Home sales post biggest gain in 8 years

[DWCAP]

Ok, so NATIONALLY (all RE is local remember)pending house sales are increasing. If you read farther down the list, the jump was almost entirly in the Northeast, with the remainder in the Midwest. The south fell slightly and the west did was I can only guess was a totally normal and unremarkable spring bounce. Doesn’t scream bottom anywhere but the Northeast, maybe, but now, lets look at what it took to get us to this large gain:

1)8k Tax credits,
2)Absurd interest rates,
3)falling and in some areas unabsurd prices
4)a massive PR campaign by the RE groups
5)A record low in January, off which any dead cat could bounce.
6)A spring selling season.
7)Massive REO sales which generally are priced low and intended to sell quick. (isnt it like 40% of sales are ‘distressed’in some way?)
8) The take over and total subsidazation of Fannie/Freddie to the tune of hundreds of Billions of dollars in tax payer money (with politically driven funding practices now inforce)
9) The resumption of FHA loans (3.5% down payment) being a major mover in the market place.
10) The total subsidation of the major banks, and the prerequisit political threats to spur banks to lend money.
I am sure there are a few more, the the point is made.

And please remember that this is all pointless if the houses dont actually sell. Even the incorrect one himself, Yun, admits that sales are likly to face trouble closing with higher rates and the pain of the short sale process. And pending sales that dont actually sell are really just a big waste of time.

Also, HIDDEN at the end of the story, which no one is mentioning it seems, is the record fall in the Median price.

[quote]The national median sales price in April plunged more than 15 percent to $170,200, from $201,300 in the same month last year. That was the second largest yearly price drop on record, according to the Realtors’ group. [/quote]

Now we all know the problems with the median price, and the obvious issues the median is now suffering that make it a less than ideal measure of current housing prices. But couldnt the headline have also read:

“Housing prices falling at a near record pace despite unpresidented government intervention”

just as easily? But then, that wouldnt be very optimistic, and would not play into the advertising campaigns of those that earn their living off selling houses. Please ignor those little facts, dont do any investigation, and tell everyone you know to go out and buy as much housing as possible. Dont you know, high housing prices are good for everyone, President Obama said it himself.

[DWCAP]

[quote=deadzone]Obviously you don’t work the beach areas sdr because there clearly isn’t much sales activity. Additionally, the only price level where there is a lot of demand is under 600K or whatever the hell the confirming limits are today. This demand is artificial and temporary because the taxpayers are subsidizing the entire mortgage.[/quote]

uh, let me save you that scarcastic and bombastic reply and tell you that sdr does work the beach areas, and that there is a ton of demand in the NC beach areas at these prices/interest rates. What there isnt is alot of demand to SELL at those prices, so sales are way down. But the few that do make it to the market are in high demand from those who just dont care about it all, they want a house.

[DWCAP]

[quote=deadzone]Obviously you don’t work the beach areas sdr because there clearly isn’t much sales activity. Additionally, the only price level where there is a lot of demand is under 600K or whatever the hell the confirming limits are today. This demand is artificial and temporary because the taxpayers are subsidizing the entire mortgage.[/quote]

uh, let me save you that scarcastic and bombastic reply and tell you that sdr does work the beach areas, and that there is a ton of demand in the NC beach areas at these prices/interest rates. What there isnt is alot of demand to SELL at those prices, so sales are way down. But the few that do make it to the market are in high demand from those who just dont care about it all, they want a house.

[DWCAP]

[quote=deadzone]Obviously you don’t work the beach areas sdr because there clearly isn’t much sales activity. Additionally, the only price level where there is a lot of demand is under 600K or whatever the hell the confirming limits are today. This demand is artificial and temporary because the taxpayers are subsidizing the entire mortgage.[/quote]

uh, let me save you that scarcastic and bombastic reply and tell you that sdr does work the beach areas, and that there is a ton of demand in the NC beach areas at these prices/interest rates. What there isnt is alot of demand to SELL at those prices, so sales are way down. But the few that do make it to the market are in high demand from those who just dont care about it all, they want a house.

[DWCAP]

[quote=deadzone]Obviously you don’t work the beach areas sdr because there clearly isn’t much sales activity. Additionally, the only price level where there is a lot of demand is under 600K or whatever the hell the confirming limits are today. This demand is artificial and temporary because the taxpayers are subsidizing the entire mortgage.[/quote]

uh, let me save you that scarcastic and bombastic reply and tell you that sdr does work the beach areas, and that there is a ton of demand in the NC beach areas at these prices/interest rates. What there isnt is alot of demand to SELL at those prices, so sales are way down. But the few that do make it to the market are in high demand from those who just dont care about it all, they want a house.

[DWCAP]

[quote=deadzone]Obviously you don’t work the beach areas sdr because there clearly isn’t much sales activity. Additionally, the only price level where there is a lot of demand is under 600K or whatever the hell the confirming limits are today. This demand is artificial and temporary because the taxpayers are subsidizing the entire mortgage.[/quote]

uh, let me save you that scarcastic and bombastic reply and tell you that sdr does work the beach areas, and that there is a ton of demand in the NC beach areas at these prices/interest rates. What there isnt is alot of demand to SELL at those prices, so sales are way down. But the few that do make it to the market are in high demand from those who just dont care about it all, they want a house.

[ibjames]

For houses in the 400k and lower range, it is an absolute zoo out there, it is like ants finding a piece of food, a place gets listed, and you go to see it and 3 people are already looking at it.

The higher end areas may feel more pain, but it is hard to say that 400k and lower will at this point. It seems like the demand for those types of places is so high it can’t be stopped.

If a place hits close to the 300k mark or slightly lower, it doesn’t stay that low for long. (where I was hoping to scoop up a property)

Nothing like looking at a property and it has at least 5-10, sometimes more, bids on it

Are you guys all in rentals that you like a lot that it doesn’t bother you to rent at all? The thought of moving to another rental that I like and then to a house I finally buy makes me want to puke!

[ibjames]

For houses in the 400k and lower range, it is an absolute zoo out there, it is like ants finding a piece of food, a place gets listed, and you go to see it and 3 people are already looking at it.

The higher end areas may feel more pain, but it is hard to say that 400k and lower will at this point. It seems like the demand for those types of places is so high it can’t be stopped.

If a place hits close to the 300k mark or slightly lower, it doesn’t stay that low for long. (where I was hoping to scoop up a property)

Nothing like looking at a property and it has at least 5-10, sometimes more, bids on it

Are you guys all in rentals that you like a lot that it doesn’t bother you to rent at all? The thought of moving to another rental that I like and then to a house I finally buy makes me want to puke!

[ibjames]

For houses in the 400k and lower range, it is an absolute zoo out there, it is like ants finding a piece of food, a place gets listed, and you go to see it and 3 people are already looking at it.

The higher end areas may feel more pain, but it is hard to say that 400k and lower will at this point. It seems like the demand for those types of places is so high it can’t be stopped.

If a place hits close to the 300k mark or slightly lower, it doesn’t stay that low for long. (where I was hoping to scoop up a property)

Nothing like looking at a property and it has at least 5-10, sometimes more, bids on it

Are you guys all in rentals that you like a lot that it doesn’t bother you to rent at all? The thought of moving to another rental that I like and then to a house I finally buy makes me want to puke!

[ibjames]

For houses in the 400k and lower range, it is an absolute zoo out there, it is like ants finding a piece of food, a place gets listed, and you go to see it and 3 people are already looking at it.

The higher end areas may feel more pain, but it is hard to say that 400k and lower will at this point. It seems like the demand for those types of places is so high it can’t be stopped.

If a place hits close to the 300k mark or slightly lower, it doesn’t stay that low for long. (where I was hoping to scoop up a property)

Nothing like looking at a property and it has at least 5-10, sometimes more, bids on it

Are you guys all in rentals that you like a lot that it doesn’t bother you to rent at all? The thought of moving to another rental that I like and then to a house I finally buy makes me want to puke!

[ibjames]

For houses in the 400k and lower range, it is an absolute zoo out there, it is like ants finding a piece of food, a place gets listed, and you go to see it and 3 people are already looking at it.

The higher end areas may feel more pain, but it is hard to say that 400k and lower will at this point. It seems like the demand for those types of places is so high it can’t be stopped.

If a place hits close to the 300k mark or slightly lower, it doesn’t stay that low for long. (where I was hoping to scoop up a property)

Nothing like looking at a property and it has at least 5-10, sometimes more, bids on it

Are you guys all in rentals that you like a lot that it doesn’t bother you to rent at all? The thought of moving to another rental that I like and then to a house I finally buy makes me want to puke!

[ocrenter]

we’ve been on this path time and time again. bottom is here for the low end. still some ways to go on the high end. period.

[ocrenter]

we’ve been on this path time and time again. bottom is here for the low end. still some ways to go on the high end. period.

[ocrenter]

we’ve been on this path time and time again. bottom is here for the low end. still some ways to go on the high end. period.

[ocrenter]

we’ve been on this path time and time again. bottom is here for the low end. still some ways to go on the high end. period.

[Author]

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