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Author: Subject: Home sales worst since 1963

Sublime Peach





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  posted on 2/26/2010 at 02:33 PM
70% of Nevada mortgages are underwater. 1 out 4 homes in America are underwater. The sale of forclosures are killing the price of existing home sales. On top of that, mortgage rates are going up. The debt to income ratio is tightening to get a loan making it harder to get a mortgage. The home buyer tax credit is also due to expire and that won't help new home sales either.


New home sales drop sharply !!!

(Feb. 24) Analysts were expecting modest gains in new home sales for January. Instead, the industry received some disappointing numbers.
Sales of single-family houses in January came in at a seasonally adjusted annual rate of 309,000, according to data released today from the Department of Commerce. That's 11.2% below the revised December rate of 348,000, and 6.1% below January 2009.

The 309,000-figure is the lowest dating back to 1963. The consensus among economists and analysts was for home sales to increase to about the 355,000-level.

Before the release this morning at 10 a.m., concern was that tax incentives for home buyers would artificially prop up housing data. But with the lowest figure since the government began keeping track, the concern level for housing sales is heightened by the news.

"This disappointing report highlights just how fragile the economic and housing recovery is right now and the uncertainties that continue to weigh on consumers, particularly with regard to concerns about job security," said Bob Jones, chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich. "Even with today's exceptionally favorable home-buying conditions -- including low interest rates, stabilizing house prices and the availability of home buyer tax credits - many consumers simply weren't confident enough to go forward with a new-home purchase in the beginning of this year."





[Edited on 2/26/2010 by jerryphilbob]

 

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Zen Peach



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  posted on 2/26/2010 at 03:16 PM
I don't think anyone expects home sales to kick back up for years.

 

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True Peach



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  posted on 2/26/2010 at 03:17 PM
Will surely wreak havoc on hot tub sales.

 

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Zen Peach



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  posted on 2/26/2010 at 03:22 PM
some areas are doing better. DC suburbs are up 10% in the fourth quarter.

 

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Zen Peach



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  posted on 2/26/2010 at 03:36 PM
quote:
Home sales worst since 1963


Being that they were the best since 1963 a few years ago, there are many that would say that this is one giant...market correction.

 

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Sublime Peach



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  posted on 2/26/2010 at 07:38 PM
more arms coming due this year. It's only going to get worse. OD, if I was taking a shot at you, you would know it. If you don't think the **** ty housing market in Vegas doesn't affect you, then you are dumber than I thought.

 

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Zen Peach



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  posted on 2/26/2010 at 07:54 PM
Things arer not bad here. Just read an article in local business section within past 7 days indicating housing mariket up here. You seem to be focusing on Vegas market, jpb. How about where you live. Wouldn't it better suit your agenda to focus on your own backyard? (I know your credibility and motivations in this matter would not appear to be so suspicious if you did)

 

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Sublime Peach



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  posted on 2/26/2010 at 10:30 PM
Like OD says, I should take a look at the big picture and not just a snapshot. Sure there are going to be some places that are ok, but that is clearly not the norm. There was a poll last week that claimed the Indianapolis market was the "most affordable" in the nation. I can't help it that the housing market in Nevada is one of the worst in the United States. You really don't have a choice to talk about Vegas when discussing the housing market. I can't help it that he lives in the worst housing market in the nation? If such crappy numbers weren't released today, I would have never brought it up. I did not even use his name in the original post, but it's all about OD? Right.

 

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Zen Peach



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  posted on 2/26/2010 at 11:13 PM
The same factors that grew the housing bubble are the same ones that are eating it now. The worst part about all the political blame game crap on this issue is that it is an easy singular scapegoat for something that has a myriad of causes. From the appraiser that pushed the value to the inspector saying it was a valued property with few repair requirements to the loan officer and underwriter working on commission to the state regulatory agencies that were woefully equipped to handle the problem, there is no one single entity to blame.

 

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True Peach



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  posted on 2/26/2010 at 11:20 PM
I just recently learned the loan officer works on commission only. My son is buying a house and it became clear as to why the loan officer kind of pulled a bait and switch, sort of. I didn't know the underwriter was in it too though.
 

Zen Peach



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  posted on 2/26/2010 at 11:35 PM
quote:
I just recently learned the loan officer works on commission only. My son is buying a house and it became clear as to why the loan officer kind of pulled a bait and switch, sort of. I didn't know the underwriter was in it too though.


An underwriter might not get a per deal commission, but there's bonuses and job security. Then there's the salesman in charge, the account executive. He has the power, as do others in loan organizations to make "exceptions" to select items in a loan pending approval that the underwriter has issue with.

Ever seen the movie "Boiler Room?" Ameriquest, one of the largest subprime lenders, used that movie...as a training video.

 

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  posted on 2/26/2010 at 11:38 PM
No, I'll have to check that out.
 

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  posted on 2/27/2010 at 03:52 PM
I can tell you first hand that this is a lousy time to try to sell a house. I've had our house in Michigan listed for 9 months now at 60% of what we paid in 2002, and we haven't had an offer. I'm not sure you can sell a house in Motown right now at any price.

 

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Sublime Peach



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  posted on 2/27/2010 at 08:56 PM
quote:
I can tell you first hand that this is a lousy time to try to sell a house. I've had our house in Michigan listed for 9 months now at 60% of what we paid in 2002, and we haven't had an offer. I'm not sure you can sell a house in Motown right now at any price.


Yep. I saw this debacle coming and sold my house almost a year ago now. If I hadn't sold it then, I would still own a depreciating asset and would have lost all of my equity. Rocket scientist OD can't figure out how that was a good move for me? Yeah, I am renting now. I don't own a depreciating asset and rescued all of my equity. While poor OD is TRAPPED in his house that he will never be able to sell even if he wanted to. I am now liquid and when the market levels out I will be able to get back in. This thing is far from over and the more I look at it, the luckier I was to get out of my house and sell it while I still could.

Good luck on selling your house!

 

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Zen Peach



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  posted on 2/27/2010 at 09:07 PM
We drove over to our daughter's house and she lives in what I've always considered to be a stable upscale neighborhood with very little turn over. I counted fourteen houses between here and there that I've never seen for sale more than once previously and certainly never more than one or two at a time. I was pretty shocked.

I guess the problem with the stock market has hit more than a few people and I also looked at the foreclosures in the news paper and saw that people who defaulted had rather obscure mortgage holders. So far the values of homes around here are holding steady but I'm beginnig to wonder what might be in store. Fortunately what we still owe on the house is so far below the value it's not going to cause us any problems even if we did have to sell out. I'm very concerned for others who aren't in that position.

 

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Sublime Peach



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  posted on 2/28/2010 at 03:35 AM
quote:
Now, tell me how this affects me?


NOW HERE THIS !!!

Damn you are dumb. If you don't understand that your "investment" is going south, I don't know what to tell you. I am sure your kids or wife, or whomever needs to sell your home once you kick isn't going to get squat for you humble little abode. That is if they can even unload it in the worst market in America. Your investment is tanking!

Why don't you ask one of these fine people on this board, if they had the chance to sell their homes a year ago, save their equity, downsize by a $1000 a month, and still have the opportunity to jump back in the market at anytime, if they would do that? Ask the 1 out of 4 Americans that are underwater in their homes now, if they had the chance to sell a year ago and rescue their equity, downsize by a $1000 a month, but had to be renters, if they would do that?

Why can't you just admit that I made a great move for me and my family at a time where most people stood on the fence and are now either trapped in their homes or underwater?

I would much rather be paying rent, saving the $1000 a month, rescuing my $40,000 equity, and renting than owning a depreciating liability and losing my ass on something that I can't even unload at this time.

What is that they say? Own an asset, lease a liability. Homes are no longer assets, they are liabilities. The old rules of money no longer apply to housing. That ship has sailed.

Robert Kiosaki
Assets vs. Liabilities
http://www.youtube.com/watch?v=qCpEsKtObzs&feature=related

[Edited on 2/28/2010 by jerryphilbob]

 

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  posted on 2/28/2010 at 08:16 AM
quote:
Yep. I saw this debacle coming and sold my house almost a year ago now.

Almost a year ago? We were 2 years into this already.

 

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Zen Peach



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  posted on 2/28/2010 at 09:10 AM
quote:
jpb's path to real estate success:

1) buy high
2) sell low
3) rent
4) ???
5) profit




??? = smoke crack

 

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Zen Peach



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  posted on 2/28/2010 at 10:31 AM
jpb, not everyone owns a house for an investment. Some people buy them to live in. Otie's house is paid for, and he doesn't care what the value is because he bought the house to live in. That isn't dumb.

You, on the other hand, sold your house because you were moving to Belize. You aren't in
Belize, and you don't own a house anymore. Otie does. You are paying someone else to live in their house, slowly eating up your $40,000 in equity. Otie isn't paying anything, and still owns his home. This seems like a no-brainer to me, but you are obviously smarter than I am, so I could be wrong.

 

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Sublime Peach



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  posted on 2/28/2010 at 10:46 AM
Actually, I still have all of my money. I am putting more in the bank because I am saving $1000 on my monthly payments. and I don't own a depreciating asset. OD's situation is totatlly different. That's great that he owns his house outright. It is a depreciating liability. The old rules of money don't apply anymore. I did what was best for me and my family and I know there are others out there that wish they had gotten out a year ago when they still could have. All i owned was debt. Now I don't own the debt and I have all of my money.

 

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Zen Peach



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  posted on 2/28/2010 at 11:33 AM
quote:
Actually, I still have all of my money. I am putting more in the bank because I am saving $1000 on my monthly payments. and I don't own a depreciating asset. OD's situation is totatlly different. That's great that he owns his house outright. It is a depreciating liability. The old rules of money don't apply anymore. I did what was best for me and my family and I know there are others out there that wish they had gotten out a year ago when they still could have. All i owned was debt. Now I don't own the debt and I have all of my money.




But you don't have a house, either.

Again, some people buy houses to live in, and don't care what the value is.

My mother owns her house in Georgia. She has no plans to sell. The value of her house doesn't matter to her. It is a home. Is this that hard to understand?

Otie owns a house. You are renting. Hard for me to see how you are so much smarter than he is.

 

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Zen Peach



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  posted on 2/28/2010 at 11:34 AM
bob. according to your predictions, there is going to come a time when no one is buying hot tubs anymore. What will you do then?

 

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  posted on 2/28/2010 at 11:37 AM
It just depends on why you own (or don't own) a home. If you buy real estate as an investment, the past few years have not been very good for you. If you own your home as a place to live for the long term the real estate market means very little. Neither situation is more or less valid than the other.

 

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Zen Peach



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  posted on 2/28/2010 at 11:49 AM
quote:
It just depends on why you own (or don't own) a home. If you buy real estate as an investment, the past few years have not been very good for you. If you own your home as a place to live for the long term the real estate market means very little. Neither situation is more or less valid than the other.


Exactly. jpb keeps telling Otie how dumb he is for owning his house. I don't get it, but I never got the Belize thing, either.

 

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  posted on 2/28/2010 at 12:05 PM
One of the things my dad always told me is to invest in land because there's only a finite amount of it. Whether our house depreciates or not, we still have almost two acres of land and that's important to me. Also, we were talking the other day and once the house is paid for, which will be shortly, we will have the makings of a compound if any of the kids or grandkids need a place to live, they can come here. We've got the big house, the little house and a 600 sq foot brick garage I want to convert into a guest house. I'm not sorry we're buying a house at all.

 

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