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Thread: Home Sales Decline Unexpectedly

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    Re: Home Sales Decline Unexpectedly

    Mate, I dont care who regulates the housing market, I would prefer self regulation.

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by B L Zeebub View Post
    Mate, I dont care who regulates the housing market, I would prefer self regulation.
    How? Real estate pricing is based on fair market value. In other words, prices are based on what the consumer is willing to pay. How do you regulate that?
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by StandUpChuck View Post
    How? Real estate pricing is based on fair market value. In other words, prices are based on what the consumer is willing to pay. How do you regulate that?
    You restrict mortgages to qualified borrowers for a start.

    No morgage that is more than 80% of the valuation of the property

    The mortage must be no more than 3 times your anual income

    A proven history say 5yrs of regular mortgage payments,or 2 yrs savings for first time buyers, at a similar rate to the re-payment of the mortgage you seek. that should also constitute the 20% deposit needed.

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by StandUpChuck View Post
    So basically, the same BS that got us into this mess is happening again. People who cannot afford to buy a house are buying a house. We'll see if they have the self discipline to pay their mortgage on time each month.

    What does self-discipling have to do with being able to afford the mortgage payments?
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by Middleground View Post
    What does self-discipling have to do with being able to afford the mortgage payments?
    Saving money for a downpayment is a good indication that someone is serious about managing their funds (as is the credit report). Not only that, if I sink $50,000 of my own hard earned cash into a property, then it's less likely that I will just walk away from the mortgage.

    edit because I realize you're talking about more than just the downpayment. There are people who lost their jobs and could no longer afford to keep their homes. Then there are the people who over spent on BS and can no longer afford to keep making payments on everything. The latter is quite common yet rarely talked about.
    Last edited by StandUpChuck; 09-25-09 at 12:26 PM.
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

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    Re: Home Sales Decline Unexpectedly

    I pretty much knew that, as soon as Obama unleashed his stimulus package, this would turn into a double dip recession. You can blame the first crash on the Bush administration, but the new crises, which will account for the upcoming second dip, you can attribute directly to Obama's policies.

    Both Bush and Obama have done nothing to correct the underlying conditions. All they have done is apply band-aids to serious wounds.
    Last edited by danarhea; 09-25-09 at 12:28 PM.
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    Re: Home Sales Decline Unexpectedly

    New home sales posted a modest increase:

    Sept. 25 (Bloomberg) -- Sales of new U.S. homes climbed in August to the highest level in almost a year as builders cut prices at a record pace to compete with the foreclosures that are flooding the market for previously owned houses.

    Sales increased 0.7 percent to a 429,000 annual pace, less than anticipated, figures from the Commerce Department showed today in Washington. Other reports showed orders for durable goods unexpectedly fell and consumer sentiment climbed.

    The worst housing slump since the Great Depression may be drawing to a close as first-time buyers rush to take advantage of tax credits before a November deadline. Federal Reserve policy makers this week pledged to keep borrowing costs low to sustain the recovery past the time when the government stimulus measures wane.

    New-Home Sales in U.S. Climb to Almost One-Year High (Upadte1) - Bloomberg.com

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by winston53660 View Post
    New home sales posted a modest increase:

    Sept. 25 (Bloomberg) -- Sales of new U.S. homes climbed in August to the highest level in almost a year as builders cut prices at a record pace to compete with the foreclosures that are flooding the market for previously owned houses.

    Sales increased 0.7 percent to a 429,000 annual pace, less than anticipated, figures from the Commerce Department showed today in Washington. Other reports showed orders for durable goods unexpectedly fell and consumer sentiment climbed.

    The worst housing slump since the Great Depression may be drawing to a close as first-time buyers rush to take advantage of tax credits before a November deadline. Federal Reserve policy makers this week pledged to keep borrowing costs low to sustain the recovery past the time when the government stimulus measures wane.

    New-Home Sales in U.S. Climb to Almost One-Year High (Upadte1) - Bloomberg.com
    It was only a matter of time before builders realized they had to adjust their pricing to compete with "used" homes.
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by B L Zeebub View Post
    You restrict mortgages to qualified borrowers for a start.

    No morgage that is more than 80% of the valuation of the property

    The mortage must be no more than 3 times your anual income

    A proven history say 5yrs of regular mortgage payments,or 2 yrs savings for first time buyers, at a similar rate to the re-payment of the mortgage you seek. that should also constitute the 20% deposit needed.
    I don't disagree. Did you see my post about FHA? It's ridiculous!
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by StandUpChuck View Post
    It was only a matter of time before builders realized they had to adjust their pricing to compete with "used" homes.
    The news is not all that great analysts were actually predicting a larger increase in sales.

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