Topic: Housing and where it is headed

[Jack Morris]

When I got back to the U.S. one of the first things I did (besides dine at Cattle Baron, Jerry knows why  ), was visit Barnes and Noble and buy some financial news, YUMMY! Have I missed that stuff! Anyways, Jun 05 issue of Money is about, HOUSING, and includes a real estate guide for 05.

Even if you do NOT own a home, I encourage you to go to the library and read it or go to a store and buy it. You will be amazed at how housing prices are soaring above expectations (especially in San Diego and N.Y.C. and Miami) yet incomes are roughly the same and payments are small. Never before in our nation's history have we seen such an economy in housing, and it is a boom for some, yet a bust for others.

There are many interesting things to read besides market values, like renovations that really pay off, and other personal finance items as well.

Best values? Indianapolis, where a home is 1.8 times the typical income. Nashville has a median home price of 139k, and Dallas, which is in a economic boom right now jobwise, and renting is just 6% less than a mortgage payment. I'll take the house payment over rent at that rate any day of the week!

California and Florida and N.Y.C. are becoming too expensive to buy for those that have not bought before 2000.  Good for EZKill and Ravok and others, but bad for people who want own a home and earn average salaries.

[toasty0]

When I got back to the U.S. one of the first things I did (besides dine at Cattle Baron, Jerry knows why  ), was visit Barnes and Noble and buy some financial news, YUMMY! Have I missed that stuff! Anyways, Jun 05 issue of Money is about, HOUSING, and includes a real estate guide for 05.

Even if you do NOT own a home, I encourage you to go to the library and read it or go to a store and buy it. You will be amazed at how housing prices are soaring above expectations (especially in San Diego and N.Y.C. and Miami) yet incomes are roughly the same and payments are small. Never before in our nation's history have we seen such an economy in housing, and it is a boom for some, yet a bust for others.

There are many interesting things to read besides market values, like renovations that really pay off, and other personal finance items as well.

Best values? Indianapolis, where a home is 1.8 times the typical income. Nashville has a median home price of 139k, and Dallas, which is in a economic boom right now jobwise, and renting is just 6% less than a mortgage payment. I'll take the house payment over rent at that rate any day of the week!

California and Florida and N.Y.C. are becoming too expensive to buy for those that have not bought before 2000.  Good for EZKill and Ravok and others, but bad for people who want own a home and earn average salaries.

Too bad they don't mention Vegas. My home has almost doubled in value in the last twelve month.

[Jack Morris]

Las Vegas

285k median house cost

multiple of local median income 5.2

change in avg price over 1 yr 45.6%

past price risk - high

They do mention Vegas, T, the problem? Water, the boom is sucking up the supply. Same thing happened to Chihuahua when all the factories moved in creating thousands  and thousands of new jobs. Got to have plenty of water to live and then there are the water hogs who HAVE to water their lawns every day for hours.

Austin

151k

multiple of income is 2.3

change in price 2.3% in past year

past price risk - med

San Diego

554k!

multiple is 8.7! 

change in price 26.9%

past price risk - high

Be glad to look up the charts for anybody interested

Here's one for ya Sethan

Dallas

137k

2.1 

3.1% change

past price risk - green! Which of course means low risk. 

[toasty0]

Then the researchers haven't done their research with due dilligence. We have plenty of water for well on into 2050 even if current growth holds (an average growth rate for Las Vegas is 3000 new resident per month).

[toasty0]

Look at that. New home sales keeping pace with growth.

[Jack Morris]

http://biz.yahoo.com/special/bubble05.html

Where are real estate prices most vulnerable and lots of other good articles. Sethan, Dallas makes real estate news once again! 

[Jack Morris]

http://news.yahoo.com/s/latimests/20050613/ts_latimes/costofmovingupkeepsmanyfromsellinghomes

While I can agree if no one is selling it MIGHT help to keep the prices up, but it only fuels NEW HOME construction, thus flooding the market with more houses, houses that are better built and have more features.