Posted on 12/22/2015 9:33:41 AM PST by Lorianne
OZero’s lead in the polls in 2008 led to a panic on Wall Street and the worst recession since the 30s. And things have only gotten worse since then. That’s what happens when communists get power.
No net job growth since 2007. And now that the Chinese speculators are dumping the houses they bought up at fire-sale prices since Obummer took office, the REAL state of the home market is revealed!
TRUMP 2016!
“Home sales are off in November? Who’dve thunk it? I bet they’ll be off in December and January, too, then start to recover by spring.”
Mine goes on the market Jan 1. It’s the only home in my subdivision up for sale, the first time in the 9 years that we have been at 100% capacity.
I am tired of home ownership. Kids are out of the house and I don’t need a lot of room. Maybe get a summer place at the shore somewhere and a winter place on a lake where the only thing I need to worry about is whether a freak storm will toss my toys into the lake.
“It took 45 days and 178 documents total. We’re self employed and he’s employed by us.”
You must be the wrong ethnicity and socio-economic class. /NOT sarcasm
Bought our new house in July, sold the old one in October. The closing in the new house took about 5 hours. Not exaggerating at all. At the last minute, they wanted a second form of picture ID. You should have seen the looks on their faces when my wife and I pulled out our CCWs!
>> Yes, docs are a big PROBLEM with lending, but also seasonal slowdown. <<
Seasonal slowdown has nothing at all to do with it. All this data is seasonally adjusted in the first place.
“The closing in the new house took about 5 hours.”
A FIVE hour closing? Mine take about 30 minutes! What did you do for 5 hours!?
I shudder at the thought of tying someone up for 5 hours.
We made our offer on a new house just before the new regulations took effect, so we were under the old rules. The title company rep said the paperwork is much worse now. We closed less than two weeks ago because the house was new construction, so the title company was already closing other homes under the new rules and knew how bad they were.
"If housing were affordable, we would have consumer spending again, because people could actually spend their disposable income instead of their mortgage or landlord taking it all away."
So true, AND, same for health care costs. The economy is just about wrecked due to BOTH factors.
We just closed on the sale of our Northern Virginia home. We had the offer in hand, rarities, on July 5th. We signed all documents via a realtor website, except the ones that had to be notarized. Lots and lots of forms. But we’re done, and relieved. Our realtor was a gem. Well worth the commission.
TC
Hubs and I went house hunting last fall. The inventory was stupidly low. Houses for sale by owner were stupidly high-priced. The banks wouldn’t move at all on their run-down foreclosures - even when there were tens of thousands of dollars in repairs necessary. Anything with the right price point was ‘cash only’. I don’t know what these people are thinking. Even ‘hot’ properties that had a lot of interest and managed to get a buyer were back on the market two months later - so deals broke down big time.
Every house that we considered is still on the market months later. Every single one. Nothing has moved and there’s not much new. With that lack of movement, there should be a drop in prices, but there’s not. It’s bizarre.
Hopefully we’ll be able to buy some land here in a few months and just build what we want.
Most of it was back and forth wait time with the lender.
Yup. TO be pre-approved for our loan my husband had to bring in a letter from his boss saying that he had a guaranteed job for the foreseeable future - at least two years.
How can anyone guarantee such a thing?
Good luck. Where I live, nothing moves in the winter. Probably 75% of sales are spring and early summer.
But, getting started in January gets you a jump on the competition!
Love that!
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