.large.gif

Where will the bust end up on this chart?

6:39 PM  
Anonymous cockman said...

Line that chart up with a chart of our national debt, then superimpose the trade deficit on that, and then don't forget to tally our unsecured credit debt, and then on top of all that don't forget to measure how much all those existing homes are leveraged to the gills to pay for cars, boats, vacations, etc.

We're fucked.

6:43 PM  

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