"Green shoots"- LMAO

[Clubber Lang]

Jobless rate rises in nearly all states
Forty-eight states and the District of Columbia post unemployment rates rise in May, while only one state - Nebraska - registers a decrease.



http://money.cnn.com/2009/06/19/new...yment_report/index.htm?postversion=2009061912

 

[peilthetraveler]

11.5% unemployment in CA, yet median home prices are going up there. We are going to have hyperinflation. Median home prices will be 1 millions dollars next year and democrats are going to scream GREEN SHOOTS!

 

[Clubber Lang]

Quote from peilthetraveler:

11.5% unemployment in CA, yet median home prices are going up there. We are going to have hyperinflation. Median home prices will be 1 millions dollars next year and democrats are going to scream GREEN SHOOTS!

A one month increase in the MEDIAN sales price means absolutely nothing.

Obama's $8000 house buying rebate will be over soon, and eventually the banks are going to have to start dumping the shadow inventory of foreclosures on their books onto the market.

IMO, we are at least 18-24 months from "the bottom" in RE, and I don't think it will be a "V" bottom when it finally arrives.

 

[peilthetraveler]

1 month certainly means something with it DROPS 10% though doesnt it?

 

[Clubber Lang]

Quote from peilthetraveler:

1 month certainly means something with it DROPS 10% though doesnt it?

Not if it's a single outlier data point.

Also, the data is from the spring selling season which is always the strongest and it was aided by historically low rates and a government incentive. Neither of those will be around for much longer.

 

[peilthetraveler]

i just did a search in a zip code near the area i live and here is what the numbers showed so far.

95662 homes sold avg price
April 28 185k
May 34 214k
June 50 222k

Obviously the month is not over yet and already almost double the number of homes sold.

For comparison...the last time more than 50 homes sold in June in that area was in 2004 when median price was 350k. In 2003 only 35 sold in June (293k avg) and in 2002 58 homes sold in june (234k) So please dont give me...its only going up because its summer BS. Most homes close at the end of the month, so we will probably see another 20 or so homes close, probably more.

People make money predicting the market, not by waiting until an event happens and then saying "oh i should've done this or done that"

I sold my house in Vegas in mid 2005 because i knew prices were going to fall. Everyone and their mother thought housing could never go down. Even when the first signs of housing were collapsing a bit later i heard the same BS..."oh 1 month doesnt mean anything" Then it became "2 months doesnt mean anything" Then it became.."oh you really gotta wait a year for it to mean anything"