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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
THEY MUST BE VERY WORRIED BY NOW!
"...for now, the frothy buying conditions in some of the nation's biggest housing markets, especially for high-end-homes, worry economists, who remember how the housing market crashed in the late 1980s after some markets overheated."
The Wall Street Journal (bottom of page), March 6, 2000
And the noise has gotten louder each year since. Some of the best: Is There a Bubble in "Real Estate Bubble" Articles?
http://millionairenowbook.blogspot.com/
A bubble or a Value?, from Motley Fool, reports on the national housing market and the inventory glut facing homebuilders nationally. The article suggests that the glut of inventory homes may not be as large from a historical perspective, citing that the number of homes on the market at the end of July was 568,000, about a 6.5 month supply. That's lower than the 11.6 months supply back in April 1980, or the 9.4 months supply in January 1991. The article says since supply is by no means excessive and the key to what happens next lies with buyer behavior. Personal incomes are rising at the fastest pace in six years, and with falling home prices and still low interest rates, homebuyers still have the ability to purchase. The article summarizes by saying that the housing market still looks pretty sound, notwithstanding this period of softness. With the big discounts builders are offering, now is the time for buyers to make their move and get off the sidelines.
From The L.A. Times:
"In August, the median price for all Southland single-family houses and condominiums rose 2.7% from the year-earlier level, to $489,000 — the smallest increase since July 1999, according to La Jolla-based research firm DataQuick Information Systems. It was only five months ago that the rate of appreciation was 10.7%. In May 2004, appreciation peaked at 27%." Used home appreciation: Riverside +7.0%; San Bernardino +6.1%; Los Angeles +4.7%; Orange +2.6%; Ventura +1.0%; San Diego -2.2% and all of Southern California +2.7%.
EXCUSE ME, BUT WASN'T SOUTHERN CALIFORNIA HOUSING SUPPOSED TO HAVE ALREADY COLLAPSED?
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