Less Than 500 New Homes Sold In Over $750,000 Bracket For 4th Month In A Row

  • Posted by a hidden member.
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    Dec 24, 2011 8:02 PM GMT
    Another indictment of the "rich getting getting richer" meme. Everyone's getting poorer - of course, for the Democrats, given the state of the economy, class warfare is probably the only avenue they see to retaining power.

    http://www.zerohedge.com/news/less-500-new-homes-sold-over-750000-bracket-4th-month-row

    One thing becomes apparent when looking at the price range breakdown in the just released latest New Home Sales breakdown - the quality, or rather price, of homes sold continues to deteriorate. As can be seen on the chart below, November is the 4th month in a row in which there was (Z), or less than 500 houses sold in the $750,000 category. And while there has been a consistent deterioration in virtually all other price buckets, one is stable: that of the under $150,000. Luckily, the banks keep on leaking out those foreclosed upon properties with the regularity of Old Faithful. Now if only they could releases the 6 million in shadow inventory homes so the housing market could finally clear, thing may actually be optimistic. Alas, as long as they are held on the books, and buyers, who it just happens are not idiots, refuse to pay top dollar knowing well tomorrow a far better deal may hit the market, there is no hope for either the housing market rebounding, or by implication job creation finally picking up. Thank you Centrally Planning Ben. May we have another?

    Home%20Sales%20By%20Bracket_1.jpg
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    Dec 24, 2011 8:30 PM GMT

    Better not let SB see your topic Riddler, Canadians are supposed to mind their own business, you know. icon_wink.gif
  • conservativej...

    Posts: 2465

    Dec 26, 2011 3:23 AM GMT
    Well you know, bringing incomes down is not a bad thing unless you are a Democrat needing more revenue. Likewise, why would any city or county in the U.S. need a new $750,000 home to add to the tax base?

    The future is going to be so much fun.
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    Dec 29, 2011 2:57 PM GMT
    When cutting and pasting data without research, you should at least have something credibile.

    According to Data Quick Information Systems, home sales over $1,000,000 have increased on a national average 18.6%. All 20 major metropolitan areas are showing an increase in these sales. You can go to their website to find the acutal impartial stats.

    Again, according to Data Quick, in 2010 alone, 22,529 houses costing over $1,000,000 sold in Ca., the 2011 statistics are expected to be better.

    In December 2011 alone year to date, over 20 homes closed in the South Bay CA area which cost more than $1,000,000. And this is just one small area.

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    Dec 29, 2011 3:22 PM GMT
    webster11111 saidWhen cutting and pasting data without research, you should at least have something credibile.

    According to Data Quick Information Systems, home sales over $1,000,000 have increased on a national average 18.6%. All 20 major metropolitan areas are showing an increase in these sales. You can go to their website to find the acutal impartial stats.

    In December alone, over 20 homes sold in the South Bay CA area which cost more than $1,000,000, - Source - SoCalRealEstate. And this is just one small area.



    I was thinking along the same lines. To me this means the middle class/lower middle class is suffering, because they'd be the 750k buyers.
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    Dec 29, 2011 3:29 PM GMT
    webster11111 saidWhen cutting and pasting data without research, you should at least have something credibile.

    According to Data Quick Information Systems, home sales over $1,000,000 have increased on a national average 18.6%. All 20 major metropolitan areas are showing an increase in these sales. You can go to their website to find the acutal impartial stats.

    In December alone, over 20 homes sold in the South Bay CA area which cost more than $1,000,000, - Source - SoCalRealEstate. And this is just one small area.



    "SoCalRealEstate" is just a blog. No different than what I do.

    Look deeper my friend.

    http://dqnews.com/Charts/Monthly-Charts/CA-City-Charts/ZIPCAR.aspx

    Even coastal SoCal is not doing very well.

    The average and median has been close to a million bucks in Manhattan Beach for a very long time. MB is mostly SFRs

    Redondo and Hermoso are cheaper because of a much higher % of condos

    http://dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx
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    Dec 29, 2011 3:47 PM GMT
    I agree, they are not doing as well as they could, we are in a recovery and the housing market will take a very long time since it fell from a huge bubble. Like Tulip Mania in the 17th century to the Roaring 20's, to the dot com bubble which burst, the housing market may never recover to its insane levels. Historically, in the US, from the panics of 1819, 1837, 1857 and almost every 20 years thereafter, recovery takes 5 to 10 years.

    But to say, as the origional poster said, that homes over $1,000,000 are hardly or not sellling is simply false.
  • musclmed

    Posts: 3271

    Dec 29, 2011 3:51 PM GMT
    webster11111 saidI agree, they are not doing as well as they could, we are in a recovery and the housing market will take a very long time since it fell from a huge bubble. Historically, in the US, from the panics of 1819, 1837, 1857 and almost every 20 years thereafter, recovery takes 5 to 10 years.

    But to say, as the origional poster said, that homes over $1,000,000 are hardly or not sellling is simply false.


    Yes ,getting a mortgage back in the 19th century has so many parallels , and the world economy was similar in 1857?

    Is this Paul Krugman that joined?
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    Dec 29, 2011 3:52 PM GMT
    webster11111 saidI agree, they are not doing as well as they could, we are in a recovery and the housing market will take a very long time since it fell from a huge bubble. Historically, in the US, from the panics of 1819, 1837, 1857 and almost every 20 years thereafter, recovery takes 5 to 10 years.

    But to say, as the origional poster said, that homes over $1,000,000 are hardly or not sellling is simply false.


    Regarding the South Bay - if you want anything at all that's a 'home' i.e. SFR, not condo, you're going to be at a million bucks or better. In SoCal we run cycles every 7 to 8 years with around 14 years total peak to peak / trough to trough.
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    Dec 29, 2011 3:59 PM GMT
    Actually the panic of 1857 is comparable to the what we are seeing. In the US, one cause of the panic of 1857 was an international recession coupled with American speculation in real estate and banking.
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    Dec 29, 2011 4:13 PM GMT
    Oops, forgot to link the original data set and where they got it -

    http://www.zerohedge.com/news/less-500-new-homes-sold-over-750000-bracket-4th-month-row
  • CuriousJockAZ

    Posts: 19119

    Dec 29, 2011 4:55 PM GMT
    Well I sold two of those this past quarter. One thing I can tell you is that currently there are 71 homes in "Pending Sale" in escrow here in the Phoenix area with a price tag over $1 million --- 51 of these are in Scottsdale alone. There are 935 homes in the Phoenix area in escrow "Pending Sale" over $300,000. This is HUGE. Things seemingly are definitely turning around in the Phoenix market.