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Mass. August home sales drop to lowest level in 2 decades

 
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news



Joined: 14 Jul 2007
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Location: Greater Boston
PostPosted: Tue Sep 28, 2010 1:15 pm GMT    Post subject: Mass. August home sales drop to lowest level in 2 decades Reply with quote
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Description: Mass. August home sales drop to lowest level in 2 decades
URL: http://www.boston.com/business/ticker/2010/09/august_home_sal.html
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Renting in Mass



Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011
PostPosted: Tue Sep 28, 2010 3:17 pm GMT    Post subject: Reply with quote
"Lowest in two decades" is the nice way of saying "lowest since records began."
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balor123



Joined: 08 Mar 2008
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PostPosted: Tue Sep 28, 2010 6:06 pm GMT    Post subject: Reply with quote
But nominally prices are still near their highest, as you can see on admin's charts. And interest rates are always uncorrelated to housing prices.
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Renting in Mass



Joined: 26 Jun 2008
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Location: In a house I bought in December 2011
PostPosted: Tue Sep 28, 2010 7:48 pm GMT    Post subject: Reply with quote
What's your point?
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balor123



Joined: 08 Mar 2008
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PostPosted: Wed Sep 29, 2010 2:05 pm GMT    Post subject: Reply with quote
Just an observation that though the sales are the lowest in 2 decades the effect of low sales is not the same.
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admin
Site Admin


Joined: 14 Jul 2005
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Location: Greater Boston
PostPosted: Wed Sep 29, 2010 2:22 pm GMT    Post subject: Reply with quote
balor123 wrote:
And interest rates are always uncorrelated to housing prices.


I wonder if the correlation only dominates when rates are low. Think about the limiting cases. If rates were 0%, the main constraint on prices would be how much lenders are willing to lend. If rates were infinitely high, the main constraint on prices would be buyer savings (you would need a 100% down payment). Might interest rates and prices have been uncorrelated in the past because rates were much higher and down payment requirements much higher, therefore making the size of the down payment the dominant constraint? There might be a higher correlation when rates are low (like now), especially when down payment requirements are also much lower than in the past.

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balor123



Joined: 08 Mar 2008
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PostPosted: Fri Oct 01, 2010 5:25 pm GMT    Post subject: Reply with quote
Certainly time has changed. People spend money differently now than they used to for example. Perceptions about the state of the world as well as expectations for its future are always in flux.
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