I’m sure you’ve noticed that with the economic downturn gas prices have also fallen dramatically from a few months ago. Where we could’ve gotten a gallon of gas for a little over $4.00 now we can get for close to $2.00, almost half if not more of the price just a couple months ago.
But have you noticed that with the gas prices plummeting there has been more traffic on the roads, there have been more single drivers, and many, many more people choosing to go out or even leisure drive? Though many people may disagree perhaps an increased gas tax may be beneficial for us. In many Western nations gas is much less affordable than it is here and coincidentally those countries also tend to have much better public transportation systems and healthier individuals. Should we consider putting a gas tax on ourselves so that we can really learn to use our cars as sparingly as possible? (more…)
Financial Times: US Faces Worst Recession In 26 Years
According to records it appears that our recession is starting to look very similar to the one that we suffered in 1982. It’s been a long time since the U.S. has gone through a recession of these lengths but the real question is how long will this recession last?
Foreclosures and short sales have been one of the leading reasons behind falling home prices, which have been an increasing worry over the past couple years. “Banks price homes to sell,” said Patrick Newport, real estate economic with Global Insight, a forecasting firm. “When demand for home drops, ordinary sellers will take their homes off the market, let them sit or reduce their prices in small increments. But banks will slash prices to where the homes will sell quickly.” This combined with suffering economic conditions results in a lack of homebuyers with people either not “wealthy” enough to buy a home or too scared altogether. (more…)
It appears that the real estate crisis that has gripped our nation doesn’t leave anyone out. In the recent months past we have seen many a famous name in the papers with “foreclosure” stamped on their pictures. Read on for these celebs and others facing real estate difficulty. (more…)
We’ve seen it everywhere else: the consequences of a real estate market crisis. But Manhattan seemed to be the one place that was in its own little world. Not anymore. Sales records show that the sale of new and existing properties in New York is beginning to fall and the real estate market in the Big Apple is beginning to soften.
Despite falling sales numbers, it appears that the median price range for highly-sought after units in the city are still on the rise. High-end apartments and condos, new and existing, are still rising in comparison to the sales prices of last year. (more…)
“U.S. home prices tumbled in April at the fastest rate since a widely followed index was begun in 2000 with all 20 metropolitan areas surveyed posting annual declines for the first time. The Standard & Poor’s / Case-Shiller home price index of 20 cities fell by 15.3 percent in April versus a year ago, according to Tuesday’s report. Prices nationwide are at levels not seen since August 2004. The narrower 10-city index declined 16.3 percent in April, its biggest decline in its more than two-decade history.
Meanwhile, a report from the office of Federal Housing Enterprise Oversight said U.S. home prices fell 4.6 percent in April from the same month last year, when the index peaked. That marked the biggest decline ever in the agency’s monthly index which dates back to January 1991.” (more…)
Could this be the time to buy yourself some new real estate? With new home sales continuing to fall and new home prices decreasing in order to stimulate more activity, this may just be the right time to enter what seems to be a real estate depression.
Although prices have been falling, sales records have been plummeting, foreclosures have been rising, it appears that we’re not at the bottom just yet. Give it another year and then we might just start seeing a comeback with our economy.
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Finally some good news! And do we ever need it…
Provided by CNN
“Harvard report finds immigration, other demographic trends will fuel housing demand over the next decade” (more…)
Yet more depressing news. Do we need it? Probably not. Do I have to post it? Probably.
The most recent record of new home sales in the month of March has shown that there has been a 8.5 percent decline — the lowest level since October 1991. In addition to that the “median price of a home sold in March dropped by 13.3 percent compared to March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.” (more…)
