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Thread: Home Sales Decline Unexpectedly

  1. #21
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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.
    And they have, which could attribute to a fall in sales of existing houses. Often, a brand new house for less will be more attractive -- unless you really want to be in that particular location or really love that house.
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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by Harshaw View Post
    And they have, which could attribute to a fall in sales of existing houses.
    Damn good point.
    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
    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.

    See, that's the thing. I don't think the latter is quite common. Yes, when people lose their jobs, or **** happens, then yeah, chances are the will default. But I have a hard time seeing people buying TVs, cars, trips, and furs over making mortgage payments.

    What has not been talked about much since this whole crisis, is lenders not caring about who they are lending to. To me, that is beyond reason to the point where I cannot even phathom it. But it did happen. People making less that $30,000 were allowed/encouraged to buy houses with values over $500,000. That's insane, and a huge cause of the housing crisis.
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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by B L Zeebub View Post
    The housing market must be controlled, to many times it has caused an unsustainable boom, leading to the inevitable bust.
    I am always amused at the notions that the Government can control anything and that with more Government interventions all risk in life can be avoided.

    The FACT is that home prices will continue to decline as unemployment continues to climb with no end in sight and jobs continue to vanish. Many home owners who have been looking for jobs since the beginning of this "Change" Administration have been staring foreclosure in the face and now the beginning of a new wave of foreclosures and further declines in home prices can be expected.

    BUT, the news we are not hearing is an impending tide of Commercial foreclosures on the horizon which will once again exacerbate the real estate markets decline and cause further job losses.

    By next year when Democrats are finally honest with the American people about how ALL of us will be paying MORE taxes and fees to pay for their incredibly misguided spending spree, expect even less spending, more commercial closures and LES jobs again.

    Compound that with the potential devastation cap and trade will have on manufacturing and we have a REAL disaster looming on the horizon.

    My prediction is that the Obama Administrations efforts will make the Carter years look like a cake walk in comparison. If Americans do not vote these morons out of the Legislature next fall, there is certainly no redeeming hope for our economy.

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by StandUpChuck View Post
    BTW with those first time home buyers, do you realize that with current programs like FHA, they only have to cough up 3.5% down payment? And because sellers are desperate to sell, buyers are demanding sellers pay that along w/their closing costs.

    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.
    This is 100% correct and will indeed lead to even further damage in the jobs and housing markets.

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by Truth Detector View Post
    My prediction is that the Obama Administrations efforts will make the Carter years look like a cake walk in comparison. If Americans do not vote these morons out of the Legislature next fall, there is certainly no redeeming hope for our economy.
    I'm more worried about a return to the FDR years where the government absolutely refused to let the economy correct. We, as the people who are supposed to be in charge of this country, have completely ignored time-tested economic principals in favor of feel-good economics that promises that we never have to lose our jobs and that we can work at the same job for the rest of our lives. Unfortunately, life is not always that easy.

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by danarhea View Post
    You can blame the first crash on the Bush administration,
    Once again this claim is false; the crash came about as a direct result of Government creation of false markets in CRAs and the lack of desire to deal with the issue in 2004 when Republicans wanted to pass stronger restrictions to Fannie Mae and Freddie Macs outrageous loan policies.

    There were other market issues through he creation of highly risky packaging of these subprime mortgages into tradable securities on the false claim they were very safe and secured by assets that were basically non-existent.

    In addition, Credit Default Swaps and the use of derivatives fed the frenzy which allowed corporations to take on HIGH risk with little return if the "bet" didn't work out.

    I would like you to name ONE Bush Policy that caused the collapse of the financial markets.

    Here is what REALLY caused the collapse which had nothing to do with Bush policies:

    [ame="http://www.youtube.com/watch?v=1RZVw3no2A4"]YouTube - Burning Down The House: What Caused Our Economic Crisis? Bombshell[/ame]

    [ame="http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related"]YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis[/ame]


    Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nation's economic crisis was his fault on Thursday but conceded the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a "state of shocked disbelief."

    Greenspan Says Economic Crisis Not His Fault, Calls It 'Once-in-a-Century Tsunami' - Politics | Republican Party | Democratic Party | Political Spectrum - FOXNews.com

    A funny analogy that factually describes the problem in a simple funny way:

    [ame="http://www.youtube.com/watch?v=fPI8XFfBxHk&feature=related"]YouTube - Financial Crisis Explained: Subprime Mortgage[/ame]

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by StandUpChuck View Post
    Why is this dip devastating and dire? There was a four month trend of growth and now a small slow down. It's devastating and dire if it continues for a long period and stalls the recovery in a more meaningful way.



    Yep. See above



    Which likely helped bring about the growth earlier in the year.



    Is that a problem? You have to get the old sh*t off the inventory shelves to start clearing out the new. It's got to start somewhere. I don't know the percentage, but of those people selling those houses to the first time home buyers, how many turned around and bought a bigger, nicer, 15 year home?

    It's also very nice that so many people have become homeowners.



    I don't think anyone can get an accurate picture by taking the median sales nationally since some areas are doing better and some not so great. Prices are still higher in most places than what they were at the start of the overinflated pricing 6-7 years ago.

    I built my current house in 2002, and if I sold tomorrow, I'd still realize a profit. It wouldn't be as large as it would have been at peak in 2004, but I will more than make up for the on the other end when I buy a nicer home for less than I would have in 2004. So it's all relative, and it certainly doesn't scare me.



    So? Would you rather they stay on the books? They need to get sold so the market can pick up again.



    Movement in homes over 300,000 are probably down too, and that's probably a lot more concerning than what's going on with 2 million dollar homes however, it's not as sensational.




    With the holidays and winter around the corner, those prices will most likely have to come down. People need to be realistic.



    That's right, and you won't know when the bottom has hit until it has passed.



    NAR didn't say that and neither did any other "expert" in the article you linked. It's a little dishonest to pepper in your opinion and not somehow set it apart from the facts you're quoting.



    This is likely the biggest factor in the " temporart blip," and it's been a huge problem for home buyers. These ridiculous new regualtions which took effect May 1 have caused things to slow down on the mortgage end. It's not the least bit surprising to see its effects a few months later.

    The new regs irt appraisals IMO has been the most damning. If you are concerned about the real estate market, you may want to look there.
    thank you for your civility and thoughtfulness, you have demonstrated in this thread that you really are a stand up chuck

    why is this drop in home sales devastating and dire? because we're already way below water, and instead of surfacing we're sinking further

    the point about new home buyers is not political, it's simply that that with sales already being abysmally low EVEN WITH an $8000 incentive, how's the future look when the tax credit is yanked in november?

    thus, it's not a problem, the fact that 1/3 of buyers are first timers, to answer your fair, stand-up question, except as an indicator of our bleaker outlook when the $8000 inducement is erased

    sales under 300G being down is more problematical, according to you---yes

    but it's not good---according to you

    you agree there's no bottom in sight while asking what's so dire

    ???

    my opinion about unemployment nearing 10% negatively impacting sales was, indeed, my personal view---i said, it "has got to be the most pertinent explanation" for why we're here---if that's too opinionated for you, i apologize

    i thought, however, the connection was obvious

    in a later post, you say, "the same bs that got us into this mess is happening again"

    that's not dire?

    thanks, friend, i'm happy that your home has appreciated above its value when you bought it

    mine too

    cliff

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    Re: Home Sales Decline Unexpectedly

    Quote Originally Posted by StandUpChuck View Post
    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.
    indeed!

    how many of us know personally people who are trapped inside houses on which they owe significantly more than the homes are worth, with $3000 per month mortgages?

    i know several (they're school teachers)

    they planned on refinancing, as you appreciate

    how many of us are personally in such an upside down position?

    it's tragic, i agree

    cliff

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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?
    If you have to ask that, don't buy a house.

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