Real Estate Blog - Home prices have been falling at a record pace in June as reported by Reuters

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Home prices have been falling at a record pace in June as reported by Reuters

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Another interesting article that I found on Reuters. As some of you know...many of my blogs have been syndicated there... so I'm always receiving feeds from them on my Yahoo home page.

I find it interesting how they are using price declines as one of the major reasons why it will most certainly be a long time before we see any major rebound or market correction. I believe one factor is that back in 2003-04....the market we were seeing was just a mirage and never should have been.

Most homeowners were conditioned to believe this and now are looking down instead of up. I also think that instead of expecting a 25% return over a few months and then selling is what caused the fake market.

If you look at natural numbers....most will agree that if you were to gain anywhere from 3-8% a year in return.....we probably wouldn't be in this situation but of course there are other factors such as financing loans for people who never really could afford the payments.

You can read the rest of this story >>>HERE.

For more information please contact Neal The Real Deal Bloom-Realtor® /RE/MAX Premier Associates

2500 Weston Road ,Suite 103

Weston FL 33331

(954)608-5556

Posted by Neal Bloom-Realtor ® Assoc.-CRS-Weston FL on 08/26/2008 09:48 AM

Comments (6)

home prices, decline, falling, record pace, reuters

Originally posted at: Weston Florida Real Estate Blog, Neal"The Real Deal"Bloom : Home prices have been falling at a record pace in June as reported by Reuters

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6 Comments on Home prices have been falling at a record pace in June as reported by Reuters

AUG

2008

Neal, good thoughts from that article. What goes skyrocketing up most eventually come back down to earth.

Gary,

Just thoughts!

Hi Neal: I agree with Gary too. Things seem to adjust themselves naturally.

Neal- Now do you think we can convince Sellers about that "Fake Market" :) I have seen some of my clients actually start to realize that they may never see anything like a few years ago, so better start concentrating on today.

Hi Neal, A very interesting post and one sure to give pause. In the longer run say in two or three years when the market has returned to some level of consistency, it will be once again, business as usual. Sales will take on a more normal accountability and the price will once again see that normal types of appreciation typical for Fla and the other "Sunshine States" The northeast will stabilize and the area where industry has been prolific in the past will lose a bit of luster. The coasts will gain their normal appreciation as people will be seeking out the coastal advantage. All in all a few rough times may still be in our immediate future but overall, we will overcome these market aberrations. Hopefully the economy will sustain what all it needs to undergo for the longer term.

I personally believe that because it was so pumped up people just figured it would keep rising but I know it had to end and then came the rains.

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