Wednesday Open Thread
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6 comments:
Here's a direct link to the housing study (6MB PDF!) from the Research Institute for Housing America, that shows that boomers aren't moving from the suburbs in the great herds that Realtors would have us believe.
I guess it's up to the childless to keep us afloat....
From the executive summary:
- "the rate of second-home ownership among 50-60 year olds...has remained flat over the 12 year period from 1992-2004. The early Baby Boomers were no more likely to own such homes than older cohorts"
- "At the national level, empty-nest retirement-age suburban homeowners are not flocking to urban areas in great numbers."
- "Suburban empty-nesters are just as likely to move to a non-metropolitan area as they are to an urban area."
- "When the urban-to-suburban flow of empty-nesters is taken into account, the net migration effect from the suburbs to urban areas is -7.2 percent."
http://news.yahoo.com/s/ap/20061025/ap_on_bi_ge/economy
Choice quote:
"The worst is behind us as far as a market correction — this is likely the trough for sales," said David Lereah, the Realtors' chief economist.
I beg to differ, in fact I don't think we've even hit the dead cat bounce yet.
What those national stats don't show is how the median price per square foot is falling (fast) and state-by-state variation. It hints at that with the comment that prices in the northeast are falling faster than prices in the west or the south, but does not go into further detail.
So, even if the median SALES price isn't slipping that far, if the median price per square foot is falling, it follows that house prices overall are declining. People are buying much, much more house for the same amount of money.
Also germane to y'all (but not necessarily the PNW housing market): the article title is somewhat misleading. The 3q profit is lower than this time last year, but still a profit. It seems the Airbus woes have lead to an uptick in Boeing orders. http://news.yahoo.com/s/ap/20061025/ap_on_bi_ge/earns_boeing
I guess it's up to the childless to keep us afloat....
Don't wait on me! I'm childless and plan to stay that way, but there's no way in hell I'd buy a condo, no matter the housing market. I want a house with acreage, not a cell in a honeycomb. I lived in apartments for over ten years, so there's absolutely no way I'd buy one.
I think the same is true in SFH-land, at least out here in the 'burbs.
I've experienced the same, but I thought it was maybe because I'm renting. I've lived in my neighborhood for almost three years, and I only know the neighbors immediately bordering me, and even then only enough to say hi.
Case in point, that shooting in Bellevue that was in the news the last few days was only a few houses down from where I live, and not only did I now know them, but I didn't know any of their neighbors interviewed on the news either. Other than the police cars down the street, it might as well have happened miles away.
"Best hood to rent in", just outside of Green Lake. I like the area around 92nd and Densmore called Licton Springs...still walking distance to the Lake, but far enough not to be pricey. My sister is slightly handicapped and she's been renting a house there for years. The next door neighbor takes her trash out every week. She sends both neighbors food. They look out for each other.
Apartments back behind Beth's Cafe with a view are cheap. Aurora's a little rough, but people who live around there don't spend a lot of time ON Aurora.
I know of a duplex by Green Lake that will be coming up soon...after I find "Adrianna" a house. Rents for $980, but sometimes they up the rent with a new tenant. I'll find out more about it.
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