Wednesday, September 23, 2009

When Will House Prices Regain Their Peaks?

There's no 'national' bottom in housing yet, and we're still a long way from the bottom of the Charlottesville market.  But already Moody's is making projections about when house prices will once again go back up to bubble values.

Virginia, as a whole, is expected to regain those lost values 14 years from now, in 2023.  The national number is the year 2020.

Via The Big Picture; see also HousingWire.  

Click for larger image in new window.



Related Reading

"Delayed Foreclosures and Shadow Inventory," via CR.  Google the quoted phrase and WSJ for complete content.
Stock market rising, despite banks and housing being socialized, but consumers struggling. 
The disaster that is the FHA.
Credit Risk and Ben Bernanke.

11 comments:

downtownenvy said...

Ha anyone let the sellers on Hilltop in downtown know about this yet, LOL?

Seriously said...

or any of the sellers on Avon or Monticello in Belmont...fixer upper for $335,000? LOL.

Ben said...
This comment has been removed by the author.
Anonymous said...

I wonder how much affect NOVA has on the statistical calculation across the state.

ROTFLMAO said...

After I leave this comment, I'm going to laugh until I vomit.

This house is "overimproved" and the neighborhood is not worthy of a nearly $300K price tag, in any economy.

mls 469940

Purple prose:

Renovated city gem on a .46 acre site minutes to downtown! Over 2,000 sf this immaculate brick home was completely renovated in 2007 and boasts gleaming hardwood floors and a beautifully updated kitchen and bathrooms. Offering so much livability including a first floor great room and kitchen, 3 bedrooms and a finished lower level with an oversized family room with fireplace, den/guest room, full bath and laundry room. The fenced rear yard with distant mountain views is fabulous.

Anonymous said...

728 Monticello Ave has water damage, needs new floors, paint, kitchen, baths, HVAC, and was just reduced in price to $324,000

MLS 467845

The original price was $339,000. It's 2 doors down from 800 Monticello, which sold May 2008 for $346,000 in perfect condition. But also overpriced. What's wrong with this picture?

The MLS listing doesn't quite tell the whole story, does it:

"A wonderful 1945 Belmont home on a popular tree lined street. Walk 4 blocks to downtown,farmer's market, ACAC, and 2 blocks to any of the five popular restaurants in the heart of Belmont! Home has very high ceilings, beautiful original mouldings & trim,hardwood floors, five panel solid wood doors with original hardware, you can have off street parking through usable alley way. Fenced level yard with mature landscaping"

Best Savings Account Rates said...

This is too much, "Virginia is expected to regain those lost values 14 years from now, in 2023". I think this figure is too frustrating.

Anonymous said...

Gauging from the newest of listings, neither Seller or Agent are in touch with reality. This home asking price is over $306/sq. ft. What gives? Is there gold buried under the foundation?


http://tinyurl.com/ycef5dk

535 NE Second Street, C'ville
MLS470292
List $449,000
Built 1929 Finished sq. ft. 1469

It has become a great waste of time to review mycaar! Yes, prices are dropping, but when you begin in the stratosphere there is a long way to go down.

Anonymous said...

Has C'ville really even begun to address stratosphere pricing. Sellers and agents appear to be in serious denial. This is a typical view for the new week.

For instance, new listing at 535 NE 2nd Street asking $449K. About $305/sq. ft. for a 1929 home with 1469 finished sq. ft.

What gives? 20% down implies a mortgage of $359,200. Could an appraiser even justify this number?
There is such a tremendous gap between a reasonable bid and the ask, it doesn't appear to be a serious seller.

Real C'ville - The Bubble Blog said...

Anon,
That address is in Fifeville. Anybody who hasn't been to Fifeville would be even more surprised at the price than you.

Anon 11:51 9/24, there's a lot for sale in Belmont. Most of it doesn't sell.

ROTFLMAO, "overimproving" is classic Bubble.

Downtownenvy: Seriously doubt it.

vanic said...

VAR the Virginia Association of Realtors notices the 2023 until price recovery phenomenon
http://varbuzz.com/moodys-fiserv-predict-slow-recovery-for-virginia-home-prices/