Today's WSJ
The Wall Street Journal featured the housing bubble prominently on its front page today with a story about growing home inventories.
“In San Diego County, for instance, where the median home price has more than doubled in the last five years, the number of homes listed for sale totaled 12,149 on July 8, more than twice the 5,995 available a year earlier, according to the San Diego Association of Realtors.
In northern Virginia, an area dominated by the fast-growing suburbs of Washington, inventories are up 26% from a year earlier. "Sales have slowed down for sure," says Tip Powers, president of Realty Direct Inc., Sterling, Va. He says home prices have flattened out and speculators are starting to shy away from the market because they no longer can count on quickly unloading properties at a profit.”
Another article in today’s journal highlighted the growth in the number of McMansions in the nations suburbs. Here is a snippet from the article.
“The McMansion has been supersized.
Even as economists debate whether discounts on some high-end homes signal a broader softening in the housing market, one indicator continues to rise: The biggest homes in suburbia are getting even bigger. The nation's largest builders of luxury homes say their top-selling designs lately have expanded to include more bathrooms, giant master-suite closets and extra rooms designated as teen dens, hobby rooms or even "bonus" rooms. Toll Brothers, of Horsham, Pa., says its best-selling plan this year has a base size of 4,800 square feet -- 1,600 bigger than its top seller of five years ago. WCI Communities, of Bonita Springs, Fla., says the most popular plan in its Mid-Atlantic region measures 5,425 square feet, up 250 square feet from its 2000 bestseller.”
“In San Diego County, for instance, where the median home price has more than doubled in the last five years, the number of homes listed for sale totaled 12,149 on July 8, more than twice the 5,995 available a year earlier, according to the San Diego Association of Realtors.
In northern Virginia, an area dominated by the fast-growing suburbs of Washington, inventories are up 26% from a year earlier. "Sales have slowed down for sure," says Tip Powers, president of Realty Direct Inc., Sterling, Va. He says home prices have flattened out and speculators are starting to shy away from the market because they no longer can count on quickly unloading properties at a profit.”
Another article in today’s journal highlighted the growth in the number of McMansions in the nations suburbs. Here is a snippet from the article.
“The McMansion has been supersized.
Even as economists debate whether discounts on some high-end homes signal a broader softening in the housing market, one indicator continues to rise: The biggest homes in suburbia are getting even bigger. The nation's largest builders of luxury homes say their top-selling designs lately have expanded to include more bathrooms, giant master-suite closets and extra rooms designated as teen dens, hobby rooms or even "bonus" rooms. Toll Brothers, of Horsham, Pa., says its best-selling plan this year has a base size of 4,800 square feet -- 1,600 bigger than its top seller of five years ago. WCI Communities, of Bonita Springs, Fla., says the most popular plan in its Mid-Atlantic region measures 5,425 square feet, up 250 square feet from its 2000 bestseller.”
posted by Little_Silvered at 10:29 PM
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