"In terms of prices, the housing market ended 2011 on a very disappointing note," said David Blitzer, chairman of the Standard and Poor's index committee. "While we thought we saw some signs of stabilization in the middle of 2011, it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended."
Here are the cities where prices have fallen the farthest over the past year, based on the index:
•Atlanta, -12.8%
•Las Vegas, -8.8%
•Chicago, -6.5%
•Seattle, -5.6%
•San Francisco, -5.4%
•San Diego, -5.4%
The index also measures each metro area compared with price levels in January 2000. On that basis, Detroit, Atlanta, Las Vegas and Cleveland have been hardest hit. All have prices that are typically below where they were 12 years ago.
Washington, D.C., New York and and Los Angeles are the metro areas where home prices have had the best performance over the past 12 years. In all three cases prices are up at least 60 percent from the index year.
The one thing that you should take away from this is that it is dangerous out there IF YOU DON'T KNOW WHAT YOU ARE DOING. Fortunes can be made in a market like this as volatility can be great. But if you are ignorant, this market will chew you up and spit you out. Just make sure you are on solid footing.
This choppiness in the market will continue until 2014 due to the economy, unemployment, energy costs, and banking issues. For the record: we are acquiring homes as quick as we can spread across our 10 states as we believe the turn around in 3 years will be the start of a massive net worth increase for us. Our goal by the end of 2014 is to have 600 homes under control...and we are behind target to meet this goal as we can't find enough of the right homes with the right terms in the right cities.
Just be careful and make sure the light at the end of the tunnel isn't an oncoming train.
__________________
Always Looking to Acquire Houses | Always Looking to Amaze Investors
From an article today at msnbc.com:
"In terms of prices, the housing market ended 2011 on a very disappointing note," said David Blitzer, chairman of the Standard and Poor's index committee. "While we thought we saw some signs of stabilization in the middle of 2011, it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended."
Here are the cities where prices have fallen the farthest over the past year, based on the index:
•Atlanta, -12.8%
•Las Vegas, -8.8%
•Chicago, -6.5%
•Seattle, -5.6%
•San Francisco, -5.4%
•San Diego, -5.4%
The index also measures each metro area compared with price levels in January 2000. On that basis, Detroit, Atlanta, Las Vegas and Cleveland have been hardest hit. All have prices that are typically below where they were 12 years ago.
Washington, D.C., New York and and Los Angeles are the metro areas where home prices have had the best performance over the past 12 years. In all three cases prices are up at least 60 percent from the index year.
The whole article can be read here;
http://bottomline.msnbc.msn.com/_news/2012/02/28/10529475-index-identifi...
The one thing that you should take away from this is that it is dangerous out there IF YOU DON'T KNOW WHAT YOU ARE DOING. Fortunes can be made in a market like this as volatility can be great. But if you are ignorant, this market will chew you up and spit you out. Just make sure you are on solid footing.
This choppiness in the market will continue until 2014 due to the economy, unemployment, energy costs, and banking issues. For the record: we are acquiring homes as quick as we can spread across our 10 states as we believe the turn around in 3 years will be the start of a massive net worth increase for us. Our goal by the end of 2014 is to have 600 homes under control...and we are behind target to meet this goal as we can't find enough of the right homes with the right terms in the right cities.
Just be careful and make sure the light at the end of the tunnel isn't an oncoming train.
Always Looking to Acquire Houses | Always Looking to Amaze Investors