Political Debate Schedule :: home :: More Housing "News"
* Jamon! Hee Hee! *
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To quote the great Michael Jackson Classic (not "Crazy Mike" of recent years): Jamon, and you don't stop. You just can't get enough. Jamon, and you don't stop. You just can't get enough (of bad housing news). Hee Hee!
I've been following the Bay Area's lead housing doom-and-gloomer patrick.net for quite a few years now and boy am I glad I have been. Patrick compiles news and blog posts about the housing market and emails them to his mailing list every week night. His focus, of course, has always been the housing bubble. In fact, I credit him with keeping me out of harms way by educating me on the mechanics of how housing works and how out of whack everything has gotten. I've been noticing that my daily sifting of the news Patrick presents has lead me to discriminate which stories I click through and read and which I tend not to read. I tend to categorize his collected stories into two major groups: blog posts and news articles. I notice that I seem to favor the news reports especially those by bloomberg, the wall street journal, the new york times, and other reputable outlets. MSN original content and USA today are another slightly different grouping of news that I like but a tiny bit less. I see stories from these news outlets as a sort of metric as to what the general population has on their mind...these are, after all what many consider to be the "People Magazine of News". It's not that I don't consider the blog posts are not accurate or credible or anything of that nature, but it's more a factor of trying to gauge the sentiment of the market overall. I find that the larger news outlets not only report the news, but they influence behavior by their very act of reporting. Weird how that works, right? Anyway, to those doom and gloom bloggers, keep up the good work. I've noticed the err in my ways and will try to balance out my housing news sifting.
Anyway, here's a nice quote from bloomberg:
New York to CaliforniaPrices may start to drop in the New York City metropolitan area beginning in the fourth quarter of this year and continue falling 1 percent to 7 percent per quarter through 2008, according to estimates from Zandi.
Prices started to drop in Orange County, California, as early as the third quarter of 2006, said Zandi. The median price in the Boston area fell 2 percent during the past quarter, according to the National Association of Realtors. In the San Francisco Bay Area, Zandi forecasts a decline of 3 percent in the last quarter of this year and subsequent drops of 4 percent to 6 percent for the following three quarters.
Home sales in the San Francisco Bay Area fell in July to their lowest in 12 years, although prices in the city remain steady, and houses are taking twice as long to sell in parts of Mclean, Virginia, outside Washington, D.C., according to DataQuick Information Systems and the Northern Virginia Association of Realtors.
Ouch...so even my early 2009 prediction may be too premature. Better make it November 2009...that sounds about right.
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