Home prices in USA decline

February 16, 2007

Dear list members,

With transit Ketu now afflicting natal L4 Venus in H6 of SAMVA USA

chart and natal Rahu in H8 afflicting H4, it is not unsurprising to

see that home prices in the USA are now on a declining trend.

Best wishes,

Thor

Record home price slump

Fourth-quarter report from National Association of Realtors shows

largest price drop on record as markets with price declines now

outpace those with gains.

By Chris Isidore, CNNMoney.com senior writer

February 15 2007: 6:46 PM EST

NEW YORK (CNNMoney.com) -- The slump in home prices was both deeper

and more widespread than ever in the fourth quarter, according to a

trade group report Thursday.

Prices slumped 2.7 percent in the fourth quarter compared to the

fourth quarter a year earlier, according to the report from the

National Association of Realtors (NAR). That's the biggest year-over-

year drop on record and follows a 1.0 percent year-over-year decline

in the third quarter.

In addition, 73 metropolitan areas reported a decline in the fourth

quarter, compared to a year earlier. That outpaced the 71 that saw a

gain. It was both a record number and percentage of markets showing a

decline in the group's quarterly report. Five markets saw prices

unchanged.

Latest prices in your hometown

That decline was a far more widespread than the third quarter, when

only 45 markets reported drops and 102 saw gains, or the second

quarter when only 26 saw a year-over-year slump in prices. The

national median price was still showing a year-over-year gain in the

second quarter.

The most recent median prices are down even more: 3.4 percent since

hitting record highs in the second quarter. Almost three-quarters of

the markets, reported on by the group, saw declines in median prices

over the past six months, with eight reporting double-digit declines.

Vacation markets, where investor-buyers had driven up prices during

the building boom of 2005, were particularly hard-hit.

The Sarasota-Bradenton-Venice, Fla., market saw the biggest year-over-

year decline in the fourth quarter, with prices plunging 18 percent.

When looking at the change between the fourth quarter and the second-

quarter peak, the Palm Bay-Melbourne-Titusville, Fla., market saw the

biggest drop, with median prices plunging 19.5 percent.

Top 10 foreclosure markets

But the weakness in prices wasn't restricted to those kinds of

markets. Springfield, Illinois, reported a 16.2 percent drop in the

fourth quarter compared to the third quarter, the biggest decline

during that time frame, along with a 10.4 percent decline compared to

a year earlier.

Still, the trade group statement said it believed that the worst was

over for the drop in prices.

" Examination of data within the quarter shows home prices stabilizing

toward the end, " said a statement from David Lereah, the NAR's chief

economist. " When we get the figures for this spring, I expect to see

a discernable improvement in both sales and prices. "

Part of the decline in prices was attributable to the drop in sales

pace. Total existing home sales, including single-family and condo,

were at a seasonally adjusted annual rate of 6.24 million units in

the fourth quarter, down 10.1 percent from a 6.94 million-unit level

in the fourth quarter of 2005.

And the slower pace of sales, coupled with investor-buyers from 2005

trying to sell homes and condos they had bought, created a glut of

homes on the market, according to other real estate readings, which

also fed into the decline in home prices.

NAR President Pat Vredevoogd Combs, a Grand Rapids, Mich., realtor,

admitted the group doesn't expect to see a big gain in 2007

statistics.

Unlock your home's value

" Right now, buyers are responding to seller pricing and incentives,

and there's a bit of a pent-up demand as a result of buyer hesitation

during the second half of 2006, " she said in the group's

statement. " We're not looking for big changes, but a gradual rise in

sales and home prices is projected - that will be good for the

overall housing market and related industries. "

She said that since most homeowners stay in a home six years on

average, a look at five-year price gains shows most homeowners are

doing OK despite the recent weakness. The median five-year price gain

is 41.8 percent, according to the group's figures.

The nation's leading homebuilders have all reported declining prices

for new homes, which are not captured in this report. KB Home

(Charts) reported a net loss of $49.6 million, or 64 cents per share,

for the fiscal fourth quarter ended Nov. 30, earlier this week. Other

leading builders reporting weakness in prices include Lennar

(Charts), Pulte Home (Charts), Centex (Charts), D.R. Horton (Charts)

and Toll Brothers (Charts).

The most expensive market in the latest report was San Jose-Sunnyvale-

Santa Clara, Calif., where the median home price $760,000. That was

up $20,000, or 2.7 percent, from a year earlier but down $19,000, or

2.4 percent, from the third quarter and off $35,000, or 4.4 percent,

from the second-quarter peak.

The cheapest market was Elmira, N.Y., where the median price was

$78,400. That was off 0.5 percent from a year earlier and down 16.2

percent from the third quarter, which is when prices there peaked.

Despite the record weakness, there were some markets that showed

strong price gains. The best was Atlantic City, N.J., where the

median price was $339,800, up 25.9 percent compared to a year

earlier.

February 16, 2007

My dear Thor,

And transit Mars (immovable properties), L6, afflicting transit Saturn, L4, and becoming afflicted by natal Mars, in a bhukti of Saturn also makes sense, I think.

Best wishes,

Jorge

On 2/16/07, cosmologer <cosmologer wrote:

Dear list members,With transit Ketu now afflicting natal L4 Venus in H6 of SAMVA USAchart and natal Rahu in H8 afflicting H4, it is not unsurprising to

see that home prices in the USA are now on a declining trend.Best wishes,ThorRecord home price slumpFourth-quarter report from National Association of Realtors showslargest price drop on record as markets with price declines now

outpace those with gains.By Chris Isidore, CNNMoney.com senior writerFebruary 15 2007: 6:46 PM ESTNEW YORK (CNNMoney.com) -- The slump in home prices was both deeperand more widespread than ever in the fourth quarter, according to a

trade group report Thursday.Prices slumped 2.7 percent in the fourth quarter compared to thefourth quarter a year earlier, according to the report from theNational Association of Realtors (NAR). That's the biggest year-over-

year drop on record and follows a 1.0 percent year-over-year declinein the third quarter.In addition, 73 metropolitan areas reported a decline in the fourthquarter, compared to a year earlier. That outpaced the 71 that saw a

gain. It was both a record number and percentage of markets showing adecline in the group's quarterly report. Five markets saw pricesunchanged.Latest prices in your hometownThat decline was a far more widespread than the third quarter, when

only 45 markets reported drops and 102 saw gains, or the secondquarter when only 26 saw a year-over-year slump in prices. Thenational median price was still showing a year-over-year gain in thesecond quarter.

The most recent median prices are down even more: 3.4 percent sincehitting record highs in the second quarter. Almost three-quarters ofthe markets, reported on by the group, saw declines in median prices

over the past six months, with eight reporting double-digit declines.Vacation markets, where investor-buyers had driven up prices duringthe building boom of 2005, were particularly hard-hit.The Sarasota-Bradenton-Venice, Fla., market saw the biggest year-over-

year decline in the fourth quarter, with prices plunging 18 percent.When looking at the change between the fourth quarter and the second-quarter peak, the Palm Bay-Melbourne-Titusville, Fla., market saw the

biggest drop, with median prices plunging 19.5 percent.Top 10 foreclosure marketsBut the weakness in prices wasn't restricted to those kinds ofmarkets. Springfield, Illinois, reported a 16.2 percent drop in the

fourth quarter compared to the third quarter, the biggest declineduring that time frame, along with a 10.4 percent decline compared toa year earlier.Still, the trade group statement said it believed that the worst was

over for the drop in prices. " Examination of data within the quarter shows home prices stabilizingtoward the end, " said a statement from David Lereah, the NAR's chiefeconomist. " When we get the figures for this spring, I expect to see

a discernable improvement in both sales and prices. " Part of the decline in prices was attributable to the drop in salespace. Total existing home sales, including single-family and condo,were at a seasonally adjusted annual rate of 6.24 million units inthe fourth quarter, down 10.1 percent from a 6.94 million-unit levelin the fourth quarter of 2005.And the slower pace of sales, coupled with investor-buyers from 2005trying to sell homes and condos they had bought, created a glut of

homes on the market, according to other real estate readings, whichalso fed into the decline in home prices.NAR President Pat Vredevoogd Combs, a Grand Rapids, Mich., realtor,admitted the group doesn't expect to see a big gain in 2007

statistics.Unlock your home's value " Right now, buyers are responding to seller pricing and incentives,and there's a bit of a pent-up demand as a result of buyer hesitationduring the second half of 2006, " she said in the group's

statement. " We're not looking for big changes, but a gradual rise insales and home prices is projected - that will be good for theoverall housing market and related industries. " She said that since most homeowners stay in a home six years on

average, a look at five-year price gains shows most homeowners aredoing OK despite the recent weakness. The median five-year price gainis 41.8 percent, according to the group's figures.The nation's leading homebuilders have all reported declining prices

for new homes, which are not captured in this report. KB Home(Charts) reported a net loss of $49.6 million, or 64 cents per share,for the fiscal fourth quarter ended Nov. 30, earlier this week. Otherleading builders reporting weakness in prices include Lennar

(Charts), Pulte Home (Charts), Centex (Charts), D.R. Horton (Charts)and Toll Brothers (Charts).The most expensive market in the latest report was San Jose-Sunnyvale-Santa Clara, Calif., where the median home price $760,000. That was

up $20,000, or 2.7 percent, from a year earlier but down $19,000, or2.4 percent, from the third quarter and off $35,000, or 4.4 percent,from the second-quarter peak.The cheapest market was Elmira, N.Y., where the median price was

$78,400. That was off 0.5 percent from a year earlier and down 16.2percent from the third quarter, which is when prices there peaked.Despite the record weakness, there were some markets that showedstrong price gains. The best was Atlantic City, N.J., where themedian price was $339,800, up 25.9 percent compared to a yearearlier.