Home › Forums › Housing › SD inventories dropping like a rock . . . disconnect from other “bubble” markets
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June 2, 2009 at 5:19 PM #409906June 2, 2009 at 5:23 PM #409218
Anonymous
GuestI would love to sell and escape. My home of 18 years is not worth what I’ve got into it. $145 purchase in 1991 plus about a hundred in slab repair and upgrades. Call it $250 not including financing costs for the loan (which we paid off in 2004). $250,000 would be a pipe dream now. Foreclosures go for $210ish. Since I’m not in trouble why would I sell now? I can’t be the only person thinking like this.
No homes have sold by the conventional means in my neighborhood in almost a year. A few have tried, none have sold. A foreclosure will sell before you know it’s on the market. That’s all anyone is interested in. Flippers snap them up, paint them and find out that nobody want’s them. Three months later it’s foreclosed on again. Amazing.
I suspect many regular homeowners are holding on and waiting for better times.
June 2, 2009 at 5:23 PM #409458GuestI would love to sell and escape. My home of 18 years is not worth what I’ve got into it. $145 purchase in 1991 plus about a hundred in slab repair and upgrades. Call it $250 not including financing costs for the loan (which we paid off in 2004). $250,000 would be a pipe dream now. Foreclosures go for $210ish. Since I’m not in trouble why would I sell now? I can’t be the only person thinking like this.
No homes have sold by the conventional means in my neighborhood in almost a year. A few have tried, none have sold. A foreclosure will sell before you know it’s on the market. That’s all anyone is interested in. Flippers snap them up, paint them and find out that nobody want’s them. Three months later it’s foreclosed on again. Amazing.
I suspect many regular homeowners are holding on and waiting for better times.
June 2, 2009 at 5:23 PM #409705GuestI would love to sell and escape. My home of 18 years is not worth what I’ve got into it. $145 purchase in 1991 plus about a hundred in slab repair and upgrades. Call it $250 not including financing costs for the loan (which we paid off in 2004). $250,000 would be a pipe dream now. Foreclosures go for $210ish. Since I’m not in trouble why would I sell now? I can’t be the only person thinking like this.
No homes have sold by the conventional means in my neighborhood in almost a year. A few have tried, none have sold. A foreclosure will sell before you know it’s on the market. That’s all anyone is interested in. Flippers snap them up, paint them and find out that nobody want’s them. Three months later it’s foreclosed on again. Amazing.
I suspect many regular homeowners are holding on and waiting for better times.
June 2, 2009 at 5:23 PM #409767GuestI would love to sell and escape. My home of 18 years is not worth what I’ve got into it. $145 purchase in 1991 plus about a hundred in slab repair and upgrades. Call it $250 not including financing costs for the loan (which we paid off in 2004). $250,000 would be a pipe dream now. Foreclosures go for $210ish. Since I’m not in trouble why would I sell now? I can’t be the only person thinking like this.
No homes have sold by the conventional means in my neighborhood in almost a year. A few have tried, none have sold. A foreclosure will sell before you know it’s on the market. That’s all anyone is interested in. Flippers snap them up, paint them and find out that nobody want’s them. Three months later it’s foreclosed on again. Amazing.
I suspect many regular homeowners are holding on and waiting for better times.
June 2, 2009 at 5:23 PM #409916GuestI would love to sell and escape. My home of 18 years is not worth what I’ve got into it. $145 purchase in 1991 plus about a hundred in slab repair and upgrades. Call it $250 not including financing costs for the loan (which we paid off in 2004). $250,000 would be a pipe dream now. Foreclosures go for $210ish. Since I’m not in trouble why would I sell now? I can’t be the only person thinking like this.
No homes have sold by the conventional means in my neighborhood in almost a year. A few have tried, none have sold. A foreclosure will sell before you know it’s on the market. That’s all anyone is interested in. Flippers snap them up, paint them and find out that nobody want’s them. Three months later it’s foreclosed on again. Amazing.
I suspect many regular homeowners are holding on and waiting for better times.
June 2, 2009 at 5:34 PM #409233Arraya
Participant[quote=CA renter][quote=PadreBrian]No one is selling, Period. Add in the refinancing/bailout of the alt-a option only bank robbing clowns. Then add in the fact home builders are squeezing the supply to keep their price up, and you finally get the SD market. [/quote]
Bingo.
I’d like to see listing history for these months from 1995-present. I think the low inventory numbers are more due to fewer listings than to higher demand — though demand IS higher than the past few years, largely because of lower prices (esp. for those who are price anchoring to bubble prices, instead of pre-bubble prices), artificially suppressed interest rates, taxpayer give-aways to new buyers, GSE/FHA/VA overwhelming the market with cheap loans and little/no down, etc.
Currently, there is every reason to have a strong selling season, with the only exception being employment. What happens when/if the govt backs down when the bond market forces its hand?[/quote]
Do you mean, the bond market vigilante?
http://www.bloomberg.com/apps/news?pid=20601087&sid=akW9GQw.X9KM&refer=worldwide
For the first time since another Democrat occupied the White House, investors from Beijing to Zurich are challenging a president’s attempts to revive the economy with record deficit spending. Fifteen years after forcing Bill Clinton to abandon his own stimulus plans, the so-called bond vigilantes are punishing Barack Obama for quadrupling the budget shortfall to $1.85 trillion. By driving up yields on U.S. debt, they are also threatening to derail Federal Reserve Chairman Ben S. Bernanke’s efforts to cut borrowing costs for businesses and consumers.
June 2, 2009 at 5:34 PM #409473Participant[quote=CA renter][quote=PadreBrian]No one is selling, Period. Add in the refinancing/bailout of the alt-a option only bank robbing clowns. Then add in the fact home builders are squeezing the supply to keep their price up, and you finally get the SD market. [/quote]
Bingo.
I’d like to see listing history for these months from 1995-present. I think the low inventory numbers are more due to fewer listings than to higher demand — though demand IS higher than the past few years, largely because of lower prices (esp. for those who are price anchoring to bubble prices, instead of pre-bubble prices), artificially suppressed interest rates, taxpayer give-aways to new buyers, GSE/FHA/VA overwhelming the market with cheap loans and little/no down, etc.
Currently, there is every reason to have a strong selling season, with the only exception being employment. What happens when/if the govt backs down when the bond market forces its hand?[/quote]
Do you mean, the bond market vigilante?
http://www.bloomberg.com/apps/news?pid=20601087&sid=akW9GQw.X9KM&refer=worldwide
For the first time since another Democrat occupied the White House, investors from Beijing to Zurich are challenging a president’s attempts to revive the economy with record deficit spending. Fifteen years after forcing Bill Clinton to abandon his own stimulus plans, the so-called bond vigilantes are punishing Barack Obama for quadrupling the budget shortfall to $1.85 trillion. By driving up yields on U.S. debt, they are also threatening to derail Federal Reserve Chairman Ben S. Bernanke’s efforts to cut borrowing costs for businesses and consumers.
June 2, 2009 at 5:34 PM #409720Participant[quote=CA renter][quote=PadreBrian]No one is selling, Period. Add in the refinancing/bailout of the alt-a option only bank robbing clowns. Then add in the fact home builders are squeezing the supply to keep their price up, and you finally get the SD market. [/quote]
Bingo.
I’d like to see listing history for these months from 1995-present. I think the low inventory numbers are more due to fewer listings than to higher demand — though demand IS higher than the past few years, largely because of lower prices (esp. for those who are price anchoring to bubble prices, instead of pre-bubble prices), artificially suppressed interest rates, taxpayer give-aways to new buyers, GSE/FHA/VA overwhelming the market with cheap loans and little/no down, etc.
Currently, there is every reason to have a strong selling season, with the only exception being employment. What happens when/if the govt backs down when the bond market forces its hand?[/quote]
Do you mean, the bond market vigilante?
http://www.bloomberg.com/apps/news?pid=20601087&sid=akW9GQw.X9KM&refer=worldwide
For the first time since another Democrat occupied the White House, investors from Beijing to Zurich are challenging a president’s attempts to revive the economy with record deficit spending. Fifteen years after forcing Bill Clinton to abandon his own stimulus plans, the so-called bond vigilantes are punishing Barack Obama for quadrupling the budget shortfall to $1.85 trillion. By driving up yields on U.S. debt, they are also threatening to derail Federal Reserve Chairman Ben S. Bernanke’s efforts to cut borrowing costs for businesses and consumers.
June 2, 2009 at 5:34 PM #409782Participant[quote=CA renter][quote=PadreBrian]No one is selling, Period. Add in the refinancing/bailout of the alt-a option only bank robbing clowns. Then add in the fact home builders are squeezing the supply to keep their price up, and you finally get the SD market. [/quote]
Bingo.
I’d like to see listing history for these months from 1995-present. I think the low inventory numbers are more due to fewer listings than to higher demand — though demand IS higher than the past few years, largely because of lower prices (esp. for those who are price anchoring to bubble prices, instead of pre-bubble prices), artificially suppressed interest rates, taxpayer give-aways to new buyers, GSE/FHA/VA overwhelming the market with cheap loans and little/no down, etc.
Currently, there is every reason to have a strong selling season, with the only exception being employment. What happens when/if the govt backs down when the bond market forces its hand?[/quote]
Do you mean, the bond market vigilante?
http://www.bloomberg.com/apps/news?pid=20601087&sid=akW9GQw.X9KM&refer=worldwide
For the first time since another Democrat occupied the White House, investors from Beijing to Zurich are challenging a president’s attempts to revive the economy with record deficit spending. Fifteen years after forcing Bill Clinton to abandon his own stimulus plans, the so-called bond vigilantes are punishing Barack Obama for quadrupling the budget shortfall to $1.85 trillion. By driving up yields on U.S. debt, they are also threatening to derail Federal Reserve Chairman Ben S. Bernanke’s efforts to cut borrowing costs for businesses and consumers.
June 2, 2009 at 5:34 PM #409931Participant[quote=CA renter][quote=PadreBrian]No one is selling, Period. Add in the refinancing/bailout of the alt-a option only bank robbing clowns. Then add in the fact home builders are squeezing the supply to keep their price up, and you finally get the SD market. [/quote]
Bingo.
I’d like to see listing history for these months from 1995-present. I think the low inventory numbers are more due to fewer listings than to higher demand — though demand IS higher than the past few years, largely because of lower prices (esp. for those who are price anchoring to bubble prices, instead of pre-bubble prices), artificially suppressed interest rates, taxpayer give-aways to new buyers, GSE/FHA/VA overwhelming the market with cheap loans and little/no down, etc.
Currently, there is every reason to have a strong selling season, with the only exception being employment. What happens when/if the govt backs down when the bond market forces its hand?[/quote]
Do you mean, the bond market vigilante?
http://www.bloomberg.com/apps/news?pid=20601087&sid=akW9GQw.X9KM&refer=worldwide
For the first time since another Democrat occupied the White House, investors from Beijing to Zurich are challenging a president’s attempts to revive the economy with record deficit spending. Fifteen years after forcing Bill Clinton to abandon his own stimulus plans, the so-called bond vigilantes are punishing Barack Obama for quadrupling the budget shortfall to $1.85 trillion. By driving up yields on U.S. debt, they are also threatening to derail Federal Reserve Chairman Ben S. Bernanke’s efforts to cut borrowing costs for businesses and consumers.
June 2, 2009 at 5:40 PM #409238ybitz
ParticipantHow long would such homeowners be able to hold out, if they ultimately want to sell and escape? Wouldn’t they be better off selling now with the low interest rate, tax credit, low inventory, then later (say, next year) when all three conditions go away?
June 2, 2009 at 5:40 PM #409478ParticipantHow long would such homeowners be able to hold out, if they ultimately want to sell and escape? Wouldn’t they be better off selling now with the low interest rate, tax credit, low inventory, then later (say, next year) when all three conditions go away?
June 2, 2009 at 5:40 PM #409725ParticipantHow long would such homeowners be able to hold out, if they ultimately want to sell and escape? Wouldn’t they be better off selling now with the low interest rate, tax credit, low inventory, then later (say, next year) when all three conditions go away?
June 2, 2009 at 5:40 PM #409787ParticipantHow long would such homeowners be able to hold out, if they ultimately want to sell and escape? Wouldn’t they be better off selling now with the low interest rate, tax credit, low inventory, then later (say, next year) when all three conditions go away?
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