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Md. home sales fall furthest in nation
Home sales fell faster in Maryland than in any other state in the nation in the first three months of the year, dropping more than even in hard-hit spots of the country such as California, a Realtors group said Tuesday.
Posted by: Sammy on 05/13 at 08:27 PM
- 1 · ANd with the fallout of forclosurers, the custom homes that people have pulled out of contracts, and the surplus of inventory our houses value falls further.
Hope everyone can stay around another 5-7 years to recoup their loses.And we need to stop the building- not just for the many reasons we have stated here, but to lower the inventory for our values to rise.
A man must learn to understand the motives of human beings, their illusions, and their sufferings. einstein
Comment by BJGoodwin on 05/13 at 09:08 PM | Back to Top - 2 · from my financial news source:
In days gone by, the corrections primarily centered in
the manufacturing sector, but as that part of the economy has given way to the service
sector, and as technology has enabled “just in time” inventory management, downturns
have tended to be more shallow and have manifested themselves in other industries – for
example oil and gas in the mid-80s, commercial real estate in the early 90s, and tech,
famously, in 2000-02. This time around, the “excess supply” most obviously occurred in
housing, an asset that is broadly owned and typically leveraged, and therefore important to
most of us while highly painful to some who are over-exposed.
I'd say he's about right.
A man must learn to understand the motives of human beings, their illusions, and their sufferings. einstein
Comment by BJGoodwin on 05/13 at 09:35 PM | Back to Top - 3 · What I don't understand is how many new subdivisions are being built!
If you go up Rt. 210 there's about 8 or 10 new subdivisions now being built and that's only what you see from the road.
If you go up Rt. 5 to 301 there's several new subdivisions being built.
In Charles County, plans are for 10,000 to be built just by ACPT and then in LaPlata, another 5,000 for the Heritage Green development.
So if the market is so bad, why oh why are they continuing to build these mega sized subdivisions?
Is there something they know that we don't??
Comment by cheryl on 05/14 at 06:22 AM | Back to Top - 4 · Cheryl, watch them closely, the "plans" may be public, the ground may be cleared, permits may have been pulled, their sales signs may be up, but........look at how many actual homes are under construction or being built ! Few if any, yes, they had some grand plans and some still do but believe me, right now and (in my small mind) they are stuck due to the market. We have all been talking about the downturn, the sub prime mess etc Well the builders may not admit it but it is having a huge impact on their future plans ! The sluggish market along with the demise of the sub prime loan (thank goodness) has effectively done what no one else seemed to either be able or want to do and that is, slow them down or in some cases make them pull completely out of the market or sell their undeveloped land back to gain cash to operate elsewhere. Yes its not the total end of it but I truly feel they are talking a good game but I will wait to see it truly occur !
Comment by anserman on 05/14 at 11:00 AM | Back to Top - 5 · So just build more while you can before the citizens rise up vote out these bums and get in leader's with integrity. There I go dreaming again.
Comment by jdman1 on 05/14 at 12:23 PM | Back to Top - 6 · another ditty from finanial sources:
We wish the stories of personal financial distress were equally humorous. In its March
report, RealtyTrac detailed new foreclosure filings on 234,685 properties, a 57% increase
from last year, while bank repossessions surged 129%. One in every 139 homes in Nevada
is facing foreclosure, though the sheer numbers in California (1 in 204) and Florida (1 in
282) are much larger. (Somehow the housing bubble missed Vermont, where only 2
homeowners received notices.) Upside-down borrowers increasingly are resorting to
“jingle mail,” sending their banks the keys instead of the monthly payment. “When equity
in the home approaches zero, behavior changes,” Wachovia’s CEO noted, as he attempted
to defend a 41% dividend cut, $4.8 billion in credit write-downs, and a dilutive equity
offering. One Phoenix homebuyer put nothing down and took out a loan that let her pay
less than she owed each month, but now she finds herself with a $385,000 house and a
$585,000 loan. She matter-of-factly justified her default to the Arizona Republic, “It was
the peak of the market but no one told us.” The surge in forced sales is not going to help
those looking for stabilization in the housing market, where median (existing) home prices
have declined 8.3% year over year (the Case-Shiller index of more-comparable sales
registers -12.7%), while inventory in the US remains elevated at almost 10 months of supply
A man must learn to understand the motives of human beings, their illusions, and their sufferings. einstein
Comment by BJGoodwin on 05/14 at 08:29 PM | Back to Top
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