Posted on 11/20/2006 11:25:43 AM PST by Toddsterpatriot
Home Sales Rise in 12 states, belying bubble burst babble.
I'm curious how much it is still up since the Chicken Littles started screaming.
A lot more than 1.2%.
It took SEVENTEEN increases in interest rates to yield a declining market.
Housing market explained in 13 words...
Market picks up
Market slows down
Market picks up
Market slows down
repeat
The housing market has been in need of a correction for some time. Too many places with way over inflated prices.
7 years ago I was in Las Vegas for a conference and home prices weren't too much higher than here in Indiana. Went out there last year for a vacation and prices had grown 300 to 400% higher than here. Any wonder why Nevada is seeing a dip in sales?
It may be a source of much hilarity here on FR but people trying to sell their houses right now aren't feeling so good. Those with option ARMS are feeling poorly also.
*rolling eyes*
Of course this is absolute proof the ex-Texan was right all along about the Housing Bubble. At this rate we will meet his prediction of a 40% decline in about 33 years.
I'm laughing at the people who think a 1.2% decline is a crash, not at people who can't sell.
Those with option ARMS are feeling poorly also.
30 year fixed mortgages are at 8 month lows, for those who qualify.
WSJ Report on the radio this morning commented about the decline in new construction. They said that the Gen Xers are in the home market now and they are also carrying 70% of the debt load the boomers are carrying, but are only at the beginning of their careers. The builders have been catering to the McMansion crowd and have neglected the needs of the Gen Xers, which is estimated to be 50% of the new home market. They need homes, but McMansions aren't in their range of affordability.
How long until prices reach the level they were at when he first predicted a crash (4 years ago)?
That's a completely phony statistic since most sellers are still in denial and have not dropped prices to the selling level.
"The housing market has been in need of a correction for some time. "
It's incredible to me that my home in Ohio, a 2100 sq. ft. split, if it were in California would be worth over $1 million. In Ohio, it's a $200k home. That seems out of whack to me.
It was a great opportunity though. I've seen a number of stories of people who took a job in CA, bought a house. In a few years, they sold the house, took the 400k profit and bought a home free and clear in the heartland. If my roots weren't so deep I'd have given it a shot.
The only sellers included in that statistic are sellers who have sold. So how is it phony?
Who buys a home one year and sells it the next? If you buy a home you should expect to hold on to it at least of few years. Unless you have a company who pays for your relocation, you should be renting if you are only staying a year or so.
I'm just waiting for the distressed ARM home-buyers to find that their home is too expensive for them - then cash them out @ .50 cents on the dollar, lowlife-bottomfeeder that I am......
Which 12 states went up? Looked at the article and no mention of them?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.