Timing the Bottom

[sdrealtor]

I participate in a monthly survey by BofA Housing market analysts. In return for my participation they send me a couple of the results with market by market analysis.

The long and short of it is homebuilders are dropping prices and its not working.

[sdrealtor]

I participate in a monthly survey by BofA Housing market analysts. In return for my participation they send me a couple of the results with market by market analysis.

The long and short of it is homebuilders are dropping prices and its not working.

[sdrealtor]

I participate in a monthly survey by BofA Housing market analysts. In return for my participation they send me a couple of the results with market by market analysis.

The long and short of it is homebuilders are dropping prices and its not working.

[sdrealtor]

I participate in a monthly survey by BofA Housing market analysts. In return for my participation they send me a couple of the results with market by market analysis.

The long and short of it is homebuilders are dropping prices and its not working.

[RatherOpinionated]

Another company on the losing end throws in the towel.

WASHINGTON — Fannie Mae (FNM) Chief Executive Officer Daniel Mudd Friday said the country’s housing turmoil is not expected to abate until at least late 2009, foreseeing more pain for homeowners, builders, and investors for another two years.

“This is the worst housing and mortgage market in recent memory, and we are still working our way to the bottom, in our view,” Mudd said at a shareholder meeting. “Housing starts are down. We expect further declines.

“Homes sales are down and we expect more to come. Home prices are down, and we expect them to continue to move down.”

Mudd said he didn’t expect to see housing and mortgage market growth until “the end of 2009, at the earliest.”

Fannie Mae is a government-chartered enterprise that purchases loans on the secondary market. Some of these loans are held in Fannie Mae’s portfolio, and others are packaged into securities and either held or sold.

Mudd acknowledged that the housing and credit market turmoil has challenged the firm, as Fannie Mae had to issue $7 billion in preferred stock and cut its dividend starting next year from 50 cents to 35 cents.

“These are both extraordinary steps, but steps that we believe are prudent in light of the extraordinary market conditions that I described,” Mudd said. “We have to have a solid and conservative capital cushion going into a market that is this challenging.”

The shareholder meeting was the company’s first in more than three years, as Fannie Mae is close to emerging from a sizable accounting scandal. Mudd said the company was on track to return to filing timely financial reports in February for its end-of-year 2007 report.

Like other financial companies, Fannie Mae’s stock price has been hit hard this year. The company mostly buys prime, fixed-rate mortgages and securities, but it does hold private-label securities backed by triple-A tranches of some subprime loans, in part to support its affordable housing requirements.

Mudd described Fannie Mae as “a solid company but in a tough cycle going into “08 with a good book of business.”

[RatherOpinionated]

Another company on the losing end throws in the towel.

WASHINGTON — Fannie Mae (FNM) Chief Executive Officer Daniel Mudd Friday said the country’s housing turmoil is not expected to abate until at least late 2009, foreseeing more pain for homeowners, builders, and investors for another two years.

“This is the worst housing and mortgage market in recent memory, and we are still working our way to the bottom, in our view,” Mudd said at a shareholder meeting. “Housing starts are down. We expect further declines.

“Homes sales are down and we expect more to come. Home prices are down, and we expect them to continue to move down.”

Mudd said he didn’t expect to see housing and mortgage market growth until “the end of 2009, at the earliest.”

Fannie Mae is a government-chartered enterprise that purchases loans on the secondary market. Some of these loans are held in Fannie Mae’s portfolio, and others are packaged into securities and either held or sold.

Mudd acknowledged that the housing and credit market turmoil has challenged the firm, as Fannie Mae had to issue $7 billion in preferred stock and cut its dividend starting next year from 50 cents to 35 cents.

“These are both extraordinary steps, but steps that we believe are prudent in light of the extraordinary market conditions that I described,” Mudd said. “We have to have a solid and conservative capital cushion going into a market that is this challenging.”

The shareholder meeting was the company’s first in more than three years, as Fannie Mae is close to emerging from a sizable accounting scandal. Mudd said the company was on track to return to filing timely financial reports in February for its end-of-year 2007 report.

Like other financial companies, Fannie Mae’s stock price has been hit hard this year. The company mostly buys prime, fixed-rate mortgages and securities, but it does hold private-label securities backed by triple-A tranches of some subprime loans, in part to support its affordable housing requirements.

Mudd described Fannie Mae as “a solid company but in a tough cycle going into “08 with a good book of business.”

[RatherOpinionated]

Another company on the losing end throws in the towel.

WASHINGTON — Fannie Mae (FNM) Chief Executive Officer Daniel Mudd Friday said the country’s housing turmoil is not expected to abate until at least late 2009, foreseeing more pain for homeowners, builders, and investors for another two years.

“This is the worst housing and mortgage market in recent memory, and we are still working our way to the bottom, in our view,” Mudd said at a shareholder meeting. “Housing starts are down. We expect further declines.

“Homes sales are down and we expect more to come. Home prices are down, and we expect them to continue to move down.”

Mudd said he didn’t expect to see housing and mortgage market growth until “the end of 2009, at the earliest.”

Fannie Mae is a government-chartered enterprise that purchases loans on the secondary market. Some of these loans are held in Fannie Mae’s portfolio, and others are packaged into securities and either held or sold.

Mudd acknowledged that the housing and credit market turmoil has challenged the firm, as Fannie Mae had to issue $7 billion in preferred stock and cut its dividend starting next year from 50 cents to 35 cents.

“These are both extraordinary steps, but steps that we believe are prudent in light of the extraordinary market conditions that I described,” Mudd said. “We have to have a solid and conservative capital cushion going into a market that is this challenging.”

The shareholder meeting was the company’s first in more than three years, as Fannie Mae is close to emerging from a sizable accounting scandal. Mudd said the company was on track to return to filing timely financial reports in February for its end-of-year 2007 report.

Like other financial companies, Fannie Mae’s stock price has been hit hard this year. The company mostly buys prime, fixed-rate mortgages and securities, but it does hold private-label securities backed by triple-A tranches of some subprime loans, in part to support its affordable housing requirements.

Mudd described Fannie Mae as “a solid company but in a tough cycle going into “08 with a good book of business.”

[RatherOpinionated]

Another company on the losing end throws in the towel.

WASHINGTON — Fannie Mae (FNM) Chief Executive Officer Daniel Mudd Friday said the country’s housing turmoil is not expected to abate until at least late 2009, foreseeing more pain for homeowners, builders, and investors for another two years.

“This is the worst housing and mortgage market in recent memory, and we are still working our way to the bottom, in our view,” Mudd said at a shareholder meeting. “Housing starts are down. We expect further declines.

“Homes sales are down and we expect more to come. Home prices are down, and we expect them to continue to move down.”

Mudd said he didn’t expect to see housing and mortgage market growth until “the end of 2009, at the earliest.”

Fannie Mae is a government-chartered enterprise that purchases loans on the secondary market. Some of these loans are held in Fannie Mae’s portfolio, and others are packaged into securities and either held or sold.

Mudd acknowledged that the housing and credit market turmoil has challenged the firm, as Fannie Mae had to issue $7 billion in preferred stock and cut its dividend starting next year from 50 cents to 35 cents.

“These are both extraordinary steps, but steps that we believe are prudent in light of the extraordinary market conditions that I described,” Mudd said. “We have to have a solid and conservative capital cushion going into a market that is this challenging.”

The shareholder meeting was the company’s first in more than three years, as Fannie Mae is close to emerging from a sizable accounting scandal. Mudd said the company was on track to return to filing timely financial reports in February for its end-of-year 2007 report.

Like other financial companies, Fannie Mae’s stock price has been hit hard this year. The company mostly buys prime, fixed-rate mortgages and securities, but it does hold private-label securities backed by triple-A tranches of some subprime loans, in part to support its affordable housing requirements.

Mudd described Fannie Mae as “a solid company but in a tough cycle going into “08 with a good book of business.”

[RatherOpinionated]

Another company on the losing end throws in the towel.

WASHINGTON — Fannie Mae (FNM) Chief Executive Officer Daniel Mudd Friday said the country’s housing turmoil is not expected to abate until at least late 2009, foreseeing more pain for homeowners, builders, and investors for another two years.

“This is the worst housing and mortgage market in recent memory, and we are still working our way to the bottom, in our view,” Mudd said at a shareholder meeting. “Housing starts are down. We expect further declines.

“Homes sales are down and we expect more to come. Home prices are down, and we expect them to continue to move down.”

Mudd said he didn’t expect to see housing and mortgage market growth until “the end of 2009, at the earliest.”

Fannie Mae is a government-chartered enterprise that purchases loans on the secondary market. Some of these loans are held in Fannie Mae’s portfolio, and others are packaged into securities and either held or sold.

Mudd acknowledged that the housing and credit market turmoil has challenged the firm, as Fannie Mae had to issue $7 billion in preferred stock and cut its dividend starting next year from 50 cents to 35 cents.

“These are both extraordinary steps, but steps that we believe are prudent in light of the extraordinary market conditions that I described,” Mudd said. “We have to have a solid and conservative capital cushion going into a market that is this challenging.”

The shareholder meeting was the company’s first in more than three years, as Fannie Mae is close to emerging from a sizable accounting scandal. Mudd said the company was on track to return to filing timely financial reports in February for its end-of-year 2007 report.

Like other financial companies, Fannie Mae’s stock price has been hit hard this year. The company mostly buys prime, fixed-rate mortgages and securities, but it does hold private-label securities backed by triple-A tranches of some subprime loans, in part to support its affordable housing requirements.

Mudd described Fannie Mae as “a solid company but in a tough cycle going into “08 with a good book of business.”

[woodrow]

For the zip codes listed above,

halfway through today on 12/7/07 there are 7 withdrawn listings and 5 cancelled.

Seems more people are giving up, then properties being sold. I expect to see these homes back on the market after the holidays.

SD Realtor

***************************

SD Realtor – is there a meaningful difference between properties that are “canceled” and properties that are “withdrawn”? Does the use of one term indicate a seller has given up, and the other that the property has sold?

tia,
woodrow

[woodrow]

For the zip codes listed above,

halfway through today on 12/7/07 there are 7 withdrawn listings and 5 cancelled.

Seems more people are giving up, then properties being sold. I expect to see these homes back on the market after the holidays.

SD Realtor

***************************

SD Realtor – is there a meaningful difference between properties that are “canceled” and properties that are “withdrawn”? Does the use of one term indicate a seller has given up, and the other that the property has sold?

tia,
woodrow

[woodrow]

For the zip codes listed above,

halfway through today on 12/7/07 there are 7 withdrawn listings and 5 cancelled.

Seems more people are giving up, then properties being sold. I expect to see these homes back on the market after the holidays.

SD Realtor

***************************

SD Realtor – is there a meaningful difference between properties that are “canceled” and properties that are “withdrawn”? Does the use of one term indicate a seller has given up, and the other that the property has sold?

tia,
woodrow

[woodrow]

For the zip codes listed above,

halfway through today on 12/7/07 there are 7 withdrawn listings and 5 cancelled.

Seems more people are giving up, then properties being sold. I expect to see these homes back on the market after the holidays.

SD Realtor

***************************

SD Realtor – is there a meaningful difference between properties that are “canceled” and properties that are “withdrawn”? Does the use of one term indicate a seller has given up, and the other that the property has sold?

tia,
woodrow

[woodrow]

For the zip codes listed above,

halfway through today on 12/7/07 there are 7 withdrawn listings and 5 cancelled.

Seems more people are giving up, then properties being sold. I expect to see these homes back on the market after the holidays.

SD Realtor

***************************

SD Realtor – is there a meaningful difference between properties that are “canceled” and properties that are “withdrawn”? Does the use of one term indicate a seller has given up, and the other that the property has sold?

tia,
woodrow

[SD Realtor]

Woodrow –

Quick definitions –

Cancelled – Indicated that the listing agreement between the listing agent and the owner has been cancelled. The owner is free to list his home with another agent, sell it on his own, not sell it at all. The owner may even relist with the same agent.

Withdrawn – Indicates that the listing agreement between the listing agent and the owner is still valid. That the seller has withdrawn his listing from being actively marketted on the MLS BUT is still under contract with the listing agent.

Expired – Indicates the listing agreement between the listing agent and the owner has expired. The owner may relist with the existing agent or another agent. Or he may not relist with anyone.

There is a bit more grey area then indicated when interpreting the mindset of the seller with regards to giving up. It is better to generalize it all. Thus in slow markets you tend to see more expirations, cancelled and withdrawns overall then in hotter markets. The more exp, canc, and withs that you see, the more indicative of sellers homes sitting on the market longer, and longer, and longer. You may see a few expirations and or cancelleds/withdrawns for a single home and then finally it sold…. or it may never have sold and yeah the sellers gave up.

So in the fall and winter these classifications, especially the withdrawns grow… The withdrawns are the hold and hopers hoping that they will sit out the holidays only to come back in the spring and try to snag a trout.

SD Realtor

[Author]

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