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Record drop in home prices

Posted Feb 24th 2009 10:50AM by Michael Fowlkes (RSS feed)
Filed under: Bad news, Consumer experience, Economic data, Housing, Recession, Financial Crisis

Home prices continued their downward spiral in the fourth quarter, posting a record drop in values.

One of the most widely watched indexes for home values is the Standard & Poor's/Case-Shiller U.S. National Home Price Index and, according to data released today, the index dropped by an amazing 18.2% during the fourth quarter when compared with the same period in 2007. This marks the largest quarterly drop in the 21 years that the index has been tracking home prices.

Continue reading Record drop in home prices

Home prices continue to drop, but is it really a bad thing?

Posted Feb 12th 2009 5:04PM by Michael Fowlkes (RSS feed)
Filed under: Bad news, Consumer experience, Economic data, Housing, Recession, Financial Crisis

Home prices drop in fourth quarterWe all know that the real estate market is in trouble, and another sign of just how bad things are came out today as the National Association of Realtors announced another steep drop in home prices during the fourth quarter.

The NAR started keeping comprehensive data on home sales back in 1979, and in that time period there has not been another quarter that saw home prices drop as much as they did in the fourth quarter of last year. So just how much did values drop? A massive 12.4%.

Continue reading Home prices continue to drop, but is it really a bad thing?

Pending home sales rise in December, according to NAR

Posted Feb 3rd 2009 4:30PM by Michael Fowlkes (RSS feed)
Filed under: Major movement, Earnings reports, Good news, Market matters, Money and Finance Today, D.R.Horton (DHI), Economic data, Housing, Financial Crisis

The troubled housing market got a bit of good news today, as the National Association of Realtors stated that pending home sales rose during the month of December.

According to today's report, pending home sales increased by 6.3% in December, coming off an all-time low that it set in November. The news comes as potential home buyers are starting to show interest in deeply-discounted homes.

Continue reading Pending home sales rise in December, according to NAR

Falling home prices hit one California town hard

Posted Nov 11th 2008 2:10PM by Michael Fowlkes (RSS feed)
Filed under: Forecasts, Bad news, Consumer experience, Market matters, Money and Finance Today, Economic data, Housing, Recession, Financial Crisis

As home prices continue to weaken, more and more homeowners are facing the real possibility that their homes will wind up "underwater" before the market starts to rebound. Of all the areas in the country that are facing tough times, the worst of times are being felt in the California city of Mountain House.

So what exactly does it mean to have your house underwater? Simply put, a mortgage goes underwater when the balance a homeowner owes on his house is more than the house is worth.

Just how bad has the situation gotten in Mountain House? The figures are staggering. According to figures released yesterday, roughly 90% of all homeowners in Mountain House are now facing mortgages that are underwater. Nine out of every 10 homeowners woke up this morning facing the fact that their home values have been in free fall and there is little that they can do to correct the current situation.

Continue reading Falling home prices hit one California town hard

According to Buffett, America is already in a recession

Posted Mar 3rd 2008 3:38PM by Michael Fowlkes (RSS feed)
Filed under: Forecasts, Consumer experience, Economic data, Commodities, Oil, Housing, Federal Reserve, Recession

Over the past six or eight months we have heard more and more chatter about the dreaded "R" word. The dreaded "R" word being recession, and depending on who you listen to, you have either been laughing at the possibility of America sliding into a recession, or you have been preparing for the inevitable.

Well, now, trusted billionaire Warren Buffett has come out and stated that America is already "essentially" in a recession. Buffett is basing his stance on numbers he has seen from his retail business that show a significant slow down in spending. While he has stated that we have basically already entered into recessionary times, he stopped short of predicting just how bad things would get.

While we may not be technically in a recession period, according to Buffett, we are in the middle of a commonsense recession. Not only does he see retail spending on the decline, but also pointed to the fact that an untold millions of Americans have had the misfortune of watching their homes shrink in value, a scenario that has yet to reverse.

Continue reading According to Buffett, America is already in a recession

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Last updated: November 10, 2009: 03:24 PM

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