Reply With QuoteMaybe you were all asleep when I posted this, pretty damning evidence if you ask me FYINSF
In case there was any doubt
Home sales plunge
Market at lowest level in 15 years
By Tony Raap
Tuesday, October 16, 2007 10:11 PM MST
Home sales in September plunged anew, skidding to their lowest level in about 15 years, signaling that the real estate market might have finally hit rock bottom, officials said Tuesday.
A total of 57 new and resale homes were sold in September in Lake Havasu City, the slowest month since the early 1990s, according to figures released by the Lake Havasu Association of Realtors.
It was “the worst month I’ve seen in a long time,” said Joel Selman, of Selman and Associates. “I think we’re getting very close to the bottom.”
The drop last month came amid a key interest rate cut by the Federal Reserve, a move many expected would spur home sales.
“A lot of it is psychological,” Selman said. “Buyers are concerned. They’re concerned about the political situation. They’re concerned about the war. …#045; There’s really no reason why people shouldn’t be buying more. They have the money. They’re just not spending it.”
Paula Singleton, president of the Lake Havasu Association of Realtors, shrugged off last monthÂ’s drop, saying the market should begin to pick up next year. She said home prices are beginning to tail off, noting that the average asking price and selling price are closer together.
“2008 is going to be remarkably different than 2006 and 2007,” Singleton said. “I’m not going to say we’re going to have another boom. Things won’t be quite that brisk, but it’s going to improve definitely over 2007.”
The reason? Interest rates are low, prices are low, and there is a large selection of inventory, she said.
“Buyers in a wait-and-see mode will see that it’s OK to buy. That will be more evident by the end of the year,” she said.
You may contact the reporter at raap@havasunews.com.
But yet the lady qouted says things are picking up, yeah, right!!
NSF
Maybe you were all asleep when I posted this, pretty damning evidence if you ask me FYI
the vacation home is getting closer
I'm sure there are many folks here with upside down boats as well as homes, lots of bankrupcy on the horizon. Big Egos, and trying to keep up are going to force those peolple to pay dearly........too bad.
the vacation home is getting closer
How you doing Stuart? Are my boats billet grills still on the websiteBobby
Just took a look at the MLS, the average 3/2 with a two car garage has gone down almost 30 k in the las month..........goona go farther and farther, hold on folks.
at least another year before the market even is in consideration for a rebound. Just take a look at all the subprime ARMs that are going to adjust in 2008. Makes 2007 look like a ripple compared to the upcoming tsunami.
I hope they are right, but I don't see the market improving in 08. With the way foreclosures are going up, vacation homes will be sacraficed before peoples main homes.
Definitely sucks for those of us that own homes up there. I don't have any plans on selling, but I also don't like knowing I would have to take a bath if I wanted to.
Didnt we all know this was coming, I have been the voice of doom over this recent ridiculous pricing frensy for the last 3 years, hell, ever since we moved here. The prices they were getting for homes here as a basically secondary market was absolutely insane. Glad we got here in 02 cause I would be embarrassed to say what we have in our house, its not the biggest or fanciest but its home and all paid for. NSF>>>> PS I really dont care if the prices fall because its all just paper money unless you bought for spec, just as long as they dont keep raising our property taxes which have gone thru the roof!!
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