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Glut of Unsold Homes: Metro Supply Swells Near-record Level as Foreclosures Rise
Rocky Mountain News ^ | 4/07/2006 | By John Rebchook

Posted on 04/10/2006 9:22:21 PM PDT by ex-Texan

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To: I_like_good_things_too

I wish you the best of luck. Hopefully everything will work out great for y'all.


61 posted on 04/11/2006 12:17:29 AM PDT by Nathan Zachary
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To: Nathan Zachary
Everyone focuses on the Housing Market, and they forget that the average household has $ 18,000.00 in Credit Card debt. A lady said to me I didn't know a Credit Card Company could raise your interest rate to over 30% if you are late making your payments. The new Credit Card laws enacted by your bumbling Congress are starting to kick in. So " Let the Games Begine" My wife and I sold out house, put the money in CD's and are renting. Lets see what shakes out.
62 posted on 04/11/2006 12:26:27 AM PDT by BooBoo1000 (Some times I wake up grumpy, other times I let her sleep/)
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To: PhilipFreneau

Next door to my sister are three families in one home. Next question?


63 posted on 04/11/2006 12:47:34 AM PDT by Loud Mime (Republicans protect Americans from terrorists, Democrats protect terrorists from Americans)
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To: Tamar1973

>>Not in my part of California.


Not here either. There was a house for sale about a month ago up the street. It sold in less than two weeks.


64 posted on 04/11/2006 12:52:05 AM PDT by wm25burke
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To: wm25burke
I forgot to mention one thing, GAS. Americans refuse to give up the SUV, a little gal with a little girl driving a GMC Yukon to Soccer. Come on,people are finding out they have just so much money, and a little reorganization is in order.
65 posted on 04/11/2006 1:23:22 AM PDT by BooBoo1000 (Some times I wake up grumpy, other times I let her sleep/)
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To: ex-Texan
Rising mortgage rates

You mean, the Fed raised interest rates 15 times in 2 years, and less people are buying homes!?

That is amazing. Maybe we need a multi-million dollar commission to "study" this phenomenon?


It's a good thing they did this and stopped the Economy from "overheating."

66 posted on 04/11/2006 3:21:05 AM PDT by SkyPilot
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To: Gondring
Tell me about it. Condos still start at $250K for 1bdrm/1ba in my neck of the woods.
67 posted on 04/11/2006 3:54:49 AM PDT by .cnI redruM (Watching the Left turn on Senator McCain amuses me somehow....)
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To: ex-Texan

I live in the suburban NYC area. The local paper had a front page article this morning about the local real estate market. Although prices are up year over year, that is only because there were a handful of sales in the $2 million to $4 million range that drove up the averages. The most significant bit of information in the article is that inventories are way up as is the average time on the market. Also, I recently returned from a trip to South Florida, where I go several times a year. For the first time in a long long time I saw ads that read "make me an offer," "motivated seller," and "seller will hold paper," all of which suggest a sluggish market. And in both locations I saw lots of evidence that the actual selling price of houses was significantly less than the list price.


68 posted on 04/11/2006 4:14:27 AM PDT by Labyrinthos
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To: ex-Texan

I'll bet a lot of foreclosures on homes owned by Blacks, Hispanics, immigrants who got suckered into unsustainable ARM mortgages. Any illegal aliens that get foreclosed is fine with me.


69 posted on 04/11/2006 4:19:26 AM PDT by dennisw (If you know the enemy and know yourself you need not fear the results of a hundred battles-Sun Tzu)
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To: wm25burke

I read that $500,000 will buy you a house in Watts, Los Angeles


70 posted on 04/11/2006 4:21:13 AM PDT by dennisw (If you know the enemy and know yourself you need not fear the results of a hundred battles-Sun Tzu)
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To: CindyDawg

Cute story!

But why...

If people don't like it they can call me Indiana.

?


71 posted on 04/11/2006 5:02:14 AM PDT by Elsie (Heck is where people, who don't believe in Gosh, think they are not going....)
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To: Tamar1973

In my part of western Wisconsin, my wife and I like to go cruising around the area in about a hundred mile radius on our days off. It's rare that we don't pass some new housing development or see many new individual homes (usually huge ones) on our drives. I am assuming that contractors are building these homes because people want to buy them, in short that there is a market for them. I can't speak for other parts of the country, but the housing market doesn't look depressed around here. It's still booming.


72 posted on 04/11/2006 5:13:51 AM PDT by driftless ( For life-long happiness, learn how to play the accordion.)
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To: ex-Texan

Its still regional, and tied to jobs. I was laid off a year and a half ago in Michigan. I've since got another job out of state but our house has been on the market for over a year, and we just got our first offer yesterday. We're taking it.

We bought it back in '98 for $260,000, 2,600 sq ft, 4 BR, 2.5 baths, basement, nice yard, great schools. Since then, when home prices have got up 5-10% a year in many markets, I will be selling my house for $2,500 more than I paid for it 8 years later. Of course, after commissions, I will be losing $13,250.

The midwest, where home price gains have been modest, could be really wacked due to the auto industry going down the tubes. In the high price markets, as long as the economy stays fairly decent, and its an area people want to live, home prices probably will stagnate, or fall a little, and simply stop turning over. People will just live in their house and not see it as an investment and plan on moving on to something else every 2-3 years. Granted, those that were foolish enough to get 100% financing with an ARM are going to be in for a rude awakinging. But that is not the majority in any market.


73 posted on 04/11/2006 5:15:24 AM PDT by machman
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To: Elsie
Thanks. There are a few grammar typos but I decided to leave them. Indiana Jones was on:')
74 posted on 04/11/2006 6:03:38 AM PDT by CindyDawg ( Wash your hands. It's cheap, effective and the best way to fight germs.)
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To: MonroeDNA; ex-Texan; Willie Green

MonroeDNA: "The Willie Green of Housing."

That is a classic. Ex-Texan, you should use it as your tag line!


75 posted on 04/11/2006 7:37:23 AM PDT by Museum Twenty (Proudly supporting President George W. Bush - Proudly shouting "Rumsfeld '08!")
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To: ex-Texan

Let's just say that I have personal experience of this fact; two houses belonging to friends and relatives have lost considerable value in the last few months. Both for sale, one finally sold for $65K less (and it was only going for $350K originally) and the other can't sell. The owners are going to be in a horrible fix as they can't pay their mortgage now, and unfortunately they refuse to lower the price becasue their realtor friend tells them not to worry, prices will go up again.


76 posted on 04/11/2006 7:57:10 AM PDT by little jeremiah (Tolerating evil IS evil.)
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To: fahrenheit451

I'm seeing more and more 'for sale' signs each day on my drive home from work.
The first wave is already bailing...

Even in parts of upstate SC, never listed as a real estate hot spot, prices seem to be weak with a lot of listings.


77 posted on 04/11/2006 7:59:08 AM PDT by RipSawyer (Acceptance of irrational thinking is expanding exponentiallly.)
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To: durasell

If there is a very rapid decline in home prices, a panic is likely to set in sending the prices even lower.
/////////////////////////////////////////////////////


Pure B.S.! People need housing. the speculative real estate market is icing on the cake. A home has intrinsic value and is only worth what someone will pay for it. Speculation during market fluctuations always occurs, but that doesn't control price, supply and demand does. In point of fact, the supply of housing projected for the next ten years will be way below the demand for adequate housing. Katrina alone insured that demand will exceed supply for the near future. I'm sorry, I have just lived through too many of these cycles to act like the sky is falling every time the market corrects. I'm so sick of newspapers and TV trying to attract viewers by scaring us half to death about every aspect of our daily lives. After awhile you realize its just another fairy tale......the boy who cried wolf!


78 posted on 04/11/2006 4:09:40 PM PDT by photodawg
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To: machman
No, housing issues are international in scope just as mortgage bonds are sold world wide. Globalization hits the real estate market is very subtle ways. Click Here For More Information. That site everybody is talking about has a news report regarding a free course that might be helpful to some freepers. Just joking. Nothing sinister intended. I'm normally a high spirited person when my health is stable.
79 posted on 04/11/2006 6:25:55 PM PDT by ex-Texan (Matthew 7:1 through 6)
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To: photodawg

What has happened over the past half dozen years is very different than anything that's happened before...the zany mortgages, the globalization of debt, record low interest rates, really weird use of equity loans, etc. etc. etc.

In truth, nobody knows how this story ends.


80 posted on 04/11/2006 7:13:55 PM PDT by durasell (!)
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