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California home sales surge as prices plummet

Discussion in 'Political Discussion' started by Real World, Sep 19, 2008.

  1. Real World

    Real World Moderator Staff Member

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    The timing of this article is interesting since a guy I work with, just today, was talking about how a friend of his in Cali bought a $700k home for somewhere inside the $200's.

    California home sales surge as prices plummet

    Sep 18 07:19 PM US/Eastern
    By JACOB ADELMAN
    Associated Press Writer 54 Comments

    San Francisco Area Home Prices Plunge 31%


    LOS ANGELES (AP) - Home sales in California surged 13.6 percent in August as a flood of foreclosures drove down prices.
    The figures released Thursday by MDA DataQuick showed 37,988 new and preowned homes were sold statewide last month, up 13.6 percent from August 2007 but down 3.8 percent from July.

    The firm said 46.9 percent of all homes sold last month were foreclosed properties.

    That helped send the statewide median home price plunging 35.3 percent to $301,000 during the year ended in August.


    California home sales surge as prices plummet

    How about this beaut near the end of the article.

  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    The only thing odd about this is that the State received 11% of 130 million.. that is about 14 million to fix this mess.. in these days that is a mere grain of salt..
  3. PatriotsReign

    PatriotsReign Rookie

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    Strange how the inventory in MA just keeps sitting there. I wish it would drive our prices down so the homes would start selling.

    Let's just hope more funds aren't appropriated to bail out mortgage holders. i think we're pretty tapped out on the bailout front, don't you?
  4. PatriotsReign

    PatriotsReign Rookie

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    The $14 million isn't the reason sales have picked up so much. Like you said, that's just a grain of sand. It's about 99% due to the fact their prices have declined over 30%. Which backs up my theory that housing has to bottom out before sales will pick up.
  5. Real World

    Real World Moderator Staff Member

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    I believe the $130 million is set aside to cover the costs of mediation.
  6. Real World

    Real World Moderator Staff Member

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    According to the article, $300 billion, with a B, was already set aside to do just that.
  7. Real World

    Real World Moderator Staff Member

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    I think that's just about everybody's theory PR.
  8. PatriotsReign

    PatriotsReign Rookie

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    Anyone who supports funding to bailout mortgage holders does not believe the market has to bottom out. Such funds will serve to stop the decline before they bottom out...so, no, many do not agree with my position.

    Do you?
  9. PatriotsReign

    PatriotsReign Rookie

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    The $300 billion was approved last spring, so how's that working out for us?
  10. Real World

    Real World Moderator Staff Member

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    Of course not. I'm a free market, or as free a market can be, guy. I don't like the current bailouts, but I understand why they're taking place. I wouldn't give a home owner a single cent. A home owner who can't afford to pay, will never be able to if they borrowed $500k on a $40k a year salary. AIG will be able to repay their loan, since their foundation is solid.
  11. PatriotsReign

    PatriotsReign Rookie

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    YEAH!!!

    We found some common ground today RW....I love you man!;)
  12. MrBigglesWorth

    MrBigglesWorth Rookie

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    Ok I want to know who is buying these homes???

    are they families or are they the same smucks who are driving oil speculation, hedge funds, and swindled the tax payers of this country? and they are buying low so this will be the next wave of profit and swindling of the taxpayer when house prices rise 15-20% or more.
  13. Real World

    Real World Moderator Staff Member

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    They people like Stokes, and my two friends, who didn't overpay in the last 5 years, saved their cash, and now have $50-100k set aside to put down on a property. Two of my buds are at, or around $100k saved up (they're both in their mid 30's), and they are waiting to pounce once they're convinced the market has bottomed. I'm looking for some investment property myself.
  14. MrBigglesWorth

    MrBigglesWorth Rookie

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    I know RW. You've mentionned your $100k buddies like 20 times. But how many homes do those really account for. there are still several thousand that I imagine are being bought by high end investors.
  15. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey


    No question about that ... these are the same people that buy property at tax sales hoping the taxes never get paid and they can take posession.
  16. Fogbuster

    Fogbuster Rookie

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    ENOUGH with the good news, RW!!!

    Don't you know the world is coming to an end all because of bad, evil George Bush and the Republicans!!!

    We are all supposed to be knashing our teeth, falling on our knees, and BEGGING Obam-uh-h, Joe O'Biden, and Nancy Pelosi/Harry Reid to "SAVE US, please SAVE US"!!

    :eek: :eek: :eek:


    :rolleyes:

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  17. Fogbuster

    Fogbuster Rookie

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    Ain't the silence on this DEAFENING!!!


    :singing:


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  18. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    The silence is deafening, because your comments are idiotic.. don't flatter yourself...
  19. Fogbuster

    Fogbuster Rookie

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    :rofl:

    Look's who the freak is talking!!! Mr. Poser himself. "Hey, Mr. Tamborine Man.... "



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    Last edited: Sep 20, 2008
  20. Fogbuster

    Fogbuster Rookie

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    Obam-uh-h and friends WANT the economy to tank, they WANT Iraq and Afghanistan and Pakistan to blow up terrorism ... because they think they can take over in the midst of all that suffering.

    But I think the people want something different, and that it will be reflected on November 4th.

    The people of Iraq, Afghanistan, and Pakistan are sick of terrorists and Taliban fascists ruining their lives, and so do most Americans. Americans also want to take their economy back from egg-head "policy wonks" who know only their Marxist doctrines and nothing about real people.


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