Home sales fall again in February

Home sales fall again in February

There are 5 comments on the Asheville Citizen-Times story from Mar 30, 2009, titled Home sales fall again in February. In it, Asheville Citizen-Times reports that:

ASHEVILLE The number of existing homes sold last month in the Asheville area fell nearly 30 percent last month compared with February 2008 and the average home sale price also dropped.

Join the discussion below, or Read more at Asheville Citizen-Times.

Avl Dao

Hickory, NC

#1 Mar 31, 2009
These news pieces should use actual closing data, not sales contracts where signers can still walk away if they canít qualify for a mortgage, regardless of whether they lose their escrow.
Financially, closings matter, sales contracts do not and no longer reliably indicate actual closings in this new post-EZ $ world.

And give us data on closings by price points. That way we donít have to depend on how individual realtors are 'spinning' data we readers could evaluate for ourselves.
The Truth

Charlotte, NC

#2 Mar 31, 2009
I applaud the AC-T for being more straightfoward in its reporting of the real estate business, avoiding, this time, a regurgitation of the industry propaganda (like last month where the headline read "sales jump ...", when, in fact, that was only from one incredibly dismal month to the next slightly less incredibly dismal month. Buyers and sellers both need to have access to hard, objective data that they can use to make informed decisions about something as important to their financial health as selling or buying a home.

In my estimation, home prices are still significantly inflated and continue to pose a real possibility that the unwary ordinary customer will find themselves years down the road lacking enough equity and/or appreciation to even cover the cost of selling their home, if need be, if not completely upside down on their mortgage, depending on the amount of their down payment.

The real estate and mortgage shysters had their fun. Now it is time for responsible people to say "no more". Accurate reporting will go a long way toward keeping these self-serving predators more honest, an an attribute they obviously are often not inclined to embrace on their own.

Remember, if we keep on doing what we're doing, we'll keep on getting what we're getting.
Jake

Asheville, NC

#3 Mar 31, 2009
ďAt $200,000 and up, we're still kind of suffering,Ē said Scott Raines, an agent at Keller Williams Realty.

Are there any houses in Asheville priced below $200,000? lol

* Note that I said "houses" and not "trailers", "lots", or "under 1k sq ft shacks".
joe schmo

Maxton, NC

#4 Mar 31, 2009
prices still need to fall, keep going. But the buyers are coming back in now.

Hopefully as Jake notes, regular homes will fall below $200k. No reason for them to be so high here.
Jake

Asheville, NC

#5 Mar 31, 2009
joe schmo wrote:
prices still need to fall, keep going. But the buyers are coming back in now.
Hopefully as Jake notes, regular homes will fall below $200k. No reason for them to be so high here.
The Buncombe Co 2007 median household income of $43,000 is not enough to support the median asking price of $300,000, even with a 20% down payment and a 4% 30-year mortgage.

According to Fortune/Money magazine, Buncombe Co's median household income supports a purchase price roughly between $150,000 and $200,000.

http://cgi.money.cnn.com/tools/houseafford/ho...

List prices have a long way to fall before they become rational.

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