Tuesday, April 29, 2008

WTG Charlotte!!

The Case-Shiller numbers came out today and to no body's surprise home prices fell again last quarter. 19 out of 20 cities followed by the index were down. Las Vegas led the way with a 23% plummet. Miami was not far behind at 22%. Tampa down 18%.

San Francisco, home of 'Silicon Valley money will keep prices up and so we can't possibly have a crash', was down 17%.

San Diego, home of 'the weather here is so great that prices can't possibly fall with all these new people moving in', was down 19%

Atlanta and Denver, both home of 'we had no bubble so we can't possibly have a crash' were both down 6%.

DC, home of 'we have all these govt jobs and so we can't possibly have a crash' was down 13%.

And on it goes. Every city where it is different turns out isn't so different after all.

Charlotte for some reason was actually up 1.5%. Exception that proves the rule I guess.

And just like clockwork the so-called experts come out and say the bottom is here and now is a great time to buy. Just like they did last month, last quarter, last year and 2 years ago. Listen to experts and lose money. Fact is homes are still overpriced and have plenty more to drop. Another 10-15% nationally is a given.

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