Forum Replies Created
-
AuthorPosts
-
cr
ParticipantActually that guy’s an idiot for more reason than the obvious. If it’s in foreclosure then he technically no longer owns it (or owned it outright in the first place).
So now that he has damaged the bank’s property I hope they file a vandalism AND animal cruelty fine/lawsuit against the guy.
He’ll be living with the pigs shortly anyway.
May 24, 2007 at 10:30 AM in reply to: Home Sales Soar by Record Amount . . . Are you kidding me? #54743ParticipantKey words:
“in April”
“April compared to March”
“new home”Month to month is meaningless, we all know that, and new homes are a fraction of sales. Sales appear up because last month was horrendous, and prices are down. Look at prices/sales from a year ago and I’ll bet it’s a different story.
These guys only hear what they want to hear anyway, this is from MSN:
“At least one analyst took a glass-half-full view. “The report (on new-home sales) starts to seal the argument that the housing market is beginning to stabilize, at least in terms of demand,” Richard DeKaser, the chief economist for National City, told Bloomberg News.
Right…that of course is dependent on the pipe dream:
“Analysts are hoping that spending by consumers and businesses will be able to overcome the weakness in housing and keep the country out of a recession.”
Problem is people have no more money, no more equity, no more savings.
It’s over. These people just refuse to accept it.
May 24, 2007 at 10:30 AM in reply to: Home Sales Soar by Record Amount . . . Are you kidding me? #54757ParticipantKey words:
“in April”
“April compared to March”
“new home”Month to month is meaningless, we all know that, and new homes are a fraction of sales. Sales appear up because last month was horrendous, and prices are down. Look at prices/sales from a year ago and I’ll bet it’s a different story.
These guys only hear what they want to hear anyway, this is from MSN:
“At least one analyst took a glass-half-full view. “The report (on new-home sales) starts to seal the argument that the housing market is beginning to stabilize, at least in terms of demand,” Richard DeKaser, the chief economist for National City, told Bloomberg News.
Right…that of course is dependent on the pipe dream:
“Analysts are hoping that spending by consumers and businesses will be able to overcome the weakness in housing and keep the country out of a recession.”
Problem is people have no more money, no more equity, no more savings.
It’s over. These people just refuse to accept it.
ParticipantI’m working on trademarking these responses and licensing them to the NAR, NAHB, MBAA, Helicopter Ben, and Greenspans new company.
I agree though, these guys find the silver lining in the blackest shadow of the biggest asteroid ever to hit the earth.
You do have to admire their optimism though.
ParticipantI’m working on trademarking these responses and licensing them to the NAR, NAHB, MBAA, Helicopter Ben, and Greenspans new company.
I agree though, these guys find the silver lining in the blackest shadow of the biggest asteroid ever to hit the earth.
You do have to admire their optimism though.
ParticipantI’ve also head 5% to 10% down payments will be mandatory for Alt-A loans.
The problem is that any tightening in standards only prevent future problems from continuing. The damage has been done. Had they enforced these standards 2-3 years ago things might be different – less foreclosures and lowerprices – but they didn’t.
As foreclosures rise banks will be stuck. They’ll need that bigger pool of buyers again to sell as close to loan value as possible, but they won’t want to sell to subprime borrowers, and may not even be able to.
I don’t see them going back on standards right away so foreclosures will increase, standards will tighten more, prices will plummet, and as people catch on to that, sales will slow more, prices will drop more, until prices are actually afffordable again. What a tragedy that will be!
ParticipantI’ve also head 5% to 10% down payments will be mandatory for Alt-A loans.
The problem is that any tightening in standards only prevent future problems from continuing. The damage has been done. Had they enforced these standards 2-3 years ago things might be different – less foreclosures and lowerprices – but they didn’t.
As foreclosures rise banks will be stuck. They’ll need that bigger pool of buyers again to sell as close to loan value as possible, but they won’t want to sell to subprime borrowers, and may not even be able to.
I don’t see them going back on standards right away so foreclosures will increase, standards will tighten more, prices will plummet, and as people catch on to that, sales will slow more, prices will drop more, until prices are actually afffordable again. What a tragedy that will be!
ParticipantI’m not so sure about the numbers, but I have a pretty good idea on what the commentary will BS.. I mean… be.
Here it is:
U.S Total # of Sales DOWN 7% year over Year
“This is largely due to irregular weather patterns, and a decrease in the migration patterns of the spotted red crane.”U.S. Total # of Sales Down 3% Month to Month
“Since the previous month was so strong, this really indicates a stabilization of the market as buyers who didn’t buy over the last 5 years because they couldn’t get loans, or didn’t have any equity are now looking to buy.” (oh wait…)U.S. Median Sale Price Down 1% Year over Year
“This is a sign that prices have corrected and will begin to rise. This is due to increased sales in lower prices homes, and should begin to increase late 2007, early 2008.”ParticipantI’m not so sure about the numbers, but I have a pretty good idea on what the commentary will BS.. I mean… be.
Here it is:
U.S Total # of Sales DOWN 7% year over Year
“This is largely due to irregular weather patterns, and a decrease in the migration patterns of the spotted red crane.”U.S. Total # of Sales Down 3% Month to Month
“Since the previous month was so strong, this really indicates a stabilization of the market as buyers who didn’t buy over the last 5 years because they couldn’t get loans, or didn’t have any equity are now looking to buy.” (oh wait…)U.S. Median Sale Price Down 1% Year over Year
“This is a sign that prices have corrected and will begin to rise. This is due to increased sales in lower prices homes, and should begin to increase late 2007, early 2008.”Participantlatesummer2008 and LA Renter. You guys are West LA, right? What do you think about the valley, namely Glendale/Burbank/La Canada?
These areas tend to have less room like the coastal areas (thought they still find room or build bigger) but I’m still seeing 50 year old 3br houses go for $700 in the decent areas, and many for more than that. Prices have definately dipped into the $500’s in some areas, but I will be a first time buyer so I don’t have massive equity from the bubble to use towards something I otherwise couldn’t afford.
You also get the Aerospace excuse out here, but I just laugh at that and follow it with Real Estate IS the new Aerospace.
What do you guys think?
Participantlatesummer2008 and LA Renter. You guys are West LA, right? What do you think about the valley, namely Glendale/Burbank/La Canada?
These areas tend to have less room like the coastal areas (thought they still find room or build bigger) but I’m still seeing 50 year old 3br houses go for $700 in the decent areas, and many for more than that. Prices have definately dipped into the $500’s in some areas, but I will be a first time buyer so I don’t have massive equity from the bubble to use towards something I otherwise couldn’t afford.
You also get the Aerospace excuse out here, but I just laugh at that and follow it with Real Estate IS the new Aerospace.
What do you guys think?
ParticipantWell here’s another radical idea.
It seems our economy is somewhat dependent on illegal labor so grant them a temporary quasi-citizen status over a period of say 1-2 years, tax them at a higher rate (they’re here illegally, why should legals pay the same?) and give them that time period to integrate into society legally – insurances, driver’s SCHOOL and license, taxes, social security, all that junk.
At the end of the 1-2 year period those that aren’t fully abiding by the law are gone. If they truly want to be here legitimately, they will do what they need to do.
It will be hard on some financially, but welcome to America amigo. If they cut it, welcome home, they’ll probably make a better impact anyway. And if they don’t or refuse to try, then they should not be able to live here illegally anymore.
You do have to stop the influx, but the naturalization process should be made a little more efficient IMO.
ParticipantWell here’s another radical idea.
It seems our economy is somewhat dependent on illegal labor so grant them a temporary quasi-citizen status over a period of say 1-2 years, tax them at a higher rate (they’re here illegally, why should legals pay the same?) and give them that time period to integrate into society legally – insurances, driver’s SCHOOL and license, taxes, social security, all that junk.
At the end of the 1-2 year period those that aren’t fully abiding by the law are gone. If they truly want to be here legitimately, they will do what they need to do.
It will be hard on some financially, but welcome to America amigo. If they cut it, welcome home, they’ll probably make a better impact anyway. And if they don’t or refuse to try, then they should not be able to live here illegally anymore.
You do have to stop the influx, but the naturalization process should be made a little more efficient IMO.
ParticipantI can’t say I’m surprised.
A lot of the apologetics claim the last downturn followed the massive aerospace layoffs. I don’t discount that, but when they say things are different this time around I agree. Different because this time the housing downturn is causing the job layoffs.
Think about it: realtors, brokers, appraisers, notaries, contractors, plumbers, builders, carpenters, electricians, roofers, just in the immediate path. Then you’ve got supply houses, materials warehouses, the companies that supply them, all the way to the retail chains of Lowes, Depot, Sears even Wal-mart. On the financial side you have the mortgage specialists, MBS traders, investors, PMI companies, and banks galore.
Foreclosures are just now hitting the scene. What’s going to happen when they make it all the way up the food chain?
The economy will survive, but I think prices are going to be hit harder than most people expect. The jobs that helped people barely afford an overpriced house are getting hit as a result of the bust.
-
AuthorPosts
