Jim Sinclair’s Commentary
Am I dreaming? I recall less than two weeks ago the Case Shiller Index reporting that housing prices were improving.
Sellers Cut Prices on 50% of Homes
By Sheree R Curry
Sep 3rd 2010
Homeowners are slashing prices more drastically and more frequently, according to recently released data from ZipRealty. The average price reduction is now 7.1 percent of list price.
List prices dipped about $19,000 in August compared with July, across the 26 markets studied. On average, sellers made two price cuts during that time.
Seven cities saw price reductions on more than half of their inventory, with Jacksonville, Phoenix and Minneapolis on top with 55 percent, 54.4 percent and 52.4 percent, respectively.
"Earlier in the year we saw sellers being aggressive with their pricing, but not reducing as much," says Leslie Tyler, vice president of marketing for ZipRealty. "What we are seeing now is that the trends are reversing."
With the seeming desperation of home sellers, and the continued drop in mortgage rates, buyers are in a very good position. But the plunging rate at which buyers are applying for mortgages tells a different story, which might explain sellers’ attitudes.
Jim Sinclair’s Commentary
At this time these are both silver and gold coins.
It is a modest start, but a good one. The Wall Street Journal wrote a front page story on this. They kindly labelled us cultists and monetary cranks.
What else did you expect?
Islamic gold dinar gains ground in Malaysia: official
KUALA LUMPUR, Sept 4, 2010 (AFP) – Malaysians are embracing gold dinars which were introduced last month by the northern state of Kelantan to promote usage of Islamic currency as an alternative to paper money, an official said Saturday.
The gold coins and silver dirhams were introduced in early August by the Islamic opposition party PAS which rules Kelantan state to coincide with the start of the Muslim holy fasting month of Ramadan.
Umar Ibrahim Vadillo, chief executive officer with Kelantan Golden Trade, said the first batch of gold and silver coins worth two million ringgit (625,000 dollars) had been sold out in less than a month.
"There is enormous response in Malaysia. Their reaction is unbelievable," he told reporters.
"In Kelantan, businesses including garage owners and taxi drivers are using the gold and silver coins."
Civil servants in Kelantan are paid up to 25 percent of their salary in dinars and dirhams if they wish.
