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G.A.R.Y.

11/27/2007 3:16:27 PM

S&P: 3Q Home Prices Fall by 4.5 Percent
By J.W. Elphinstone, AP Business Writer

Tuesday November 27, 9:52 am ET
NEW YORK (AP) -- U.S. home prices fell 4.5 percent in the third quarter from a year earlier, the sharpest drop since Standard & Poor's began its nationwide housing index in 1987 and another sign that the housing slump is far from over, the research group said Tuesday .
The index also showed that prices fell 1.7 percent from the previous three-month period, the largest quarter-to-quarter decline in the index's history.
The S&P/Case-Schiller quarterly index tracks prices of existing single-family homes across the nation compared with a year earlier.
A separate index that covers 20 U.S. metropolitan areas dropped 4.9 percent in September from a year earlier, with 15 metro areas posting declines. Only five metro areas -- Atlanta, Charlotte, N.C., Dallas, Portland, Ore., and Seattle -- showed an increase in prices, but S&P noted that the pace of the rise is decelerating.
Tampa and Miami led the index with the lowest year-over-year declines at 11.1 percent and 10 percent, respectively. It also showed drops in San Diego of 9.6 percent; Detroit, 9.6 percent; Las Vegas, 9 percent; Phoenix, 8.8 percent; and Los Angeles, 7 percent.
The S&P's 10-area index decreased 5.5 percent in September from the previous year.
Last week, the National Association of Realtors said that sales of existing homes fell in 46 states in the third quarter. However, the trade group said home prices rose in 93 of the 150 metropolitan areas surveyed.
Free Home Values: See How Much Your Home Is Worth?

Katzmans Caddy

11/27/2007 4:27:19 PM

Just the opposite here in Canada. $1,000,000 homes are pretty common here in Toronto, We bought our place in 1983 for $86,000 and a house across the street just sold for $830,000 so that is pretty much $1M USA dollars. This is a middle class neighbourhood. Vancouver and Calgary are also riding housing highs. On the down side the poor hosuing situation in the US has started to affect our forestry industry in BC but in Alberta the ecomomy is booming with 4% growth predicited this year as non conventiuonal oil production kicks in since drilling has pretty much reach capacity. Apparently $65 an hour labourer jobs are the norm on the tar sands. Ontario however will see some tough times since the economy is driven by the massive investment in auto plants and now that the US dollar is worth less any translation advantage is gone. Add in the fact that Chrysler and Ford both build their complete North American production of big V8 rear wheel drive cars here and GM builds Trucks here and that adds up to layoffs. New Camaro coming on line will help offset some losses at GM as well as massive new Toyota plant in Woodstock.

stomper

11/27/2007 4:36:41 PM

quote:

ORIGINAL: Katzmans Caddy

Just the opposite here in Canada. $1,000,000 homes are pretty common here in Toronto, We bought our place in 1983 for $86,000 and a house across the street just sold for $830,000 so that is pretty much $1M USA dollars. This is a middle class neighbourhood. Vancouver and Calgary are also riding housing highs. On the down side the poor hosuing situation in the US has started to affect our forestry industry in BC but in Alberta the ecomomy is booming with 4% growth predicited this year as non conventiuonal oil production kicks in since drilling has pretty much reach capacity. Apparently $65 an hour labourer jobs are the norm on the tar sands. Ontario however will see some tough times since the economy is driven by the massive investment in auto plants and now that the US dollar is worth less any translation advantage is gone. Add in the fact that Chrysler and Ford both build their complete North American production of big V8 rear wheel drive cars here and GM builds Trucks here and that adds up to layoffs. New Camaro coming on line will help offset some losses at GM as well as massive new Toyota plant in Woodstock.

huhhh ? ? ? ?
you kidding ?

Katzmans Caddy

11/27/2007 8:54:09 PM

Not kidding, big problem is keeping the boys in school, lots of 17 years olds making a 100 grand a year out there in the middle of nowhere. Crude is just under $100 a barrel so at that price you can pay a lot to get that oil out of the tar sands.

This link talks about the situation, claims average non skilled salary is $100,000.

http://canada.theoildrum.com/node/2931

Stealth

11/27/2007 9:07:39 PM

reminds me of the California GOLD RUSH, but in a bigger scale

quote:

According to one former oil sands worker, a mobile home trailer is going for $425,000. Workers are bunking in residents' basements and parking on their lawns, for lack of anywhere else to sleep or park. And sometimes the fumes coming off the slurry ponds are so bad that the schools have to be shut down. Stores have to shut down for several hours a day for lack of employees.

There is a desperate shortage of schools, hotel rooms, police, firemen, and just about everything else that makes a town.
Indeed, the mayor of Fort McMurray, the largest city in the Athabascan region, warned that she could not promise a community that was safe and functional, and had no idea how the expected thousands of additional workers could be housed.