Home > Jay Bookman > Archives > 2008 > December > 31 > Entry
DEL.ICIO.USAt this rate, they’ll be giving houses away in a box of Cracker Jacks
The Atlanta Journal-Constitution
Let’s put 2008 behind us, shall we? Let’s officially declare this last day of the year as the bottom and then move on.
If only it were that easy….
from the New York Times:
“… home prices in 20 metropolitan areas across the country dropped at a record rate of 18 percent in October from a year earlier as the fallout from the financial collapse reverberated through the housing market.
According to the measure, the Standard & Poor’s/Case Shiller Home Price Index, all 20 cities surveyed reported one-year price declines in October. Prices in 14 of the 20 metropolitan areas fell at a record rate.
“October was clearly the free-fall month,” said David M. Blitzer, chairman of the index committee at Standard & Poor’s. “Everything was going against us in October, without exception.”
After increasing steadily through the first part of the decade, home prices have fallen every month since January 2007, their slide accelerating as troubles in the housing market infected the broader economy and brought down financial firms. Now, as buyers sit on the sideline and a glut of unsold homes clogs the market, economists say that home prices might continue to slide throughout 2009.”
“Metro Atlanta home prices took a record double-digit tumble in the year ending in October, according to a closely watched 20-city index released Tuesday.
With an average price drop of 10.5 percent for existing single-family houses, Atlanta joined 13 other cities experiencing double-digit declines. It was the metro area’s first annual double-digit drop since the index started reporting Atlanta data in 1991.
The metro area also posted a record month-to-month decline of 2.4 percent.
“The only thing selling is foreclosures if you’re on the south side of town,” said Rita Hutson, an associate broker at Metrobrokers/GMAC Real Estate. “It has absolutely gotten worse.”
Shea Zimmerman, senior vice president and managing broker at the Harry Norman Realtors office in East Cobb, said her region has faced a slightly better situation with price drops of about 7 or 8 percent, thanks to a strong school system that has kept home values from falling too far.”
And here’s the city by city list:
City, monthly price change, annual price change
• Atlanta, -2.4%, -10.5%
• Boston, -1.1%, -6.0%
• Charlotte, -1.8%, -4.4%
• Chicago, -1.6%, -10.8%
• Cleveland, -1.0%, -6.2%
• Dallas, -1.1%, -3.0%
• Denver, -1.5%, -5.2%
• Detroit, -4.5%, -20.4%
• Las Vegas, -2.7%, -31.7%
• Los Angeles, -2.6%, -27.9%
• Miami, -3.0%, -29.0%
• Minneapolis, -3.4%, -16.3%
• New York, -0.9%, -7.5%
• Phoenix, -3.3%, -32.7%
• Portland, -1.9%, -10.1%
• San Diego, -3.0%, -26.7%
• San Francisco, -4.2%,-31.0%
• Seattle, -1.4%, -10.2%
• Tampa, -3.4%, -19.8%
• Washington, -2.7%, -18.7%
Source: Standard and Poor’s
Comments
By DB, Gwinnettian
December 31, 2008 8:45 AM | Link to this
Remember, you’d be a fool not to buy a house with an ARM. Ayn Rand’s BFF told us so.
By AJC/DNC Management
December 31, 2008 8:47 AM | Link to this
On average, houses in Atlanta gained nearly 200% or more of value from 2001 to 2007.
Wake me up when we get the other 190% taken back, yawn.
By Mrs. Godzilla
December 31, 2008 8:47 AM | Link to this
lot less upkeep on a decoder ring!
By AJC/DNC Management
December 31, 2008 8:52 AM | Link to this
The Urinal/Jihad, voice and advocate of the common kook-
Washington —- A group of atheists, led by a California man known for challenging the use of the words “under God” in recitals of the Pledge of Allegiance at public schools, filed a lawsuit Tuesday to bar prayer and references to God at the swearing-in of President-elect Barack Obama.
There was a time when the demented were safely locked away but in the nuevo days of hopeandchange the AJC gives them 10 paragraphs in the A section.
Birds of a feather?
Looking out for your own?
By Copyleft
December 31, 2008 9:03 AM | Link to this
Yeah, those nuts raving about how government should abide by the Constitution are really annoying, aren’t they?
They sure were a nuisance to Above-the-Law Bush until he explained that the Constitution was “just a g— d——ed piece of paper.”
By The Corporal
December 31, 2008 9:08 AM | Link to this
It was an adjustment that needed to be made. Prices were/are artificially high.
On another not so boring topic:
Inauguration prayer concern - Barack Obama’s choice of Rick Warren to deliver his invocation may lead to another controversy: ‘Jesus’
Oh no, Rev. Rick Warren may close his prayer in Jesus name. But of course if you say, God or Jehovah, or Manitou, or Allah that’s no problem.
By AJC/DNC Management
December 31, 2008 9:18 AM | Link to this
Aahhh, yes, those dastardly CEOs-
Cox Communications- James O. Robbins President & Chief Executive Officer 2004 Salary- $1,272,000 Bonuses- $813,226 Stock- $2,383,504
Atlanta-based Cox Communications on Monday told employees that it plans to cut its work force by about 460 jobs, or 2 percent, using a mix of early retirement, attrition and possibly layoffs.-Urinal 11/3/08
Do tell us again about those greedy CEOs.
By The Corporal
December 31, 2008 9:19 AM | Link to this
Headline:
WASHINGTON — Democratic leaders are increasingly concerned that they won’t be able to offer an economic stimulus package for congressional debate until late January because they haven’t received a plan from President-elect Barack Obama’s transition team.
Hummmm ……… playing golf instead of working?
By jasper
December 31, 2008 9:23 AM | Link to this
Dude - its still all good. I just re-fied to a 15 year fixed at 4%. Are you kidding me. This equates to getting a monthly raise of about $500 and retiring early. What a country!
By Taxpayer
December 31, 2008 9:32 AM | Link to this
Some local counties and cities are likely to get much worse before they get better. For instance, I see that Gwinnett County has started a fast-track policy to start moving out illegal immigrants. That should put quite a few properties on the courthouse steps. Then, there’s the property tax for 2009. Wait until the homeowners get a look at how much those property taxes have increased from a year ago. Vive, la revolucion! I know I’ll be in the courthouse in my county demanding to see some justification for the over-inflated price right alongside many other angry residents. I wouldn’t want to be a county employee in 2009. They’re going to be taking a lot of heat for the lousy jobs that county managers, commissioners, and state elected ones have done. These Republicans know how to manage tax increases real well but they don’t know squat about recessions beyond aiding and abetting. If they had stuck to their core principle of small government for one thing, we would not be facing such tremendous disparities between tax collections and cost of government. Perhaps now would be a good time for our Georgia Republicans to start thinking of what they can do to relieve the burden that they have so freely placed on the people of Georgia during the “good” times. Now would be a good time to show some real leadership. Now would be a good time to start giving back instead of simply deferring their raises and other luxuries that the taxpayer should have never been forced to pay for to begin with. Get rid of the spokespersons too while you are at it.
By Road Scholar
December 31, 2008 9:38 AM | Link to this
Corporal: It’s not the golf game That is the problem; it is how Congress works…for both parties! Why doesn’t someone get off their A$$ and draft some guidelines of what the plan should contain! This goes for both parties. Instead of laying in wait to hammer a plan with criticism, why not draft items and issues which need to be addressed.
It is like the original Bank stimulus package…the President meets with both parties, hammers out a plan and then the “rogue” Repub House members shred it. Where was their plan? What issues did they put on the table? What direction did they provide McCain? Remember he was to suspend his campaign to address the issue. Where were their ideas when he went into the meeting?
Congress, get off your A$$ and start providing input into what this plan could look like….and keep the pork out of it!!!! Oh by the way, Bush is still President….if only for 20 more days! (YEAH!)
By AJC/DNC Management
December 31, 2008 9:40 AM | Link to this
So to recap all of this change you can believe in: A Kennedy and Cuomo are competing to succeed a Clinton in New York; the skids are greased for a Biden to replace a Biden in Delaware; one Salazar might replace another in Colorado; and a Governor charged with political corruption in Illinois wants one of his cronies to succeed the President-elect.-WSJ
ew
By The Corporal
December 31, 2008 9:49 AM | Link to this
To Road Scholar
I know that you are a Road Scholar so I know you can read …… :o)
Your response was eloquent and pretty much true but …. my quote of the article said the Democrat leaders are unhappy with his lack of response!
Please address that !
By Davo
December 31, 2008 9:56 AM | Link to this
The fall in housing prices should be welcomed; not feared. The housing bubble has burst and prices are now finding their appropriate level. People who decided to live beyond their means will now be forced to rent once again which will further stabilize this economy.
Recession is not the disease…it’s the cure. Imagine how bad it could get if the fed buys up ‘worthless paper mortagages’…it will only prolong the inevitable collapse of the housing industry.
2009 should be the year when the economy begins to right itself…let’s hope the gov’t and the fed don’t interfer too much or it will be just another year on the road to a depression.
By AJC/DNC Management
December 31, 2008 10:02 AM | Link to this
That talk about transcending race was just talk. Skin pigment trumps ideas, and Blagojevich, who may be facing a jury soon, wants all the friends he can get.
Of course, Tuesday’s fiasco could have been avoided. Democrats in the state legislature could have stripped Blagojevich of his appointment powers and imposed a special election. Obama also could have demanded it. But as he has done so often in his career, Obama avoided a confrontation and looked the other way.-Chicago Tribune
“Change you can count on!”
ew
By gttim
December 31, 2008 10:28 AM | Link to this
On a blog post about house prices, commenting on atheists, long time troll calls them demented. But lets properly finish his sentence”
“There was a time when the demented were safely locked away…”
…And will be again soon:
“Two boys have come forward and said they were once molested by a Kennesaw youth minister facing federal child pornography charges, a Cobb County police officer testified Tuesday.”
Why is it the religious folk are always the ones screaming about atheists being bad, when their ministers are molesting children? I would much rather have atheists watching my children than religious leaders. It seems religious people have to use use “God” to force themselves to live a moral life, while atheists just do it because it seems right. And “God” certainly doesn’t seem to help the religious leaders overcome their immoral urges.
By Mrs. Godzilla
December 31, 2008 10:29 AM | Link to this
coporal
a couple of things…
I imagine Obama won’t lay out the plan till after the 6th. Let the Congress get seated first.
Also, I think Obama is going to make democratic leaders and republican leaders unhappy at one point or another as a consequence of bipartisan leadership. No big whoop.
I think the only tempest in any teapot is in Mr. Bendavid’s mind.
On another subject…
What do you think about the proposed RNC statement calling Bush a socialist?
By The Corporal
December 31, 2008 10:56 AM | Link to this
To Mrs. G.
Well, you know how I am. I try to call it like I see it. I won’t dodge your question like so many others dodge mine.
Obviously, Bush is not a true socialist. However, he (and many others) are doing some pretty goofy socialist things. I don’t agree with that but I am not in charge. As Frank Borman said:
Capitalism without bankruptcy is like Christianity without hell.
Bush has been a disappointment to me in many ways …….. immigration and the intitial handling of the war in Iraq to name a couple.
My biggest complaint is that he has continued the old adage ….. when Democrats are in office they are in power; when Republicans are in office they are in, well, office. We don’t play hardball like you guys do often enough. Part of the reason is the lack of fair, unbiased reporting by the MSM. Just my opinion.
That said, I would vote again for Bush over Clinton or Obama anyday of the week.
Next question ………….. :o)
By Davo
December 31, 2008 11:01 AM | Link to this
Fred Thompson Video on Keynesian Economics: “Spend Ourselves Rich.” http://www.garynorth.com/public/4386.cfm
It’s a good vid no matter your political persuasion.
By Mrs. Godzilla
December 31, 2008 11:04 AM | Link to this
corporal
funny ain’t it - most liberals would say in the last 8 years the Democrats weren’t playing any where near enough hardball…
we’d also argue that old “liberal media” chestnut.
that said, I’d vote for a blade of grass before I’d ever vote for Bush!
vive le difference!
By ByteMe
December 31, 2008 11:09 AM | Link to this
As pointed out, most of the problem is that people jacked up the price of their house to match the market that was a bubble. The bubble popped and it’s going to take a while to get prices back to their deflated value.
We were driving around looking for houses last night. Came across a beautiful house in an area that matches our needs. Came home and did the research. The house was sold less than 5 years ago for $277K. The new owners fixed three bathrooms and cleaned up the inside and outside, likely spent about $150K doing it and it looks really nice. But they want $600K! Uhhhhhh, is it still 2006?
I’ll wait for them to wise up and drop the price 20% to get it in line with other houses in that area. Not holding my breath in the meantime.
By The Corporal
December 31, 2008 11:11 AM | Link to this
To Mrs. G.
At least you’re honest.
Now your turn ………
Politics aside, what type of arrogance does it take to accept a nomination for senator from a crooked, soon to be indicted governor, when the senators from your own party and your next President (from your party) say they don’t want you?
Is this the type of person we want leading us regardless of party ?
By getalife
December 31, 2008 11:12 AM | Link to this
The most powerful woman in the world
Obama is just a face for a Clinton third term and the Clintons will run our government.
2009 will be a bad year but we come back in 2010, stronger than ever.
Just like after daddy bush left office.
The Clintons rule.
By mm
December 31, 2008 11:17 AM | Link to this
Corporal,
It doesn’t surprise me that you did and still would vote for the downfall of America.
Exactly which country’s armed services did you serve in?
By ByteMe
December 31, 2008 11:19 AM | Link to this
Corporal: since when do senators “lead us”?? You really feel “led” somewhere you want to go by Saxby? How about by Trent Lott… did you feel led by him?
By Mrs. Godzilla
December 31, 2008 11:25 AM | Link to this
coporal
met Burris a few years back, very nice man.
but I agree….he should have stayed away from anything remotely involved with Captain Helmet Hair.
By GodHatesTrash
December 31, 2008 11:26 AM | Link to this
mm,
He fought for the Confederate States of Amerikkka.
By The Corporal
December 31, 2008 11:27 AM | Link to this
To mm
No veteran would ever make a reply like you did. Kept by better men than yourself.
To ByteMe
Please try to engage in reasoned debate. Of course they lead us for ill or for good.
By getalife
December 31, 2008 11:31 AM | Link to this
The private never served on anything except self appointed blog monitor.
By Midori
December 31, 2008 11:33 AM | Link to this
Corporal,
what you describe/refer to as “dodging questions”, I refer to it as not partaking and engaging in nonsensical b.s.
By ByteMe
December 31, 2008 11:34 AM | Link to this
Corporal: it’s quite reasoned even if you aren’t grasping it. They do NOT lead me. They may participate in creating legislature at the Federal level, but I sure don’t feel led by them at all. Leadership is about leading people and few Congresscritters are capable of leading more than just their base.
Frankly the quality of people in the House scare me more than one guy who got the honor of being selected for slaughter by Capt. Helmet Hair (I like that, Mrs. G!). In fact, most of the Georgia House delegation are scarier than Burris.
By The Corporal
December 31, 2008 11:35 AM | Link to this
To GodHatesTrash
No, but my great, great grandfather did, was captured and sent (age 61) to Camp Chase, Ohio (where a higher percentage of prisoners died than at Andersonville). He never made it home.
By the way, he lived in what is now a very remote part of West Virginia. He never owned a slave and probably never saw a black person until he was captured.
But of course if you win……you get to write the history.
Deo Vindice
By The Corporal
December 31, 2008 11:38 AM | Link to this
To Midori
I thought we had a deal that since you felt that way you would no longer take the time to respond to any of my posts?
I am always polite to you. Please try to refrain from personal attacks, be nice, and just stick to debating. If you cant’, don’t reply.
To Mrs. G.
Thanks for your honesty. I obviously agree.
By GodHatesTrash
December 31, 2008 11:38 AM | Link to this
Kept by better men than yourself.
Incredible arrogant blasphemy from a supposed Xian.
By The Corporal
December 31, 2008 11:48 AM | Link to this
To ByteMe
That’s better. Now I can hear you.
I know what you are saying. I am not happy with Congress either. I would start with term limits (including no repeats from your immediate family - i.e., spouse).
That said, they lead us through legislation (as I said for ill or good) because once they pass a law, the ring is in our nose.
By Midori
December 31, 2008 11:49 AM | Link to this
Corporal,
I just wanted to respond to your slur from yesterday.
Additionally, I don’t recall entering into an agreement with you. Of any kind.
By The Corporal
December 31, 2008 11:51 AM | Link to this
To Midori
and what slur are you talking about?
If it was a slur I will apologize.
I try to stay away from that stuff and just debate …….
Please clarify …… or if you no longer wish to reply to any of my posts just say so.
By GodHatesTrash
December 31, 2008 11:56 AM | Link to this
Oh stop your whining, corporal.
There is plenty of apologia that has been written about the benighted CSA, trying to make their treason and their fight to keep slavery alive somehow noble.
Whining, alternating with chest-thumping.
Your whole schtick.
Hey - anybody in your family ever fight on the winning side?
Boring!
By david wayne osedach, san diego/ U.S.A.
December 31, 2008 11:58 AM | Link to this
How about taking a lead from the automobile industry? Cash back with your purchase and zero per cent financing?
By The Corporal
December 31, 2008 12:15 PM | Link to this
To GodHatesTrash
The country is still fighting basically against a too strong, often out of control Federal government.
But have a nice day ……….
By Midori
December 31, 2008 12:18 PM | Link to this
Corporal,
yesterday you accused me of “dodging” your questions.
and that wasn’t the first time you did that, too.
some questions/comments do not deserve an answer — like your comments about Obama playing golf, and his visit to Europe.
For the life of me, I can’t understand why you don’t make those inquiries about Bush — after all he IS the president, isn’t he?
Just MHO.
By Taxpayer
December 31, 2008 12:22 PM | Link to this
Saxby is probably well qualified to lead people to the golf course. You might even technically refer to him as a “sweet” man if you consider the amount of sugar dust he is smothered in. If you care to define socialism as taking care of your corporate masters, then Bush, Saxby, and the rest of the Republican clan certainly meet or even exceed the definition.
By The Corporal
December 31, 2008 12:30 PM | Link to this
To Midori
1) Well, stating that you dodge my questions is certainly not by any definition a slur.
However, in your reply you state you don’t because my questions because they do not deserve an answer.
Now that ma’am is a slur.
2) Regarding negative comments about Bush you obviously missed my 10:56 above.
3) I repeat:
I will politely respond to your posts only as long as you like. If you no longer wish me to do so, simply state that.
If you feel my posts are unworthy, then don’t respond.
By lewis
December 31, 2008 12:37 PM | Link to this
And yet Dekalb county wants to raise our assessment for property taxes based on a higher valuation of our house, in a neighborhood where houses have sat on the market for over a year and their prices keep getting reduced to try to sell.
By Wyld Byll
December 31, 2008 1:01 PM | Link to this
By The Corporal 12:30 PM
You are right that calling a “dodge” is not a slur. But to the BDS addled mind of Midori, its either a slur or a lie, no matter how much common sense a statement contains.
Frankly, I am surprised that Midori did not call you a liar, too, because that’s what liberals normally do when someone does not agree with them.
I think we need a special prosecutor to investigate whether of not PEOTUS lied to the nation when he said he quit smoking.
By SaveOurRepublic
December 31, 2008 1:01 PM | Link to this
These greedy mortgage companies, banks, etc. were enabled to dish out the “NINJA” loans to increase their paper margins. The bigger picture reveals this as another mechanism to shake-up the economy & thereby make the populace (especially the middle class) more pliable. With this coming to fruition, the Globalist Elite can more easily enact controls over the populace (via Big Government growth, taxation increase, business nationalization via corporate welfare).
By Jake
December 31, 2008 1:24 PM | Link to this
In Fulton county buying an average priced home of $280 on an average family income of $65k is not exactly finding a house in a box of cracker jacks!
By BuckheadBill
December 31, 2008 1:25 PM | Link to this
I have fed my family for many years working in the Real Estate Profession. I fail to see the humor about cracker jack boxes….especially from a wrapper such as the AJC. In the not too distant future, you will be offering a gift certificate to the Varsity if one will purchase your liberal rag sheet.
By The Corporal
December 31, 2008 1:32 PM | Link to this
To Wyld Byll
Thank you sir. Sometimes, I think I am missing something here but then someone like you brings me back to reality ….
We live in two different countries.
By BuckheadBill
December 31, 2008 1:34 PM | Link to this
Aha! I follow your logic——there are no atheists that are child molesters. Okay.
By Jake
December 31, 2008 2:43 PM | Link to this
Stocks down 35% + houses down 10% = don’t buy a house just yet!
By GaLiberal
December 31, 2008 3:30 PM | Link to this
**By AJC/DNC Management
December 31, 2008 8:47 AM | Link to this
On average, houses in Atlanta gained nearly 200% or more of value from 2001 to 2007.
Wake me up when we get the other 190% taken back, yawn.**
This just proves the depth of stupid this person continues to exhibit. First, home prices did not escalate 200% in just six years. It may have been housing COSTS went up that much, but not resale prices. Second, if you are trying to sell your house now, going down 10% is a big deal particularly if you bought at the peak. Which is the situation most people are encountering.
This idiot continues to get their facts from Rethuglicon talking points - more commonly known as lies. Of course, a lie oft repeated…
When you vote Rethuglicon, you vote against your own best interests. And the real estate meltdown is living proof.
By Hillbilly Deluxe
December 31, 2008 3:57 PM | Link to this
So why oh why did my property tax assessment go up again this year?
By The Ostrich
December 31, 2008 4:14 PM | Link to this
Don’t worry about those property tax assessments…just challenge them in the spring when the 2009 assessments are rendered.
And THEN watch them raise the millage rate to make up for the diminution in value!
By Pogo
December 31, 2008 4:25 PM | Link to this
I finally agree with you on something Jay. Let’s get 2008 over and forget about it. It stank. Of course, the influence of some of things that happened this year are going to be with us for at least the next FOUR years. We may be looking at 2008 one day and wishing we could go back to it. Unfortunately there are no mulligans in life.
By catlady
December 31, 2008 4:48 PM | Link to this
They may give houses away in crackerjack boxes, but there will be quite a few people who will manage to lose their houses, anyway.