Housing bubble pops, says NY Times??

[AlienGirl]

I just heard a rumor that the New York Times is going to carry a story tomorrow about housing prices dropping by double-digit percentages. Anyone else hear this? The Times site didn't seem to have it yet.

Tucker

[nadinbrzezinski]

1. If it does

this will be entertaining

[Fridays Child]

2. Where did you hear it?

[Rainscents]

3. DU? LOL

[AlienGirl]

6. From Xen, who heard it on something called "John and Jeff Show"

Apparently John and Jeff are sort-of RW, but often have interesting news stories on.

Tucker

[fujiyama]

4. I haven't heard about any new articles

but there was one a few days ago saying there has been a slow down:

http://www.nytimes.com/2005/10/04/realestate/04reals.html

"A real estate slowdown that began in a handful of cities this summer has spread to almost every hot housing market in the country, including New York.

More sellers are putting their homes on the market, houses are selling less quickly and prices are no longer increasing as rapidly as they were in the spring, according to local data and interviews with brokers.

In Manhattan, the average sales price fell almost 13 percent in the third quarter from the second quarter, according to a widely followed report to be released today by Miller Samuel, an appraisal firm, and Prudential Douglas Elliman, a real estate firm. The amount of time it took to sell a home was also up 30.4 percent over the same period.

In another sign that the housing market might have reached a peak, executives at big home builders have sold almost $1 billion worth of company stock this year.

Outside Washington, in Fairfax County, Va., the number of homes on the market in August rose nearly 50 percent from August 2004. In the Boston suburb of Brookline, Mass., where many three-bedroom houses cost $1 million or more, the inventory of homes for sale has increased in just the last few weeks, said Chobee Hoy, a broker there. "

[Pepper32]

5. Interesting

Will keep a look out for this one.

[ClintonTyree]

7. If the housing bubble bursts.....

the economy is sure to follow. It's the ONLY thing that has kept this "bush economic miracle" :eyes: going for the past few years. A perfect storm is brewing for the Slugs, their entire house of cards is about to come fluttering down around them. Sadly, it will affect all other Americans as well and we're the ones that will really suffer.

[cassiepriam]

8. The economy will take a big hit. Retailers already worried about Xmas...

[lanlady]

9. already popping in No. Virginia

This has been one of the hottest real estate markets of the past few years. But things are really starting to slow down; homes that used to be snatched up within 72 hrs are now sitting on the market for weeks on end. Quite a change.