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New home sales fall to slowest pace since 1991
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Okay | 9:26 a.m. Nov. 26, 2008
So that should mean my property taxes should be going down right?.
GCW | 9:30 a.m. Nov. 26, 2008
What a bunch of garbage.
Home prices are coming back down to what they should have been in the FIRST PLACE!
They aren't declining from where they should be, but from where they shouldn't have been !
Home prices are coming back down to what they should have been in the FIRST PLACE!
They aren't declining from where they should be, but from where they shouldn't have been !
George | 9:38 a.m. Nov. 26, 2008
Lowest prices since 2004. They were over inflated even then, so we should
expect more decline to get back to a resonable level.
Comments continue below
poor utahn | 9:50 a.m. Nov. 26, 2008
after this mess who knows when we the poor will have a change to even dream of
having a house, I have a full-time job and with this new rules I don't
qualify even if my job is stable, they shouldn't bail out greedy companies
let them take a fall because nobody is helping the little people.
Dave from Midvale | 10:02 a.m. Nov. 26, 2008
Declining home prices??? Look somewhere else than Utah.
I�ve seen soooooo many properties overpriced here, it�s a laugh.
I sold our home in the Tampa area a year and a half ago. It was priced originally at $265,000. After 6 mohts on the market it finally sold for $230,000. It�s now valued at $186,000. Now that�s price decline.
YES! The homes have been overpriced here in Utah for some time. We�ve been looking for a house (in the Midvale area) for a while. It�s a joke what some people are asking for some of these cracker boxes; some with no basements priced as high as $200,000.
We will do the wise thing and let these goobers sit and stew for a while. The in the spring we will hit the market and make OUR own deals. After a year or so on the market, some of these properties will be ripe for the taking. . . at a FAIR price.
I�ve seen soooooo many properties overpriced here, it�s a laugh.
I sold our home in the Tampa area a year and a half ago. It was priced originally at $265,000. After 6 mohts on the market it finally sold for $230,000. It�s now valued at $186,000. Now that�s price decline.
YES! The homes have been overpriced here in Utah for some time. We�ve been looking for a house (in the Midvale area) for a while. It�s a joke what some people are asking for some of these cracker boxes; some with no basements priced as high as $200,000.
We will do the wise thing and let these goobers sit and stew for a while. The in the spring we will hit the market and make OUR own deals. After a year or so on the market, some of these properties will be ripe for the taking. . . at a FAIR price.
Brad | 10:58 a.m. Nov. 26, 2008
I agree. Home prices will continue to fall. It's not a good time to buy
right now because by Christmas, the property that you think you are getting a
deal on today will be $10,000 less. If you think it's a good time to buy I
hope you enjoy paying an over inflated price. Patience from buyers is the key
and humility from sellers is the answer.
BH | 11:00 a.m. Nov. 26, 2008
I just moved to Utah from Kentucky. Utah house prices have fallen, but they
still have a way to go to get where they need to be.
It is hard to feel sympathy for those who are losing real estate value, when the market was so inflated.
It is hard to feel sympathy for those who are losing real estate value, when the market was so inflated.
CP | 11:04 a.m. Nov. 26, 2008
Well gee I wonder why people aren't buying houses. It's only obvious,
houses are way over priced here in this state! And those contruction companies
keep insisting on building more and more new houses, really not a smart thing!
Banks won't loan the money to anybody unless you throw down over $50,000 on
the table right in front of them. The banks don't want to give anybody a
break, it all comes down to one thing and I can say it one word GREED!
Good! | 11:12 a.m. Nov. 26, 2008
There is a lot of blame to go around on this mess. Financial, realtors,
construction, and stupid buyers. Now people stew in your own brew. This whole
mess is created by one word GREED!
(GULP!) | 11:25 a.m. Nov. 26, 2008
You mean....GASP!....these homes are NOT worth the ridiculous prices these mopes
want?
In Utah? I thought EVERYONE wanted to live in Utah!
Let them stew in the mess they themsleves created. Most of the homes in Utah cannot compete with the wage scale here. Ergo, over priced homes.
as for the sheer unbridled greed of those trying to sell, builders, developers and the (hopefully dwindling) bunch of realtors here, can all fade away into oblivion.
In Utah? I thought EVERYONE wanted to live in Utah!
Let them stew in the mess they themsleves created. Most of the homes in Utah cannot compete with the wage scale here. Ergo, over priced homes.
as for the sheer unbridled greed of those trying to sell, builders, developers and the (hopefully dwindling) bunch of realtors here, can all fade away into oblivion.
Interesting | 11:47 a.m. Nov. 26, 2008
Perhaps things will change. Who knows? It is good to see these prices fall. I
have been tracking home listings on cavehunter dot net. I have found that the
big homes, over a million, are selling for half their price and that normal
homes are selling for about 95% of asking price. Maybe the prices will fall as
people become desperate. Who knows?
Home to roost | 11:58 a.m. Nov. 26, 2008
I think anyone or industry involved in making profits on sub-prime loans should
not be bailed out. If there's greed anywhere, it's in the stupid
practice of giving loans to those who shouldn't qualify.
Those sub-prime buyers created artificial demand here in Utah and elsewhere, which drove prices up unreasonably.
Now that sub-prime borrowers can't get loans, and now that many of them are losing their homes, there will be an over-supply of homes which will allow prices to drop, over time, to appropriate levels.
Isn't the free market a beautiful thing? If it's allowed to take its appropriate course, the market will right itself.
The REAL danger here is government meddling, as they attempt to rescue companies, industries, and people from their own greed and mismanagement. That will only postpone their inevitable financial failure, and at tremendous cost to the rest of us.
Those sub-prime buyers created artificial demand here in Utah and elsewhere, which drove prices up unreasonably.
Now that sub-prime borrowers can't get loans, and now that many of them are losing their homes, there will be an over-supply of homes which will allow prices to drop, over time, to appropriate levels.
Isn't the free market a beautiful thing? If it's allowed to take its appropriate course, the market will right itself.
The REAL danger here is government meddling, as they attempt to rescue companies, industries, and people from their own greed and mismanagement. That will only postpone their inevitable financial failure, and at tremendous cost to the rest of us.
Why? | 12:06 p.m. Nov. 26, 2008
Why are the bank big-wigs of Wachovia getting a severance of $98,000,000 each?
That's nearly $100 million to be laid off. One million per year for 98
years. I'm not sure if that's enough for them to retire on? What do
you think?
Economics 101 | 1:09 p.m. Nov. 26, 2008
Homes, like just about everything else, are worth what people are willing to pay
for them.
The market is self-correcting.
Selling prices will eventually fall to the level that buyers are willing to pay.
The market is self-correcting.
Selling prices will eventually fall to the level that buyers are willing to pay.
re Economics 101 | 7:04 p.m. Nov. 26, 2008
Self-Correcting is too devastating to the economy...just ask your congressman /
senator / anyone who approves a bailout. However, self-correcting is what you
will get. These bafoons should just let us (banks / homeowners over their head)
take our medicine for all of the mal investment. I believe in econ 101, but
america does not.
Home Values | 8:48 p.m. Nov. 26, 2008
SLC is just getting started on the slippery slope down. I won't buy until
I stop hearing people say this thing is going back up. As soon as they throw in
the towel, I will buy.
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