Home Prices Climb as Supply Dwindles

Home Prices Climb as Supply Dwindles - WSJ.com

Home prices rose by their largest percentage in at least seven years during the second quarter, propelled by low inventories of properties for sale and high demand for bargain-priced foreclosures, according to two reports Tuesday.

Prices rose by 2.5% in June from a year ago, and by 6% from the previous quarter, said CoreLogic Inc., a Santa Ana, Calif., data firm. The quarterly jump was the largest since 2005.

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Waiting in the wings are huge inventories of distressed homes that the banks have not yet processed. We'll have to wait to see what happens when these inventories are put on the market as prices rise. There is also strong resistance to price increases from traditional sellers who will loosen their grips on their properties as prices start to rise. My guess is that we have not yet seen the end of depressed housing prices.

LowDown said:

Home Prices Climb as Supply Dwindles - WSJ.com



Waiting in the wings are huge inventories of distressed homes that the banks have not yet processed. We'll have to wait to see what happens when these inventories are put on the market as prices rise. There is also strong resistance to price increases from traditional sellers who will loosen their grips on their properties as prices start to rise. My guess is that we have not yet seen the end of depressed housing prices.

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The economy is recovering in normal manner. Financial news just doesn't know how to report it.

Supply is not dwindling. There are more empty homes in this country than homeless people. At least six times as many empty homes as homeless. That we, as a nation, have collectively decided that we prefer to keep people out of homes confuses me.

Housing: It's a Wonderful Right
Empty homes and homeless people
Richard S. Bogartz: Hard to keep glancing sideways | GazetteNET
Daily Kos: STUNNING: When a Single Image Cuts to the Core of an American Injustice

LowDown said:

Home Prices Climb as Supply Dwindles - WSJ.com



Waiting in the wings are huge inventories of distressed homes that the banks have not yet processed. We'll have to wait to see what happens when these inventories are put on the market as prices rise. There is also strong resistance to price increases from traditional sellers who will loosen their grips on their properties as prices start to rise. My guess is that we have not yet seen the end of depressed housing prices.

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I saw this article on yahoo about a business owner in Detroit who bought 650 homes> All he had to pay was the back taxes which came to 4.6 million. It was an auction and no one else could handle that much at one time. I assume this is happening all over the country. Banks sure don't want these houses.

Wow. Even better than a free lunch, a free house.

I only use my car for an hour a day. Maybe other people should be driving it the other 23 hours.

I was trained as a crisis worker by The White Bird Clinic in Eugene OR. I worked with hundreds of homeless people. After 2 years I gave up. Most homeless people like it that way and doing anything for them beyond food, is a complete waste of money. Give them a house and they'll destroy it.

Paschendale said:

Supply is not dwindling. There are more empty homes in this country than homeless people. At least six times as many empty homes as homeless. That we, as a nation, have collectively decided that we prefer to keep people out of homes confuses me.

Housing: It's a Wonderful Right
Empty homes and homeless people
Richard S. Bogartz: Hard to keep glancing sideways | GazetteNET
Daily Kos: STUNNING: When a Single Image Cuts to the Core of an American Injustice

Click to expand...

Paschendale said:

Supply is not dwindling. There are more empty homes in this country than homeless people. At least six times as many empty homes as homeless. That we, as a nation, have collectively decided that we prefer to keep people out of homes confuses me.

Housing: It's a Wonderful Right
Empty homes and homeless people
Richard S. Bogartz: Hard to keep glancing sideways | GazetteNET
Daily Kos: STUNNING: When a Single Image Cuts to the Core of an American Injustice

Click to expand...

Just what do you expect the JOBLESS that are also the addicted, the insane and the useless to do to pay for utilities and maintanence? Do you intend for SOMEBODY ELSE to pay for that as well? It never ceases to amaze me that the liberal answer to all "situations" is an instant infusion of tax money taken, of course, from those that are trying to produce and care for themselves and their OWN families.

Do you not see what happens to the "free" public housing that we now provide? Indeed these folks are sad and perhaps 2% would actually get it together for a year or two, but most of these folks would simply ruin, trade or sell anythng that they are givien to get the next dose of their recreational drug of choice. How many of these folks do YOU offer a room in your home to? Perhaps you and your neighbors can buy one of these bargain properties and let the homeless folks of your choosing move in and see, first hand, what happens.

supply dwindles? lol. come by my town; the "supply" is fine.

Supplies have definitely dwindled (cute word dwindled - might use as a cat name) where I live. I buy (or try to) everything that comes up for sale in my neighborhood. I've been outbid on the last two and there is NOTHING for sale right now. Must of the underwater owners have decided to pay anyway and keep their homes plus the banks seem to have stopped foreclosures and some people are now in their 3rd year of living cost-free.

Helix said:

supply dwindles? lol. come by my town; the "supply" is fine.

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specklebang said:

Supplies have definitely dwindled (cute word dwindled - might use as a cat name) where I live. I buy (or try to) everything that comes up for sale in my neighborhood. I've been outbid on the last two and there is NOTHING for sale right now. Must of the underwater owners have decided to pay anyway and keep their homes plus the banks seem to have stopped foreclosures and some people are now in their 3rd year of living cost-free.

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Supply is definitely way down in South Florida. And prices are definitely rising.

It's temporary. I'm calling it now. I spoke with a very wealthy real estate investor who told me that there are millions of homes right now several payments behind with no positive outlook in sight. He said by the end of the year all of these homes will be going into foreclosure and we will have a HUGE influx of foreclosed homes on the market. Unfortunately, whoever is elected in November will get the blame.

But I don't care who it is, I'm calling it now so mark my words. December/January will be UGLY. He said this second wave will be huge compared to the first wave of foreclosed homes a year ago.

dontworrybehappy said:

It's temporary. I'm calling it now. I spoke with a very wealthy real estate investor who told me that there are millions of homes right now several payments behind with no positive outlook in sight. He said by the end of the year all of these homes will be going into foreclosure and we will have a HUGE influx of foreclosed homes on the market. Unfortunately, whoever is elected in November will get the blame.

But I don't care who it is, I'm calling it now so mark my words. December/January will be UGLY. He said this second wave will be huge compared to the first wave of foreclosed homes a year ago.

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I think I'll go with Buffett.

Buffett Extends Real-Estate Bet With ResCap Pursuit: Mortgages - Bloomberg