Posted on 12/22/2015 9:33:41 AM PST by Lorianne
The 10.5% crash in existing home sales is the worst November drop ever. Against expectations of a mere 0.2% drop, this is the largest miss in history asnd tumbles SAAR sales to the weakest since March 2014. The collapse in sales was across all regions, and ironically was accompanied by a rise in median home prices across all regions. Of course there was plenty of blame to go around, from inventory constraints to weather but most of all - paperwork - as new regulations - Know Before You Owe initiative, has meant longer closing times. In other words, wait til next month, it will all be great!?
The biggest MoM drop since July 2010.. and worst November ever...
(Excerpt) Read more at zerohedge.com ...
The Obama recession trudges on....
My husband and I helped our son buy his first home in September. It took 45 days and 178 documents total. We’re self employed and he’s employed by us.
My mortgage broker told me a few weeks later that the closings have gotten very long due to new regulations.
Thanks for posting.. I tried to explain what I was seeing here with many, many homes for sale.. To a lib. He said.. O that must be local.. My family in Detroit said they are seeing the city roaring back to life. Obviously math doesn’t make sense to him.
Well, they've destroyed the bottom end of the housing market. What is left will necessarily have a higher median. There's nothing 'ironic' about it; it's simple math.
I’m in escrow right now, actually two of them, buying and selling. The mortgage documentation is at a level of absurdity that’s hard to imagine. They literally want you to demonstrate things that can’t possibly not be true based on other documents.
Student loan fallout.
But hey, the education racketeering participants are doing just fine.
No need for hysteria over business cycles.
Bump for reference.
My daughter was asked by the loan company why she had misreported the ages of her two children on the loan application. Her answer: "That's how old they were when we applied!"
Yeah, lets keep voting for more folks who are part of this corrupt political machine and on the government payroll. Keep up the good work and keep things business as usual and on the decline.
Looking sharp America!
Yes, docs are a big problem with lending, but also seasonal slowdown.
Zero Hedge: Because Alex Jones can’t be posted!
I don’t pretend to understand real estate sales. Used to do closings several decades ago. We own a home in one state to which we plan to return. We currently live and work in another state in which we rent. I travel locally to my clients. I notice the “For Sale” and “For Rent” signs as I drive around. Big upsurge of middle class and upper middle class houses which stayed on the market from spring until now. Lot of them going to rentals now.
It took us 3 days to get an acceptable offer on our home. We are keeping our fingers crossed hoping the buyer gets his financing approved. Closing is supposed to take place in first week of February. I’d be jumping for joy but we saw this same thing happen with our next door neighbors. They got an offer right away, financing fell through and it took another year before they finally sold at a big loss.
Yikes.
Good thing I’m not looking to sell.
And it turns out most of what Jones has been saying for years was the brutal truth and those running around mocking folks like that with their tinfoil comments were simply part of the fraud or were just too stupid to understand they’d been had.
I relocated a couple of years ago for my company. I immediately got an offer on my house and then made an offer on a home in my new area. A few weeks later, the sale fell through and I was already committed to purchasing my next home. I got through it okay and eventually sold my house but that was a very stressful time!
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