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Southern California home prices fall to 2002 levels - Los Angeles Times
Thornberg estimates the current median home value in California is $250,000. But wages are high enough -- and interest rates low enough -- that a median value of $290,000 would match historical norms, he said.
"If you're looking for a long-run opportunity, real estate is getting to that point," said Thornberg, who was an early predictor of the housing crash.
But it's not at that point yet.
Thornberg believes home prices have another 25% to 30% to drop. They may be historically low, but "in the past four or five months, unemployment has been through the roof," Thornberg said.
Fearing for their jobs, many potential home buyers are putting off a purchase. Others simply can't buy anything because they are already out of work.
Thornberg forecasts that California home prices will fall until the middle of 2010, when they will begin to slowly creep up.
The American Suburb Is Bouncing Back - Forbes.com
Although the economy is still hurting, the housing trend has become much more positive. Statewide, existing home sales have jumped 30% over the past year, taking the inventory from an estimated 16.7 months to less than seven months. In Chino Hills, it is down to six months.
Sales of small businesses on the rise - Sep. 2, 2008
This is a good sign - investment in the private sector is rising. Wonder if this is a sign of economic recovery or if investors are trying to invest in rock bottom prices. Either way - should provide a good spurt.
Hong Kong shares tumble on concerns about bank HSBC's US mortgage unit - Yahoo! Singapore News
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Goldman Sachs said it now forecasts U.S. property prices will fall 20 percent to 25 percent this year amid a possible recession, leading to "unnerving prospects" for HSBC and its U.S. mortgage unit, Household International.
Bank Technology News Article | Mobile Banking: Mobile Banking is Finally Almost Here. Really.
EETimes.com - OLED display market growing at 56%
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LONDON — The market for organic light emitting diode (OLED) displays in the first quarter of 2007 was worth $121 million, up 56 percent year-on-year, but down sequentially, according to market research company DisplaySearch (Austin, Texas).
New Line on Credit - washingtonpost.com
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"What often happens in the U.S. is people go to predatory lending," said Amy McKenna Luz, chief executive of the 700-member Association for Enterprise Opportunity, a District-based national organization of U.S. microlenders. When the borrowers have trouble making payments, they borrow more, she said, and "it's a cycle they never break free of."
Microfinance is an attempt to halt that cycle. The U.S. movement "is in its infancy in many ways -- in terms of the number of people reached, in terms of awareness by corporate leaders and legislators," Luz said.
Commercial Real Estate Vacancies Rise Modestly but Investment Up
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Estimates for the first quarter show areas with the lowest office
vacancies include New York City; Seattle; Honolulu; Orange County, Calif.;
Washington, D.C., and Miami, all with vacancy rates of 9.7 percent or less.
New Home Sales Fall
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The U.S. economy is doing OK overall, but housing is in its own private hell. Still. That was borne out by the Census Bureau's report today that sales of new homes, seasonally adjusted, fell 16.6% from December to January. That was the biggest decline since January 1994.
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