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Seattle Bubble Forum Archive • View topic - New home sales plunge

New home sales plunge

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

New home sales plunge

Postby Lake Hills Renter » Thu Apr 24, 2008 8:25 am

"Sales of new homes plunged in March to the lowest level in 16 1/2 years as housing slumped further at the start of the spring sales season. The median price of a new home in March, compared with a year ago, fell by the largest amount in nearly four decades."

New home sales plunge to lowest level in 16 1/2 years
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Re: New home sales plunge

Postby morty209 » Fri Apr 25, 2008 7:07 am

i hate to say it but this is probably good news. i think we'll see the trough in home valuations in Seattle this summer. At least that's when I will begin making the rounds again looking for value. All depends on the mortgage markets...
Mortimer Johnson
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Re: New home sales plunge

Postby SeattleMoose » Fri Apr 25, 2008 8:20 am

"i hate to say it but this is probably good news. i think we'll see the trough in home valuations in Seattle this summer."

Well I'll up the ante.....I hate to say it...but the earth is flat.

I can understand why you hated to say what you did. Didn't you see the poll a few weeks back about "which inning" we are in? Tim's readers established we are only in the 2nd or 3rd inning. The "trough" is several years off. This spring will be a bust. Next spring....worse.

Having been thru 2 previous economic/RE busts all I can say is that this time is by far the biggest runup in prices I have ever seen. And the previous "smaller" busts usually took about 5 to 7 years from peak to trough.

Couple this with the "perfect storm" of the foreclosure wave, financial industry implosion, job layoffs, rampant inflation in food/gas/etc., and we are in uncharted territory.

Buy hey don't worry, those rebate checks will turn things around!! :wink:

old chinese saying...."the bigger the front, the bigger the back".
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Re: New home sales plunge

Postby rose-colored-coolaid » Fri Apr 25, 2008 10:43 am

rose-colored-coolaid
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Re: New home sales plunge

Postby ira s » Fri Apr 25, 2008 10:53 am

I'm thinking a bottom in late '09, but we are likely to wallow at the bottom for a few years.
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Re: New home sales plunge

Postby rose-colored-coolaid » Fri Apr 25, 2008 2:10 pm

rose-colored-coolaid
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Re: New home sales plunge

Postby Alan » Fri Apr 25, 2008 2:13 pm

I hate to say it but I like to hear that too.
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