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BREAKING: HOME SALES UNEXPECTEDLY RISE!
AP WIRE | AP

Posted on 03/23/2006 7:10:32 AM PST by SoFloFreeper

BC-APNewsAlert WASHINGTON (AP) -- A real estate trade group reports that sales of existing homes rose by an unexpected 5.2 percent in February as warm weather boosted demand.


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: buchanansuicidewatch; drivebymedia; fakebutaccurate; homes; lyingliars; makingitup; mediabias; realestate; smearcampaign; springishere; zogbyism
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To: ContemptofCourt
According to RealtyTrac, a foreclosure online site out of Irvine, California, there has been a 25 percent increase in foreclosure activity in the last year.

And what was the foreclosure rate 5 years ago? I do remember hearing about a year ago that foreclosures were at an all-time low.

A year ago prices were rising fast, so who needed to default on the loan? You could put a house on the market for what you owed, even if you'd financed it "over value" a few months before, and sell it quick. There was virtually no need for foreclosures at all.

Now prices are flat, and people default. So?

81 posted on 03/23/2006 8:33:30 AM PST by narby (Evolution is the new "third rail" in American politics)
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To: Dont_Tread_On_Me_888

should Bush be blamed for these negatives if we are to blame him for the positives?

should read as follows:

should Bush be blamed for these negatives if we are to CREDIT him for the positives?




Again, for anybody to blame or credit short-term economic indicators on the president shows an extreme lack of knowledge (and even a lack of common sense).


82 posted on 03/23/2006 8:33:52 AM PST by Dont_Tread_On_Me_888 (The purpose of this forum is to fight socialism (see FR homepage), not to defend Republicans.)
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To: ladyshealth

Anecdotally things have gone very soft in some areas. In terms of hard number nationally I've found the following:

- The inventory of unsold existing homes is up 2.4 percent from December (National Association of Realtors). The total number of homes available for sale at the end of January was up 35.7 percent from a year earlier.

- Realtors are now holding the largest inventory of unsold existing homes since 1998.(National Association of Realtors)

- The inventory of unsold new homes is up more than 20 percent compared to last year. (Commerce Department).

- The inventory of new homes is now the highest since 1996 and represents 5.2 months of supply (Commerce Department).

A bubble isn't a problem as long as you own your home and have a fixed rate mortgage, don't work in the mortgage business, don't sell home furnishings, aren't a home building, aren't a real estate sales person, etc. If you're holding onto a couple of spec houses you're probably in trouble.


83 posted on 03/23/2006 8:35:39 AM PST by ladyjane
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To: ex-Texan

Anyone needing their daily dose of your FUD can find it there.




Whoops, not many have . . . perhaps your credibility bubble has burst.


84 posted on 03/23/2006 8:39:03 AM PST by Petronski (I love Cyborg!)
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To: narby
Now prices are flat, and people default. So?

Yeah...you are right...no big deal

/sarcasm off/

85 posted on 03/23/2006 8:41:32 AM PST by ContemptofCourt
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To: Dont_Tread_On_Me_888
"You people who keep associating economic indicators on a month to month basis with presidential performance are so ininformed (sp) of economic reality."

You're full of crap.

It is the President's tax cuts that has led to the housing boom since he took office in 2000 both in existing and new home sales. So yes he does get credit, as much as it grieves you.
86 posted on 03/23/2006 8:42:26 AM PST by RedBloodedAmerican
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To: narby
Something like 150k people moved here last year, and they're still coming.

Actually about 10k a month and there's 15k new real estate listings a month for them to choose from. http://www.armls.com/pdfs/StatsChartsByYearFeb.pdf I'll repeat what people have been saying for years: sell now. This time they are right.

87 posted on 03/23/2006 8:43:20 AM PST by palmer (Money problems do not come from a lack of money, but from living an excessive, unrealistic lifestyle)
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To: beaversmom
National Foreclosures Increase 13 Percent in February According to RealtyTrac(TM) - Wednesday March 22, 9:00 am ET

"This is the third straight month the U.S. foreclosure rate has moved higher, and it's the second straight month new foreclosures have topped 100,000," said James J. Saccacio, chief executive officer of RealtyTrac. "However, several states, including California, Florida, Texas and New York, reported a dip in foreclosures in February. We'll see if the rest of the country follows that trend in March."

Rebecca Gomez, FNC now: surprise -- US economy bustling -- home sales up -- existing home & condo sales up 5.2% -- still buyers looking for homes

88 posted on 03/23/2006 8:44:53 AM PST by STARWISE (They (Rats) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author:)
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To: Howlin

Sounds like a nice place, but every HOA has it's nosey, compliance monitoring busybody, and I don't know how well I'd deal with that. I deliberately bought in an area without restrictive covenants or a homeowner's association. It's a beautiful area, very animal friendly, surrounded by lakes and ponds, everybody has acreage. I've got 3. Good thing I bought a few years back, because the same sort of thing is being marketed now as a "mini-estate" (LOL!) and is way, way more dear than it was when I purchased it. The pretty land within a decent commute has all but disappeared now. As a result, if there is any decline down here in NC, and I seriously doubt that there will be, I'll likely still be OK. I didn't buy it to get rich quick. I bought it for a home, and don't expect anything more than just the normal, rate-of-inflation type of appreciation.


89 posted on 03/23/2006 8:45:58 AM PST by RegulatorCountry
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To: narby
No the real estate bubble is NOT regional. It is international.

Click the link below to read and/or view an exclusive BBC report on organized criminal activities by real estate agents in Britain. This was an undercover report. BBC reporters went in with hidden cameras. See real estate agents lie, forge signatures, obtain false passports, and in general behave in typical way people do when their primary motivation is money. The U.K. also has bubble woes.

Excess greed inflated the housing bubble. Public disclosure of illegal activities by realtors and mortgage broker may even cause the bubble to explode.

I believe that NBC, CBS, CNN and even FOX News will be required to do this type of investigation. Sooner rather than later. Otherwise, they will be condemned as cowards.

BBC Report

90 posted on 03/23/2006 8:47:04 AM PST by ex-Texan (Matthew 7:1 through 6)
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To: STARWISE

Thank you.


91 posted on 03/23/2006 8:47:14 AM PST by beaversmom
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To: narby
Phoenix:

Sales of existing single-family homes and condos fell 24% year over year in February, and listings increased 939% in the same period.

As prices have stagnated since August, inventory levels have continued to grow, as we suspect an increasing number of speculators are placing their homes on the market," Murray wrote.

From August to February, inventory increased by 122%, he noted. From a months-supply perspective, that means six months of inventory were on the market at the end of February, compared with 1.6 months in August.

http://www.thestreet.com/_googlen/markets/realestate/10274586.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA

---------

So what should we rely on....your ancedote, or the numbers?

92 posted on 03/23/2006 8:49:32 AM PST by ContemptofCourt
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To: Petronski

See my post # 90. Have a nice day.


93 posted on 03/23/2006 8:50:11 AM PST by ex-Texan (Matthew 7:1 through 6)
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To: RegulatorCountry

Three acres? I am so jealous! We're out in Wake County, so we do have some critters, which was a real surprise to me after living in near downtown Greensboro! There is a community lake across the road, but I'd love to own my own!

I can just picture you riding your 3 acres; I'd be pretty full of myself!

And to get around the HOA, I joined! I figured if I was on the board, they can't slip anything by me! All I do is the clubhouse reservations, but I still have a say in decisions -- and I'm sure you know I say what I think.


94 posted on 03/23/2006 8:50:16 AM PST by Howlin ("It doesn't have a policy. It doesn't need to have a policy. What's the point of a Democratic policy)
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To: ContemptofCourt

Location ... location ... location...


95 posted on 03/23/2006 8:51:10 AM PST by STARWISE (They (Rats) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author:)
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To: zook

'Zackly...happened to me some years back. When rates rose, I got my *ss in gear.


96 posted on 03/23/2006 8:51:23 AM PST by Pharmboy (The stone age didn't end because they ran out of stones.)
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To: RedBloodedAmerican
It is the President's tax cuts that has led to the housing boom since he took office in 2000 both in existing and new home sales.

Actually, it is the historically low interest rates.

97 posted on 03/23/2006 8:52:37 AM PST by ContemptofCourt
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To: beaversmom; ContemptofCourt; narby; STARWISE
"Someone told me the other day that that the foreclosing on homes was at an all time high--does anyone know if this is true?

Although foreclosures are increasing lately, they are not at an all time high according to RealtyTrac. The excerpted second paragraph from an article with the obligatory MSM negative spin, titled More Americans are losing their homes, is included below (bold font added to emphasize what the MSM wants to discount):

"The number of foreclosures is still low on a historical basis, but it has been rising steadily over the past year, RealtyTrac reported. Job losses in some regions were to blame, but so, too, were risky borrowing practices that left homeowners little wiggle room on their mortgage payments. And with the pace of appreciation stalling and interest rates rising, many economists and industry observers expect the pace of foreclosures to accelerate this year."

98 posted on 03/23/2006 8:53:33 AM PST by Unmarked Package
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To: SoFloFreeper

I'm not in the mortgage market now, so I was surprised to see the mortgage rates were still in the low sixes despite all the fed increases. I assume this is good news, and that it contributes to the continued housing boom (?)


99 posted on 03/23/2006 8:55:24 AM PST by dinoparty
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To: RedBloodedAmerican

Your personal attack on me makes you look even more foolish. Month-to-month changes in economic indicators have nothing to do with the president.

If the most recent increase in housing numbers is because of something President Bush did and should receive credit for, was the most recent decline in retail sales something Bush should be blamed for?

Housing numbers were good today--the bond market is bad today. Should Bush get credit for good housing numbers and blamed for the bond numbers?

You first post made you look foolish. Your second post even more foolish. Presidents can't control month-to-month changes in economic indicators. If you believe Bush is the reason for the good housing numbers, then you also believe he is the reason for the poor retail sales number and the poor bond market today (as of 1150 am ET) and the poor stock market today (as current also).

You are not this foolish--I have confidence in that. Rethink what you are writing, and redeem yourself. The Internet world is no place to showcase a lack of knowledge and common sense so try posting something that has a basis in reality.

Stop the personal attack. Stop posting nonsense. Try to rethink your opinion and please post something that does make sense, and avoid the personal attacks.

Presidents DO NOT have control over short-term economic indicators, whether good or bad, and should never receive credit not be pointed to as the blame for these short-term fluctuations.


100 posted on 03/23/2006 8:56:22 AM PST by Dont_Tread_On_Me_888 (The purpose of this forum is to fight socialism (see FR homepage), not to defend Republicans.)
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