Don’t let Molalla land speculators see this post, they might get depressed!

Average price per square foot for Molalla OR was $104, a decrease of 35.8% compared to the same period last year. The median sales price for homes in Molalla OR for Feb 11 to Apr 11 was $155,950 based on 38 home sales. Compared to the same period one year ago, the median home sales price decreased 25.4%, or $53,050, and the number of home sales increased 2.7%. There are currently 162 resale and new homes in Molalla on Trulia, including 96 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. ” Truila

Oops! It looks like Molalla land speculator Eric Kyllo isn’t sending his “I’m bullish on the growth of the high-end housing market” letters to enough papers in America. Isn’t it funny how ever since the boom went bust, every few months some real estate sector missive appears that tries to tell us the bottom of the market has arrived and that it is time to buy?

Given the below really bad news, I’d say Americans are starting to fully understand the depths of this real estate depression. I keep coming back to the last period of abject loss in America real estate. From 1900 until the beginning of the Great Depression the spin was that you couldn’t go wrong buying a house or land. Then, when the Depression hit and values plummeted, it took till after World War 2 for values to even begin to recover.

But hey, speculatin’ guys like Eric Kyllo are proud they grew up and went to school in Molalla. They apparently believe in magic. Don’t you wonder if the local schools ever taught those born and bred Molalla good ole boys economics and history? From the letters we’ve been seeing from High-end Eric, it appears they must have been taught to believe in Never, Neverland because they still believe the Real Estate tooth fairy is going to visit these them there Molalla hills.

Them there good ole boys don’t believe in them there facts and figures, they make up their own facts and by god, they stick to them like glue until the public $$$ coffers are empty. Hell, in Molalla the coffers are more than empty – they’re in HUGE DEFICITS! Less than ZERO is Eric’ goal.

Dream on Eric, and don’t forget to get that appeal of the urban reserves filed post-haste at LUBA. I worry you’ll miss the deadline…

In the meantime, anyone sane knows the bottom is a long, long, long way off!

Over Half Of Americans Don’t Expect Housing Recovery Until 2014, Survey Finds

Foreclosure

The Huffington Post  Maxwell Strachan  Posted: 05/19/11 02:07 PM ET

Americans’ views of the housing market have quickly gone from bad to worse.

According to a new survey, conducted by Harris Interactive survey and released by Truilia and RealtyTrac, 54 percent of U.S. adults said they don’t expect the housing market to recover before 2014. Just six months ago, in November, 34 percent of those surveyed said it would take until 2014.

The housing bulls may be dwindling too. Last November, 42 percent of respondents said they expected the housing recovery would occur by 2012 at the latest. But by April, only 23 percent of surveyed adults expressed that same level of optimism.

Growing pessimism appears warranted in a market that has watched national housing prices fall for 57 straight months, according to data compiled by Zillow and cited by the Wall Street Journal. And the situation would seem to be getting worse. Not only have median housing prices dipped 8.2 percent in the last year, they fell more in the first quarter of the year than at any point since late 2008, declining 3 percent from the previous quarter.

“The reality is we’re actually backtracking,” Truilia CEO Pete Flint said in a conference call. “In my eyes, we have another 18 months until we start to see signs of price stability in the housing market,” Flint added in a release.

If there’s any question about the pervasiveness of the housing crisis, 30 percent of surveyed homeowners said they know someone that has been a part of the housing crisis in some way: either through a loan modification, stopped mortgage payments, foreclosure or walking away from or short selling a home.

Americans also want government to do more to aid the recovery, according to the results. Discounting the 22 percent saying they were uncertain, over half of respondents (45 percent total) said the government is not doing enough to help the housing recovery. Only 17 percent total said the government is doing too much.

A lot of Americans are “at least somewhat likely” to buy a foreclosed property in the future — specifically, 56 percent of renters and 47 percent of current homeowners. But they’re expecting a steep discount, as the average adult expects the cost of a foreclosed home to be 38 percent less than non-foreclosed property.

With foreclosure filings expected to jump 20 percent this year, interest in buying bank-owned property is strong, particularly among investors and first-time homebuyers, but not strong enough to keep up with the growing inventory created by the foreclosure crisis, said Rick Sharga, senior vice president of RealtyTrac, in a conference call.

Indeed, foreclosure resales now account for nearly one-fourth of all home sales. But often, potential homeowners are finding it difficult to apply for loans. And even if loans are approved, lenders worry that home prices will continue to drop, Sharga said.

Another group taking advantage of the housing market is foreign buyers, who collectively accounted for 8 percent, or $82 billion, of the total housing market in the 12 months leading up to March 2011, according to a study by the National Association of Realtors cited by the Wall Street Journal. And their increasingly opting for the cheaper houses. The percentage of houses purchased by foreign buyers below $200,000 has risen 28 percent since 2007.

Harris Interactive spoke to 2,018 U.S. adults for the study.

Below graphic maps dropping levels of optimism surrounding the housing market:

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