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Thread: Home Sales Hit Record Low

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    Re: Home Sales Hit Record Low

    Quote Originally Posted by Deuce View Post
    Do not under any circumstances listen to Glenn Beck for economic theory.
    Since you and SD warned me against it, I'm with you. NOT
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Home Sales Hit Record Low

    Quote Originally Posted by The Prof View Post
    Home Sales Hit Record Low - CBS News



    Some comments:

    1. There are THREE leading indicators concerning the real estate market---home SALES, home VALUES and home FORECLOSURES.

    2. The latter is the most serious and also the most ominous.

    3. Home FORECLOSURES have exceeded 300,000 for 11 straight months.

    4. And virtually everyone in real estate concedes there's no bottom in sight for home FORECLOSURES.

    5. Now this: home SALES in January at an ALL TIME LOW.

    6. DOWN 11.2% from December.

    7. And selling at a rate that extrapolates to a miserable 309,000 new home sales over a 12 month period.

    8. These monthly economic reports---jobs losses, consumer spending, consumer confidence---time after time AP and the NY Times are forced to report new statistics (A) unexpected by "experts," (B) disappointing, (C) reversing a previous trajectory of recent improvement, and, therefore, (D) most foreboding forecasting forward.

    9. As for home VALUES---they're DOWN, too, minus 5.6% from Twelfth Month.

    10. And all this DESPITE $1.25 TRILLION dollars advanced by the Federal Reserve to hold down interest rates.

    11. DESPITE the $8000 tax credit for first time buyers, $6500 for existing homeowners.

    12. The credit ENDS in APRIL.

    13. The governmental PROPS will be removed NEXT MONTH.

    14. What's gonna happen then?

    15. They don't seem to have done MUCH GOOD, anyway.

    16. So much government---and NOTHING IS WORKING.

    The Prof
    I really don't understand why Congress hasn't just passed a law that puts a freeze on all home foreclosures. I mean it's pretty common frakking sense that right now people are just trying to hang on to what they already have instead of trying to get more of what they want.

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    Re: Home Sales Hit Record Low

    There was a home foreclosed upon two houses down that frankly has me baffled. The owner filed bankruptcy but had a renter paying rent and keeping up the house and property. For some reason the renter was forced to move out and now the property is an eyesore with no income coming in for anyone. Wouldn't it have made more sense to keep renting it? Does the bank have some kind of ulterior motive or are they just plain stupid?

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    Re: Home Sales Hit Record Low

    Bubbles pop. The world still goes round.
    "Doubleplusungood"

    George Orwell

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    Re: Home Sales Hit Record Low

    Dont Worry!!!!

    Chairman Obama & the poliburo will come up with another brilliant plan like a "cash for clunkers" except with houses where someone could trade in there 1973 Marshfield mobile home with leaking pipes & a rotted floor for a brand new house , compliments of the taxpayer of course.

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    Re: Home Sales Hit Record Low

    Quote Originally Posted by samsmart View Post
    I really don't understand why Congress hasn't just passed a law that puts a freeze on all home foreclosures. I mean it's pretty common frakking sense that right now people are just trying to hang on to what they already have instead of trying to get more of what they want.
    Great idea, just have people stop making mortgage payments because they can not be foreclosed on. Besides the fact that you would be breaking millions of legal contracts.

    People need to use their frakking heads!!

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    Re: Home Sales Hit Record Low

    Quote Originally Posted by Iron Yank View Post
    Dont Worry!!!!

    Chairman Obama & the poliburo will come up with another brilliant plan like a "cash for clunkers" except with houses where someone could trade in there 1973 Marshfield mobile home with leaking pipes & a rotted floor for a brand new house , compliments of the taxpayer of course.
    I don't see the GOP coming up with any solutions to the issue.

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    Re: Home Sales Hit Record Low

    Quote Originally Posted by washunut View Post
    Great idea, just have people stop making mortgage payments because they can not be foreclosed on. Besides the fact that you would be breaking millions of legal contracts.

    People need to use their frakking heads!!
    Well, when a lot of those mortgages are predatory in nature, I don't feel so bad for the lenders who gave them out. The lenders need to use their frakking heads just as much as the borrowers.

    It just doesn't make sense to me that we should be kicking people out of homes that won't be bought anyways and those people won't be able to find any cheaper housing because they don't have a job because they can't find one and so they have to move in a crowded house to pay for it.

    Maybe we could do something where if the owners of the home is on unemployment their house has an automatic foreclosure freeze, and do something like child support in which a percentage of each paycheck is taken out and given to the bank, which the borrower can opt-in to do even if it's less than is mortgage payment.
    Last edited by samsmart; 02-25-10 at 08:29 AM.

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    Re: Home Sales Hit Record Low

    Quote Originally Posted by samsmart View Post
    Well, when a lot of those mortgages are predatory in nature, I don't feel so bad for the lenders who gave them out. The lenders need to use their frakking heads just as much as the borrowers.

    It just doesn't make sense to me that we should be kicking people out of homes that won't be bought anyways and those people won't be able to find any cheaper housing because they don't have a job because they can't find one and so they have to move in a crowded house to pay for it.

    Maybe we could do something where if the owners of the home is on unemployment their house has an automatic foreclosure freeze, and do something like child support in which a percentage of each paycheck is taken out and given to the bank, which the borrower can opt-in to do even if it's less than is mortgage payment.
    Decent proposal in the last para. On he other issues discussed above we have to admit that a lot of people are not in trouble becuase of presatory lending. I knwo fo people who bought property in Califonia who clearly could not own the property under usual standards. They bought the house and soemone lent them the money because they thought the house would go up in value and they would make a big profit. People in the bubble states were buying investments and not housing for their family. That is a hige problem.

    Then when the bubble ended badly, housing prices went down and people did lose jobs.

    Not sure what the rational for bailing out the housing speculators versus the investors ( including pension funds) in something like Citicorp that have lost billions of dollars.

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