If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Yahoo)   Existing home sales at lowest level in 8 years, as median price drops to $211k. The good news is that half of them sold for more, though   (biz.yahoo.com) divider line 50
    More: Sad  
•       •       •

406 clicks; posted to Business » on 24 Oct 2007 at 2:16 PM (6 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



50 Comments   (+0 »)
   

Archived thread
 
2007-10-24 11:13:55 AM
About freaking time. Housing market has been ridiculous.
 
2007-10-24 11:21:23 AM
It's going to keep dropping. Without all the sub prime no money down loans there is going to be a lot less buyers out there.

How many people do you know that have 20% down on a $400,000 house?
 
2007-10-24 11:29:58 AM
This is my 762*

/*greens often overturned before going live
 
2007-10-24 11:49:20 AM
Gwendolyn: How many people do you know that have 20% down on a $400,000 house?

This is why I can't afford to buy a place in DC. Even on two incomes how long would it take to save that much? Everyone under 40 here has had help from family or rents.
 
2007-10-24 11:54:46 AM
Most banks are still doing piggybacks (80/20 or 80/15 splits onto two mortgages) if you have good credit and work history.

The second mortgage is better than paying the PMI, since it's tax deductible (I believe PMI will be deductible soon). Ironically, many banks are "desperate" to make loans to good borrowers, so if you're a low risk, they'll structure it favorably.

People rarely need 20% down anymore.
 
2007-10-24 12:21:28 PM
Median != Mean/average
 
2007-10-24 01:10:44 PM
I hear there is an inventory reduction going on in San Diego.
That should help things.
 
2007-10-24 01:22:03 PM
Maybe between this and the fires I'll be able to get a little place in SoCal someday.
 
2007-10-24 01:45:11 PM
dillenger69

Stop with the euphemisms. We all know it's a fire sale.
 
2007-10-24 02:10:22 PM
The good news is that half of them sold for more, though

Yeah, I know. The motherf*ckers were this close to affordability. Sure dodged a bullet there...
 
2007-10-24 02:20:58 PM
A monkey pulling numbers out of a hat would be more accurate than the NAR Chief Economist.

I can't believe that someone with close to a 0% prediction rate for the past several years is still being quoted as an authority by the mainstream press.
 
2007-10-24 02:29:01 PM
rocinante721: Median != Mean/average

Exactly, which is why it is good that reported the median, and not the mean, in TFA. Median is more representative of the majority of home prices in this country.
 
2007-10-24 02:34:03 PM
NikolaiFarkoff: dillenger69

Stop with the euphemisms. We all know it's a fire sale.


I hear that NOLA market is flooded with fixer uppers.
 
2007-10-24 02:50:28 PM
rocinante721: Median != Mean/average

Ok, so um what's the problem with the headline or the article?
 
2007-10-24 02:57:34 PM
rocinante721: Median != Mean/average

You failed!
 
2007-10-24 03:00:20 PM
rocinante721: Median != Mean/average

cake != pie/tart
 
2007-10-24 03:04:46 PM
rocinante721: Median != Mean/average Middle number in a set

FTFY

/Sorry, Pet Peeve
 
2007-10-24 03:09:27 PM
dillenger69: I hear there is an inventory reduction going on in San Diego.
That should help things.


I came here to say that!
Beat me to it, you magnificent bastard!!
 
2007-10-24 03:14:33 PM
Gwendolyn: How many people do you know that have 20% down on a $400,000 house?

Including myself, three.

BUT, I can't afford the mortgage + property tax on it, so it's a moot point.

/By "afford" I mean, live my current buy-any-piece-of-electronic-equipment-whenever-I-want-to -without-a-care life. Because I probably could afford it, but I like to have a huuuuuuuuge buffer zone.
 
2007-10-24 03:15:14 PM
Counter_Intelligent: rocinante721: Median != Mean/average

You failed!


1 = Mean/average ?
 
2007-10-24 03:24:20 PM
Counter_Intelligent: rocinante721: Median != Mean/average

You failed!


How so? The median is the middle number in a sorted set.

0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1,1000000000000

Mean = 47619047619
Median = 0
 
2007-10-24 03:33:11 PM
The only way I'll ever afford to buy a house in the NY area is if I cash in 100k off my 401k and use the first-time buyer priviledge.

Till then I'm happy with the lot I have.

/When I say lot, I mean apt.
//550 square foot of goodness for me, the girlfriend and three cats
///You cannot move in the apt without bumping into furniture, the girlfriend or the cats.
////I'll be on teh couch, touchin' ur slashies.
 
2007-10-24 03:36:43 PM
true != false/not true
 
2007-10-24 03:39:09 PM
Don't worry a few thousand million dollar homes will need to be built in So Cal in a few months to fix this right up...
 
2007-10-24 03:53:18 PM
mobombhead:
How so? The median is the middle number in a sorted set.


You might want to read this:
http://en.wikipedia.org/wiki/Median
 
2007-10-24 03:55:30 PM
rocinante721: Median != Mean/average

Actually Mean/average=1
 
2007-10-24 04:15:42 PM
scorreia: You might want to read this:
http://en.wikipedia.org/wiki/Median


Yeah, and it says the same thing I said. Tell me where I'm wrong.
 
2007-10-24 05:10:47 PM
Gwendolyn: How many people do you know that have 20% down on a $400,000 house?

Not too many I suppose...but that's what they're asking in the blue collar neighborhoods in Jersey. It's retarded.

Yes, it will come down much more.
 
2007-10-24 05:28:11 PM
Dear Median,

Please feel free to drop a little more at your earliest convenience.

Very sincerely yours,

Me
 
2007-10-24 05:29:47 PM
dillenger69: I hear there is an inventory reduction going on in San Diego.
That should help things.


You'll burn for that joke, dillenger69!

/waitaminnut
 
2007-10-24 05:44:52 PM
dillenger69: I hear there is an inventory reduction going on in San Diego.
That should help things.


Don't you mean a "fire sale"?
 
2007-10-24 05:45:52 PM
Pure Slaughter Value: ///You cannot move in the apt without bumping into furniture, the girlfriend or the cats.

Well, hopefully bumping into the girlfriend isn't a problem.

The cats too, if that's your thing.

I wouldn't know. I'm married now. :D
 
2007-10-24 06:13:51 PM
Sad? SAD?

Reading that article, it was like the finest poetry ever written.
 
2007-10-24 06:22:51 PM
Keep 'em dropping. I need the prices nice and low by late next year so I can actually afford a home.
 
2007-10-24 07:40:22 PM
Prices have backed off here a bit but they're still high. Good for me since I'm about to sell.

/back to the beach for me
 
2007-10-24 08:44:02 PM
Cue conspiracy about the rich kicking the poor off their land and into ghettos.

/not really
//although I'm pretty sure czarangelus would agree with the above statement
 
2007-10-24 08:53:07 PM
and this is sad??????????

this is sweet music to my ears. In six months I might be able to afford a house in Orlando.
 
2007-10-24 10:16:49 PM
rocinante721: Median != Mean/average

Of course not...thats because:

Mean/average = 1
 
2007-10-24 11:54:35 PM
Well, my townhouse went for more than that, but I was just damn happy to get rid of the thing.
 
2007-10-24 11:57:18 PM
Median is not the same as Mean.
Median means Middle.
Mean means average.

My neighborhood is still in the 500k market. In the late 80's it was worth under 100k.
 
2007-10-25 01:06:20 AM
rocinante721: Median != Mean/average

Beautiful. Keep the good work.
 
2007-10-25 01:07:01 AM
And by the way, +1 Subby. Cute headline.
 
2007-10-25 04:23:55 AM
Is it mean to make an average person walk down the median?
 
2007-10-25 08:52:42 AM
RockIsDead
Is it mean to make an average person walk down the median?

Depends, is the average person making any standard deviations while walking down the median?
 
2007-10-25 10:12:48 AM
mobombhead: Counter_Intelligent: rocinante721: Median != Mean/average

You failed!

How so? The median is the middle number in a sorted set.

0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1,1000000000000

Mean = 47619047619
Median = 0


Are half of those numbers greater than zero?
 
2007-10-25 10:59:03 AM
Pure Slaughter Value: The only way I'll ever afford to buy a house in the NY area is if I cash in 100k off my 401k and use the first-time buyer priviledge.

Till then I'm happy with the lot I have.

/When I say lot, I mean apt.
//550 square foot of goodness for me, the girlfriend and three cats
///You cannot move in the apt without bumping into furniture, the girlfriend or the cats.
////I'll be on teh couch, touchin' ur slashies.


I don't understand why people live in NY (for a number of reasons).

/3000 square foot house
//$1200 per month
///not bumpin' into shiat
 
2007-10-25 11:07:14 AM
Yo - real estate farkers. While your here; Out of curiosity, and the fact that I'm getting illegally evicted,

How much down would I need to put up to get a 36000 dollar first home loan. No credit. No job, full time student. *I spend 600/month on rent anyway so - eh)

/might be getting a decent sum of money from the jackasses evicting me too.
//sorry about the threadjack - But you guys always seem to know your crap.
 
2007-10-25 11:38:44 AM
StarlingFive: //sorry about the threadjack - But you guys always seem to know your crap.

Check with HUD. My sister and her hubby got a 20k loan for being a first time home buyer. Well, it was a grant, but when they finish paying off their house, they have to pay that back but with no interest. While that really wouldn't equal the 20% down payment that everybody used to like to have, it does help out a lot.
 
2007-10-25 11:47:10 AM
NikolaiFarkoff Most banks are still doing piggybacks (80/20 or 80/15 splits onto two mortgages) if you have good credit and work history.

The second mortgage is better than paying the PMI, since it's tax deductible (I believe PMI will be deductible soon). Ironically, many banks are "desperate" to make loans to good borrowers, so if you're a low risk, they'll structure it favorably.

People rarely need 20% down anymore.


My credit union just started a 100% financing, no PMI loan for first-time home buyers. You just need to check around for the best options.
 
2007-10-25 12:49:19 PM
Jack31081: Are half of those numbers greater than zero?

For median it doesn't matter. Values on both sides of the median can be equal.
 
Displayed 50 of 50 comments



This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »






Report