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Front Page: Home Values Fall by Nearly 20 Percent

  • Home prices across 20 major US cities fell an average of 18.2 percent in November, compared to prices from a year earlier. While the slide has made homes more affordable, foreclosures have resulted in $1 trillion in losses worldwide. — Bloomberg
  • Timothy Geithner officially became Treasury Secretary yesterday, after the Senate confirmed his nomination. Geithner's first act will limit the influence of lobbyists seeking bailout funds. – Washington Post
  • Barack Obama's aunt will be allowed to the stay in the US while an immigration proceeding determines her status. The half-sister of Obama's father was ordered to leave the country in 2004 but remained in Boston.— Boston Herald
  • With President Obama's Mideast envoy's first mission underway, Egypt has expressed hope that a permanent truce in Gaza can be reached by early February. — International Herald Tribune
  • A California woman gave birth to octuplets Monday. The eight babies are only the second known set of octuplets born in the US. — Voice of America
  • Citigroup has abandoned plans to purchase a $50 million jet, after defending the purchase as a smart business deal. Reports are that officials from the Obama administration called the bank and told them to "fix it." — ABC News


Join The Conversation
UnDave35 UnDave35 8 years
I'm soo glad that house prices continue to fall. We will be moving again (Wife's job), and it will be nice to buy a house at a bargain.
CaterpillarGirl CaterpillarGirl 8 years
correct except for the "no"
bellaressa bellaressa 8 years
I Don't Know Nuthin' About Birthin' No Babies
Jude-C Jude-C 8 years
I do not want to know what giving birth to eight babies at once would be like. That's just terrifying.
hausfrau hausfrau 8 years
TS soon you will be able to buy ann Audi all wheel drive with diesel and then you'll get the best of both worlds!
momma-tikita momma-tikita 8 years
8 babies? holy shit.
starangel82 starangel82 8 years
I'm with TS. The prospect of buying a house terrifies me. Probably why I haven't yet. I've seen several nice, small houses around town that would be perfect for one or two people. And I know my budget. The only debt I am carrying is my student loans. It's just so... scary.
True-Song True-Song 8 years
Nice. My poor little hybrid has been benched while I use our all wheel drive car in the snow. Poor girl.
hausfrau hausfrau 8 years
Speaking of car payments, did you see the 09 VW Jetta TDI got the Green Car of the Year award?? Woot!
True-Song True-Song 8 years
That seems like a good idea. I don't really have any debt aside from a car payment. And we live fairly frugally. I think we need to really buckle down and budget and set aside money for a down payment.
True-Song True-Song 8 years
That's lucky you avoided it! And I don't want to buy something I can barely afford. I want to buy something I can afford very comfortably. Something I can afford even if one of us lost our job for a few months or something. But also nice. And in a fun neighborhood. Aggh, it's so complicated.
bluesarahlou bluesarahlou 8 years
I'm saving up to buy a house! :woohoo: In California even! I agree about the scariness of it. When I was flip-flopping I talked to a broker about it (family friend) and he definitely took the time to explain everything to me. Good thing, cause although I was ABLE to purchase a house at that time, my credit load was just high enough to make payments on the mortgage difficult. So I decided to focus on reducing my credit card debt instead. I'm looking to purchase by the end of this year.
hausfrau hausfrau 8 years
I know how you feel though, the last round when I was looking at houses I was just barely priced out... I mean really just barely. It was very frustrating. But it turned out to be a blessing in disguise since that was 2006 and then it all came down.
hausfrau hausfrau 8 years
Start playing the lottery TS! Lets make that purchase a reality! :)
True-Song True-Song 8 years
It's not that I want to buy a house when the market is down because I want to try to make money. I don't really care what happens to the value after I buy it since I'd be planning on owning it for a long time. I'm just, I think, right on the cusp of being able to afford to buy. So, when the market goes down, I can buy a house I'd actually like instead of a crappy townhouse in the suburbs.
CaterpillarGirl CaterpillarGirl 8 years
I dont understand why the 8 babies should be news. Because its 8? which I find perverse. There is NO WAY These arent due to fertility drugs, and where will this all end? 9 babies? 10? 11? 12?
hausfrau hausfrau 8 years
but i second what mydia said, find a good real estate agent and its not all that confusing. my agent was awesome and the whole process was pretty painless (this was my first time). Also, I liked the book The Automatic Millionaire Home Owner. That had some good info and you could read it in an afternoon, though it was written in 2005 so it does have a little bit about flipping (which the author doesnt really suggest to do anyway) and he even forsees the crisis we're in now, which is kind of interesting.
hausfrau hausfrau 8 years
I just bought my first house a few months ago and we got a steal on it. we probably will only live here for less than 5years but if the market is still down we can always rent. I bet rentals have been moving like crazy since credit restrictions are still tough. I dont think the market should dictate when one buys a home though, if you have the credit and the money, then now is the time to buy regardless of when "now" is.
mydiadem mydiadem 8 years
I definitely recommend buying a house if you plan to live in your current city (and that specific house) for at least 5 years. Interest rates are low, house prices are extremely low, and its a great investment in your own independence! But the process can be very difficult and intimidating the first time, so I would recommend talking to colleagues or friends that have done it before to find a good realtor or RE lawyer.
MarinerMandy MarinerMandy 8 years
If only I had enough savings and immaculate credit, I would so buy a house right now!! Still think it's crazy that I could have bought one a couple years ago, but can't now! And eight babies...yikes.
True-Song True-Song 8 years
It's just so terrifying! The whole thing seems sooo confusing.
starangel82 starangel82 8 years
I know TS. I've been doing the should I/shouldn't I dance over buying a house right now. I'm thinking maybe I should now.
bellaressa bellaressa 8 years
Congrats TS! This is bad news for homeowners but good for those who are in the market and can afford homes.
True-Song True-Song 8 years
I am sort of thinking about maybe considering buying a house, so this is good news for me!
mydiadem mydiadem 8 years
I would assume that's because most home sales are foreclosures at bargain rates. I wish I hadn't bought my house 2 years ago, if I would have waited I could have gotten some amazing deals now.
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