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Best and worst housing markets in the U.S.? - 5/27/2007 12:19:03 PM

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By Matt Woolsey, Forbes.com
May 25, 2007

Live in Seattle? If you own your home, chances are you're celebrating.

That's because the city's median home price in the first quarter of this year hit $380,200, an increase of 12.3% from a year earlier, according to data from the National Association of Realtors (NAR). Median home prices in the Pacific Northwest as a whole soared; in Portland, Ore., prices jumped 8.9%, and in Salem, Ore., they grew 15.6%.

http://www.forbes.com/2007/05/15/homes-housing-america-forbeslife-cx_mw_0515housing.html
Southern metros also boasted gains. In San Antonio, prices went up 11.2%, and Austin, Tex., prices climbed 5.4%. Charlotte, N.C., and Raleigh, N.C., rose 6.4% and 6.3%, and Richmond, Va., and Norfolk, Va., improved 6.2% and 5.9%.

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 1:36:09 PM

cjenny

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Detroit has one of the highest foreclosure rates in the country. I'm so glad that lending institutions have strongly tightened their screening process. Too many people bought homes beyond their means then couldn't keep up :(
Plus side?
It is definitely a buyers market!

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 2:06:26 PM

popeye1250

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We're doing pretty good here in Myrtle Beach, S.C.
Actually, both of the Carolinas are doing very well especially along the coast.
The thing is, we didn't have those big run-ups in prices of the last six years or so like in other parts of the country.
We had a very good year, 2005 and other than that it's been slow and steady 5-7% growth anually.
The "worst" areas of the country are probably the North East, parts of Florida and California as usual.
(Round up the usual suspects.)
If prices go up 100% then in a contraction they'll give back most of that artificial gain.
Condos in New England that were selling for $300k last year will be selling for $230k this year and next.
They say Calif and Southern Fla will take the biggest hit.
Those three areas always seem to be the most volitile price-wise.
It's like this happens every fifteen years like clockwork.

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 4:22:43 PM

cyberdude611

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I think the market has pretty much leveled off. I'm noticing more houses being sold in my area that were not selling at all last year.

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 4:27:36 PM

Griswold

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quote:

ORIGINAL: Level

By Matt Woolsey, Forbes.com
May 25, 2007

Live in Seattle? If you own your home, chances are you're celebrating.

That's because the city's median home price in the first quarter of this year hit $380,200, an increase of 12.3% from a year earlier, according to data from the National Association of Realtors (NAR). Median home prices in the Pacific Northwest as a whole soared; in Portland, Ore., prices jumped 8.9%, and in Salem, Ore., they grew 15.6%.

http://www.forbes.com/2007/05/15/homes-housing-america-forbeslife-cx_mw_0515housing.html
Southern metros also boasted gains. In San Antonio, prices went up 11.2%, and Austin, Tex., prices climbed 5.4%. Charlotte, N.C., and Raleigh, N.C., rose 6.4% and 6.3%, and Richmond, Va., and Norfolk, Va., improved 6.2% and 5.9%.

Sorry...I missed the point of your topic....I presume there was one? (No offense meant...you just never concluded in a question).

Seattle (my home town) has done well...others, less so. Some others, more so.

We have incredible wealth here (BG lives here), we also have unwavering growth. Other towns have marked growth as well....(Houston as an example), but they don't have our inherent (and geographical) strength.

Seattle is the closest port to Asia. A gift. We don't hold any special skills to adapt to that proximity...we were blessed.

Boeing is growing thanks to a rather large falter in Europe on that whole A-380 thing (their answer to the 747...yay America!!!!)...and of course...this little plane called the 787 (again...yay America)...Starbucks has captured America's (and the world's) desire to drink 5 dollar coffee. I'll never understand that whole gig...but I'm thankful for all of you who "get it" and continue to send 3 bucks home (to Seattle) for every 5 bucks spent on coffee, in every city in the country (again...thank you ever so much...you've contributed to all 49 of the skyscraper cranes that envelope our fair city).

God bless "3 shots".

Seattle's port has lost some ground to Longbeach California in the last 12 months (and in some cases, Vancouver, Canada). They (California) woke up, built a few dozen more feeways, added some rail (hopefully they're still buying a reasonable amount of coffee to keep things balanced)....but that'll change...and we'll win them back.

Yes, Seattle's property values have continued to go up for a time, but we came late to the national "flip" craze. Most locals are astounded by this continuing growth, but, having read enough national stories (on the housing crisis), we know...we can't stay immune to this forever....we're certain the shoe's gonna drop next Sunday Times.

And yet it hasn't (yet it must...we can't buck the trend forever).

Seattle has been incredibly lucky. We picked up this little company called "Microsoft" a few years back, which could have gone anywhere (and should have logically gone to San Jose)...but it didn't.

And then there was this little airplane firm that had a few better ideas than this other company (AirBus)...but they bid their time well while they waited for AirBus to fuck things up.

And they did (fuck up).

And then there's Amazon, Aquantive, Adobe (which later merged with another and moved out of the area), and a hundred other firms.

Kismet.

They could have failed...and they didn't.

We got lucky.

Luck follows those that work hard enough to achieve desired results.

(That is not to say other cities, and companies, didn't work hard...see above "kismet").

We'll fall...just like everyone else.

Hopefully not as far...and hopefully not as fast.

(In the meantime....you may want to consider moving to Seattle....I could rent you a place :) ).

(Bring money).

< Message edited by Griswold -- 5/27/2007 4:48:19 PM >

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 5:38:03 PM

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lol Griswold. No real point to the topic, or question, rather, I just found the subject interesting. I appreciate all the input.

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 5:42:14 PM

Sinergy

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quote:

ORIGINAL: cyberdude611

I think the market has pretty much leveled off. I'm noticing more houses being sold in my area that were not selling at all last year.

After two years of hearing people say the housing market was levelling off in southern California, realtors are finally starting to say that the market is going down, making it a good time to buy.

The reality is that the market is crashing, and it will continue to crash for another 2-3 years. Why buy something today when I can get it for half the price a year from now.

In response to the person who posted that people should buy within their means, you do know that when AnencephalyBoy took office he convinced the Fed to lower interest rates to record lows. So everybody and their dog refinanced their house, many with balloon payments, etc.

Then all their jobs were offshored, they could not refinance, their balloon payment came due.

This is what is driving the record foreclosures nationwide.

Sinergy

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 5:50:54 PM

asubmissiveheart

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I have friends in Southern California, saying the prices are going to drop by 1/2 is a stretch.
In the city of L.A. they are not dropping at all.
Foreclosures AND sales are up.
Single family home prices are steady if not rising. DQNews - DataQuick Real Estate Headlines and Statistics

DQNews - Southern California Press Release

< Message edited by asubmissiveheart -- 5/27/2007 5:54:43 PM >

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 6:54:04 PM

Sanity

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quote:

ORIGINAL: Sinergy
So everybody and their dog refinanced their house, many with balloon payments, etc...

Then all their jobs were offshored, they could not refinance, their balloon payment came due.

This is what is driving the record foreclosures nationwide.

Sinergy

"Everybody"???

"...all their jobs"???

It's the end of the wooooooooorrrrrrrrrrlllllllllllllddddddddddd!!!

(The Jehovah's Witnesses got nuthin' on you!!!!)

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 7:04:58 PM

Sinergy

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quote:

ORIGINAL: Sanity

quote:

ORIGINAL: Sinergy
So everybody and their dog refinanced their house, many with balloon payments, etc...

Then all their jobs were offshored, they could not refinance, their balloon payment came due.

This is what is driving the record foreclosures nationwide.

Sinergy

"Everybody"???

"...all their jobs"???

It's the end of the wooooooooorrrrrrrrrrlllllllllllllddddddddddd!!!

(The Jehovah's Witnesses got nuthin' on you!!!!)

I apologize for my use of the colloquial term "Everybody and their dog." I forgot to factor in the more obtuse who may have never heard this sort of term in their limited experience or education and would glom on to either the word "everybody" or the word "dog" in order to engage in some inarticulate attack.

Additionally, I apologize for my use of the word "all," the point I was making would be better served by stating "a great number of" but my fingers are tired from expressing my morpheme.

Peace out.

Sienrgy

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RE: Best and worst housing markets in the U.S.? - 5/27/2007 7:28:38 PM

Sanity

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quote:

ORIGINAL: Sinergy
Additionally, I apologize for my use of the word "all," the point I was making would be better served by stating "a great number of" but my fingers are tired from expressing my morpheme.

Peace out.

Sienrgy

I almost feel sorry for calling you on it now, Sinergy - I didn't realize how hard it is for you to be accurate. Most people can be accurate and not suffer from it. Is it a special condition that you have? Are you on any medication for it? Have you seen a doctor?

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