Posted on 09/13/2006 5:52:11 AM PDT by Hydroshock
WASHINGTON (Reuters) - U.S. lawmakers will question some leading government and industry economists about the perils of a possible 'housing bubble' in a Wednesday hearing.
Lawmakers wanted the session "because we've heard a great deal about the possibility of a housing bubble for several years now," said Sen. Wayne Allard, a Republican from Colorado.
The hearing, "The Housing Bubble and its Implications for the Economy," will be held in an open session of the Senate Banking Committee at 10 a.m..
Next week, the same committee will hold a hearing on the growth of innovative mortgage products that have mushroomed along with the housing sector.
Lawmakers behind Wednesday's hearing said that they were concerned that a steady flow of soft housing data could put the nation's economy in peril.
House prices increased by their smallest margin in over six years during the second quarter of 2006, a recent government study found. Sales of new and existing homes, too, are much slower than their recent break-neck pace.
(Excerpt) Read more at today.reuters.com ...
He asked if he could put me on their mailing list for new houses coming on the market - I said sure.
Hardly got anything, until this month. I have been nearly deluged with property listings, and I notice that some of the properties are staying on the market even after an open house, which is unusual in this area.
My interpretation: the free ride is over for realtors and they are having to be much more aggressive (and contact many more people to sell a house) , which means the housing market is cooling off a bit. (could also be due to it being September, many people with children want to move during the summer to avoid mid-term school changes).
Get these jokers involved, if you want a bust (and you do seem to want just that). Look to 1987 for an object lesson.
The market has been cooling for a number of months now. It started in earnest about April.
Oh I remember the S&L bailout. This is wht I have been fearing most. These idiots in the mix. I have been preaching caution.
Quit spamming the Keywords!
Thank you.
You guys that are stuck with a few properties, I'll buy them off ya. Heheheheheeee.
Ancedotal data point from San Diego:
1140 sq ft. condo I'm renting sold for $177K
in 2001, $365K in June, 2005. A same size unit in
the complex sold for $330K last month. I might be interested in buying if they drop to the 250-275K range.
About a 10% drop.
Do you have a policy for posters who repeatedly post the same articles and subject matter?
There are many who do this. There are prayers, football, hockey just to name a few.
You post the same economic doom and gloom on these boards just about every chance you get. The same angles of the real estate market slumping, the bubble is bursting, the end is near, we are all doomed!!
For my money, ex-Texan's posts are far gloomier and doomier...accept no substitutes when it comes to the housing bubble threads.
So why, exactly, should Congress get involved in private real estate transactions?
Anywho, the housing "bubble" is directly related to illegal immigration. As we fix the illegal problem, the housing market will cool. IMHO, it's simple supply/demand.
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