It maybe warm to hot now - but heating oil season comes around sooner then one thinks.
Posted on 04/19/2006 9:58:59 PM PDT by ex-Texan
The Commerce Department reported Tuesday that single-family housing starts fell 12% last month. Privately owned housing starts fell 7.8% to the lowest level since March 2005, while new building permits fell 5.5%. * * * Labor Department reported that wholesale prices rose 0.5% last month as oil and gasoline prices are approaching new record highs. * * *
New findings from the April Experian/Gallup Personal Credit Index survey suggest that many Americans believe [the housing bubble may burst] * * *
National Housing Bubble
Seventy-one percent of consumers believe it is very likely (24%) or somewhat likely (47%) that housing prices will collapse in housing markets across the nation as a whole within the next year, according to the April Experian/Gallup Personal Credit Index survey. * * *
Housing has been one of the key drivers of economic activity in the United States over the past several years. Building new homes not only creates jobs but also stimulates the purchase of a variety of consumer durables including appliances and home furnishings. More importantly, the growth of housing equity has had a pronounced wealth effect not only on consumer spending, but also on consumer borrowing.
Currently, the housing sector is under assault from the double-whammy of increasing interest rates and surging energy prices. * * *
The most significant impact, however, may involve the effect of a housing slowdown on the overall U.S. economy. A significant economic slowdown during the second half of this year could lay bare many of the housing finance excesses of the past several years. In turn, this could make the pessimism 7 in 10 consumers have about the potential for a bursting of the housing bubble seem prescient later this year.
View Gallop Poll Data and Graphs:
(Excerpt) Read more at poll.gallup.com ...
How about Seven in 10 Consumers Believe Anything They Read in the Newspaper!"
In all fairness may I ask if you are in any aspect of the real-estate trade, from selling houses, flipping, construction firm, banking or any type of a housing supplier (copper, lumber, glass, paint, zinc, nickel, nails, etc, etc) ?
When oil was $30 the same types would state it will never hit $50. Where are they now? These people were also those which never traded a drop of oil in their life, yet they were experts on international energy trending & supply.
Danger signals still dog (UK) housing market.
"They can sell to me, for example. I'll bid. Maybe not as high as they'd like, but hey, with the bubble about to burst and everything, how could they possibly turn me down?"
Ok, make an offer on my home. I live in NJ and property taxes are over 10k on my 1/2 acre piece of property with a 3200 sqf house on it.
It maybe warm to hot now - but heating oil season comes around sooner then one thinks.
Being in Florida in any case, heating oil is not something on my shopping list. $:-)
I only said one should sell if one believes there's a "bubble" about to "burst". I have no idea whether that's what you believe.
It's really a cylindrical thing. I've been told every five years or so things heat up. Now they're leveling off to more realistic market value.
The beauty with the bubble, is that people in Blue cities will most likely get hit the hardest.
Boston, Chicago, San Fran,Seattle and Portland. Oh well.
I suppose after losing 30% of their home value, they'll be tighter when it comes to funding liberal candidates.
I'd have to research your local market to come up with a good price, but as a guesstimate how about (ballpark) 50% of its current value.
You should take it and run, if there's a (gasp) BUBBLE!
You got me there - lol
My concern is pertol-fueled-inflation will increase the price of general consumer goods even further.
Check this original source for that chart, and if you have any questions just ask.
Being in the area which produces the world's second largest crop of juice oranges (Brazil is #1). The chart below will most likely head higher with the coming hurricane season.
Yes, I have seen and thought about that as well. There is another article on FR that deals with that exact subject:
"Just keep repeating to yourself over and over again:
"There is no housing bubble."
I am selling a home in a Charleston SC suburb. Last year the areas homes were selling 10% less than today but in a matter of days from being listed.
We accepted a bid after 4 weeks on the market and $2k less than we listed. I am quite happy with the process so far. My only concern is in the long wait till an early June closing. That gets us into the summer storm season.
When this is complete, we are selling our primary residence in Maine (and fleeing the high taxes). We will be lucky if we get this place on the market before the end of July. While prices have not fallen here, sales have slowed to the point that sales take months, sometimes many. I will be amazed if we get what we ask or if it sells much before Christmas.
Well of COURSE they do. That's all they've been hearing on the news for the last year or so, what else would they think?
"I only said one should sell if one believes there's a "bubble" about to "burst". I have no idea whether that's what you believe."
Ok..say I believe it. Why should I sell? I like my house and hate to move.
I'm in East Brunswick. The schools are good, churches and temples are in waslking distance and it is one stop to the city by bus.
However, I am not too thrilled with Corzine and I have a feeling that it is going to get worse and quick. I already have the house up for sale and am putting a contingency down in San Antonio.
I had to look at where you live - Georgia... I guess you could have excess inventory there. Here in the OC, I doubt that will occur. Prices may make a correction (some have gotten rather ridiculous), but I don't think things will crash as some here are hope-a-hope-a-hoping!
"In all fairness may I ask if you are in any aspect of the real-estate trade"
No, I am not. I do own two houses, in NC, that I do not plan on selling at any point in the near future. You may want to query the originator of this thread, as to just how one benefits from myriad posts over a period of years, if you're looking for an agenda. I understand blogging can be a pretty good sideline, assuming one drives enough "hits" to it, now that Google Ads has come along.
In terms of the originator of this thread, are you saying he is in the real-estate market?
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