LOCALLY, 2009 brought (s)lower sales than'08, which was lower than '07, which was lower than '06....And the bottom isn't here yet. Area home sales just keep declining. Sales of detached single family homes in Albemarle and Charlottesville were either at the lowest point for a decade, or hovering 30+% lower than 2008 during the summer months, even with the expected seasonal uptick, historically low interest rates, reduced prices, and the $8k federal tax credit. Regional sales remained 30-50% lower than in last year, depending on season. kind of property sold, and area. The upper part of the market, $800K skyward, was essentially frozen.
Now to national links, and what's being discussed this week:
CNBC: US Home Prices Could Fall Another 25%
NYT: Seven New Rules for First Time Homebuyers. #1: Don't stretch to get into that first home. Read more here.
WSJ: Your House: It's Just A Home, not a way to make money quickly or a nest egg.
WaPo: Nearly 90% of All Home Loans Are Now Funded or Guaranteed By the Federal Government. Uncle Sam's in lotta folks' backyards. Or bedrooms.
WSJ: No Easy Exit For Government as Housing Market's Savior. This link is a preview; Google the title, including "WSJ" to receive the Google free version. SeekingAlpha: Five Questions About the Government's Role in the Mortgage Business
The Credit Score Impact on Mortgage Choices: Doing a loan mod, short sale, foreclosure, or bankruptcy all change a credit score, some more than others. And overall, US credit scores are significantly down due to the housing crisis. Via Calculated Risk.
Bloomberg: Housing Recovery Has Long Road, Fannie Mae CEO Says
What's Wrong With the Banking System?
Timeline: A Year of Turmoil
Lehman Had to Die So Global Finance Could Live
Interactive: The Giants of Finance, Shrinking then Growing
NYT: On Wall St., President Obama's Been Pushing For More Banking Regulation Since Campaign Days. Monday was no different.
Bloomberg: Nobel-winning economist Joseph Stiglitz: banking problems are bigger than pre-Lehman.
TBP: Barry Ritholz on the anniversary of the crisis, various media appearances
Mish: Greenspanism is the root cause of this Depression. You read that correctly: "Depression."
CalculatedRisk - Failed Banks and the Deposit Insurance Fund and
Latest Problem Bank List - September 11
HuffPo: Tales from Lehman's Crypt
NYT: Wall Street's Math Wizards Forgot a Few Variables - Humans
NYT: A Year Later, Little Change on Wall Street
HuffPo: Priceless: How the Federal Reserve Bought Economists
Ron Paul: Audit the Fed
Abolish the Fed - Petition
And finally, some fluff: Think the prices for fixer-uppers are inflated in, say, downtown or Belmont? This place hasn't been updated in 36 years...including kitchen and bathrooms, wiring, and plumbing, and a 3rd fl that needs to be gutted. But it's within spitting distance of the Obamas' old ChiTown house.
Related Older Posts:
Graphs of Declining Sales in Cville Area
Q2-09 Cville Market Compared to Rest of Virginia
Unemployment in the Cville Area
Higher Priced Homes Sell at Snail's Pace
VHDA's August Forecast for Cville Area