Housing Prices Drop Again

Not a good month in May for houses. Prices dropped the steepest rate ever, according to the
S&P/ Case- Shiller 20 city index.
It was a drop of 15.8% compared to a year ago.
the index has only been around since 2000, but that's still a pretty good decline.

No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.

Nine cities that had record declines in May were: Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington, D.C.

Las Vegas recorded the worst drop, with prices plunging 28.4 percent in the month. Miami came in a close second, with prices down 28.3 percent.

Can you believe that there might be a bright spot in the report though? 7 Cities had smaller then usual declnes — Tampa, Fla., Boston, Detroit, Minneapolis, New York, Dallas and Atlanta

Charlotte, N.C., posted the smallest drop at 0.2 percent. Until April, the North Carolina city had been the last city still showing price gains.

Want to know the top 10 best cities to buy in?

10. Atlanta, GA

9. Jacksonville, FL

8. San Francisco, CA

7. Charlotte, NC

6. Dallas, TX

5. San Antonio, TX

4. Philadelphia, PA

3. St. Louis, MO

2. Austin, TX

1. Houston, TX

According to Forbes Magazine, these cities are still doing well in both median home price and the local economy.

New RE numbers don't look good.

Have you seen whats going on in the market lately?
30 year mortgages hitting their highest level in a year, therefore pushing down the applications coming in, Fannie Mae and Freddie Mac issue, Indymac being taken over by the Feds and the housing market slumping more than expected.

When will it all work itself out? Dunno! Are you taking advantage of the opportunities? Last week I saw a house in Irvine California where the value was 1.1 million and it was being sold by the bank for 450K. That's the type of stuff going on out there.

The true bad news, not what the media is telling you, is that it looks like the "Bailout Bill" is going to get passed and signed by the President. At first he said he planned on vetoing it but now, under political pressure, he has said he will sign it. This means, among other things, that responsible home owners and tax payers will be paying the bill for those who got into mortgages they should have never gotten into. So the lesson learned is no lesson at all: "The government will always be there to bail us out." What type of example are we setting for our young people? Don't worry about your actions, if you buy something you can't afford, or lie on your mortgage application in order to get into a home and ten you find yourself in foreclosure, the Government will come in and take care of it. I think we should all be careful how much we really want the government involved. Talk about your slippery slope. Isn't this one of the reasons we separated ourself from England?

Any who: guess I showed my cards there. One of the sad things I see is people being afraid to get in the RE market because of the media. However, if you have the ability to learn, you have the ability to make money in this market. Get educated. Get involved.
The opportunity that is available right now will never happen again! Think I am crazy, look how they Fed's have already changed mortgage rules, do you really think it will stop there?

I need your vote

Millioaire Mind- New DTH

So the Millionaire Mind was really successful! We had over 50 people from the evening event we did there. It was awesome to see the mindsets change and grow. The money making potential from those who attended is really amazing to see.
We are going to be holding another DTH event in July. I figured there is so much opportunity in real estate out there right now and people need to know how to jump on it. I'm thinking this one might be a little more intimate of a group.
I'm talking to a few people about joint networking withe them on a local level. Companies that have systems on real estate but just don't teach what I do and want that as a part of the system. It will be great to get the system out to more people and working with like-minded people as well.
Speaking of opportunities, I hope you are all doing what you can in a market where most people are running away from investing, you should be the ones running behind them to pick up the crumbs that they are leaving behind.