Homes sales jump 7.4%

[uscitizen]

I think we will begin to realize more of the pitfalls of a consumer based economy as the next few years progress.

Some will also realize that many of the old economic models and theories no longer will hold water.

 

[Oddball]

Oh, the pitfalls of trying to sound smart, when you have NFI!

John Kenneth Galbraith --a supposedly very smart guy-- said that same crap back in the late '50s, right before the biggest (to date) economic expansion in history, in his book, The Affluent Society.

 

[uscitizen]

Wait and see.
I was correct aobut the republican meltdown and the finiancial one as well.
Right about Right wingers forgetting Bush ever existed.
And that everything would be obama's fault.
I was right about Iraq. A quagmire and no WMD's found, etc.


Lets see you were right about what? Palin?

 

[driveby]

A have a friend that bought a home 4 years ago at a price of $600,000, he made about $40,000 of improvements in the home and now can't get $525,000 for it. So please keep us telling all this great housing market news .........

 

[Toro]

Kind of hard to buy a house if you're out of work, though..

Agreed. The economy is lurching to some degree of stabilization and will continue to do so in 2010.

We could be settling into a pattern of 7-8% unemployment for the next year or two.

If 2010 swings toward the Republicans, then further stabilization will develop.

If not, I fear things could get very scary with a double-dip recession...

It will be significant progress if the unemployment rate is 7%-8% in two years.

 

[Toro]

BTW, gang.....This is the time of year the banks dump a lot of their REOs, so they don't have those dreaded "non-performing assets" on the books.

But I guess you need to know a lot about the R/E market to know these things, dontcha, Chrissy?

Bought a beautiful piece of land from the bank that was marked-down 92% from the top, to whom I want to thank profusely for giving it away.

 

[Annie]

BTW, gang.....This is the time of year the banks dump a lot of their REOs, so they don't have those dreaded "non-performing assets" on the books.

But I guess you need to know a lot about the R/E market to know these things, dontcha, Chrissy?

Bought a beautiful piece of land from the bank that was marked-down 92% from the top, to whom I want to thank profusely for giving it away.

damned capitalist!

 

[Polk]

How many went for 'fire sale' prices? Good news? 3rd quarter was anemic 2.2 gain, not the 3.8 originally ballyhood by the likes of Chris.

And yet 2.2 > - 6.

 

[Polk]

This is good news for those who are gainfully employed and can afford to buy a house...

Not so good for those who aren't and can't....

Basically.

 

[Polk]

That is why minimal requirements should be at least "average" credit, verifiable income, and 5% down. Such underwriting guidelines offer the investor a reasonable amount of safety, and the buyer a reasonable amount of "skin in the game".

FHA has already risen its down payment requirement to 3.5% - which is plenty. This, combined with the tougher appraisal and underwriting requirements, offers up a far safer and more reasonable market condition than the sub-prime days of utter madness that started the ball rolling for what became the real estate collapse.

If the above does not happen, then the gap between the haves and have nots will worsen more so in America...

Before the days of giveaway credit, I helped people with damaged credit clean it up with lease/options.

CRA asswipes dried up my buyers and sellers pools so bad I had to go back to schlepping in the construction racket.

For someone who claims to know so much about the real estate market, it's interesting you're still claiming that it was CRA-subject institutions that were handing out sub-prime mortgages like candy.

 

[garyd]

Toro you miss the point on that one. Sub primes of course weren't only done by CRA institutions but those institutions set the floor level for all other loans. And with the Feds handing out money at rediculously low interest rates The cue a lot of lenders took was that no loan was a bad loan any more.

 

[Chris]

Easy and below-natural-market-rate credit, extended to people who eventually weren't be able to pay of the mortgages, is what got us into this problem, you insane nitwit.

But those mortgages don't exist anymore.

You don't know much about the real estate market, do you?

You stupid phony MF...the loans do in fact STILL exist...wasn't it YOU bitching like a 6 year old girl who got her Bratz dolls taken away that the banks weren't lending any money to anyone?

I love it when you lie and make things up.

There are no more "no doc" loans.

And I NEVER had any trouble finding loans.

 

[Chris]

BTW, gang.....This is the time of year the banks dump a lot of their REOs, so they don't have those dreaded "non-performing assets" on the books.

But I guess you need to know a lot about the R/E market to know these things, dontcha, Chrissy?

That's the most bizarre post I have ever seen.

I look at the number of REOs on the market every single day.

The percentage has not changed in my area in 3 years.

You really don't know what you are talking about.

 

[rightwinger]

A have a friend that bought a home 4 years ago at a price of $600,000, he made about $40,000 of improvements in the home and now can't get $525,000 for it. So please keep us telling all this great housing market news .........

Sorry for your friend. I guess you must have read all about that housing market collapse in 2007.

The point of the thread is that after three years of decline, the housing market is showing signs of improvement.

Why is good news so hard to accept?

 

[Oddball]

BTW, gang.....This is the time of year the banks dump a lot of their REOs, so they don't have those dreaded "non-performing assets" on the books.

But I guess you need to know a lot about the R/E market to know these things, dontcha, Chrissy?

That's the most bizarre post I have ever seen.

I look at the number of REOs on the market every single day.

The percentage has not changed in my area in 3 years.

You really don't know what you are talking about.

And your small localized market is representative of the national market, and banking policy and procedure in what way?

 

[Oddball]

For someone who claims to know so much about the real estate market, it's interesting you're still claiming that it was CRA-subject institutions that were handing out sub-prime mortgages like candy.

If mortgages weren't being handed out like candy, the market for lease/options and contract-for-deed wouldn't have dried up.....Which they did.

Also, the CRA-subject institutions merely set the pace in the market, to which other lenders competed down to.

 

[namvet]

Sales of previously owned homes soared 7.4% in the traditionally slow month of November as buyers looked to take advantage of a tax credit for first-time purchases, an industry group said this morning.

Sales of single-family houses, town homes, condominiums and co-ops rose to a seasonally adjusted annual rate of 6.54 million units in November, the National Assn. of Realtors in Washington said.

That is 44.1% above the 4.54 million sales pace of November 2008.

The 7.4% rise reported today was compared with sales in October 2009.

U.S. sales of existing homes soar 7.4% -- latimes.com

Rolling in Dough, Still Kicking Out Families [URL="http://abcnews.go.com/Business/goldman-sachs-leaves-family-cold/story?id=9403097"]link[/URL]

so tell us James is your head still underwater or up your communist ass ??!!!

 

[driveby]

A have a friend that bought a home 4 years ago at a price of $600,000, he made about $40,000 of improvements in the home and now can't get $525,000 for it. So please keep us telling all this great housing market news .........

Sorry for your friend. I guess you must have read all about that housing market collapse in 2007.

The point of the thread is that after three years of decline, the housing market is showing signs of improvement.

Why is good news so hard to accept?

Thanks Captain Obvious, the point you missed is the positive news is spin. I'll reserve my pom poms for a time when we see an increase in housing prices due. This news is the real estate equivalent of a bear market rally........

Why does no news have to be accepted as good news ?

 

[Chris]

BTW, gang.....This is the time of year the banks dump a lot of their REOs, so they don't have those dreaded "non-performing assets" on the books.

But I guess you need to know a lot about the R/E market to know these things, dontcha, Chrissy?

That's the most bizarre post I have ever seen.

I look at the number of REOs on the market every single day.

The percentage has not changed in my area in 3 years.

You really don't know what you are talking about.

And your small localized market is representative of the national market, and banking policy and procedure in what way?

In every way.

2 million people live here.

 

[Polk]

For someone who claims to know so much about the real estate market, it's interesting you're still claiming that it was CRA-subject institutions that were handing out sub-prime mortgages like candy.

If mortgages weren't being handed out like candy, the market for lease/options and contract-for-deed wouldn't have dried up.....Which they did.

Also, the CRA-subject institutions merely set the pace in the market, to which other lenders competed down to.

Mortgages were handed out like candy, but that was because the reduced regulations you and your ideological kin supported.