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| Name: |
water_watcher
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| Subject: |
New Home Sales below depression level
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Date:
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2/28/2010 12:41:09 PM
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In January new home sales were at a record low 309,000 annual unit rate. Even during the Jimmy Carter years when interest rates were at 18% new home sales were over 700,000 units annually.
Despite Obama giving tax payers money away to buy a new home and record low interest rates ... people are scared of the future under Obamanation.
As long as the government keeps pushing socialism and controling banks, car compaines and trying healthcare ... how can people put their faith in the future when they do not know what else the government will try to take over.
I am sure Archie's business is booming despite these extremely low levels and commercial real estate on its back side as well.
The more government regulates and do not allow the free markets to work, the deeper in the hole we become ... a repeat of the the great depression.
Even when people want to buy a house and think it is a fair price, the government regulations prevent them. They now require banks to include distressed sales when approving a loan. So someone says yes I will buy for $500,000, but then the bank says I have to include this one distressed sale so I only appraise for $390,000. The builder says no, the people walk and no sale. Then housing prices move lower, more distressed sales and the cycle continues.
There is no reason distressed sales should be included in appraised values.
So does Obama really want things to improve or is he happy with things as bad as they are because it supports bigger and bigger government.
What a disaster people voted for. I hope those that did can look themselves in the mirror.
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| Name: |
Talullahhound
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| Subject: |
New Home Sales below depression level
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Date:
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2/28/2010 2:47:38 PM
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I just spent two days talking to realtors about selling a house on Ono Island. The problem is not Obama or appraisals, but that the selling market is soft. Prices are down. For houses that the banks now own, the banks reduce the prices every 30 days until the house sells.
There are still a glut of foreclosures and short sales on the market. A correctly priced house will sell and there is mortage money available. The problem is that many people still have very unrealistic expectations about the value of their houses. Yes, appraisers are taking a harder look, but don't forget that a property is only worth what it can be sold for.
All of the realtors I talked to said that they expect a 5-6% decrease in prices throughout this year, and that prices will likely stay flat through 2011.
It's a good time to buy. I'm thinking of buying a waterfront condo.
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| Name: |
water_watcher
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| Subject: |
New Home Sales below depression level
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Date:
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2/28/2010 4:37:51 PM
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Most of what you said is correct .... BUT, the government action IS delaying the recovery and keeping prices down.
Did you know there are "grants" available for minorities below a certain income level? They get the Free money as part of their loan to have to borrow less and make their mortgage more affordable.
If they stay in the home for 5 years the "grant" is foregiven. If they stay less than 5 years they have to pay back a prorated amount ... BUT ONLY, if the house price has appreciated ... otherwise ... still free money.
Now if that is not socialism I don't know how anyone would explain it. That is wrong use of our tax dollars and only available to a select group.
Did you get that for your first home? I know I didn't. I saved and worked hard until I could afford it .... then bought.
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| Name: |
Talullahhound
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| Subject: |
New Home Sales below depression level
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Date:
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2/28/2010 8:45:15 PM
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Nope, didn't get it. I agree, it's unfair and not a good use for our tax dollars. Probably why the rental market is so soft.
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| Name: |
cobra
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| Subject: |
New Home Sales below depression level
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Date:
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2/28/2010 11:09:06 PM
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I believe the US is already in a depression, maybe just not a great depression. I am in my middle 60's and I can say that I have never witnessed before what is going on today. I do not believe Obama had anything to do with what is happening to our country. Why is everyone blaming the one person Obama ? I am also not sure home prices have hit bottom. If you are planning on buying a house or condo to make money then good luck, you will need it. I do not think that anyone in my age group will ever see times as good as we had in earlier years. Cash will talk so that is what I am staying with. Instead of investing when you are my age I would suggest you start enjoying life. That is what I plan on doing. cobra
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| Name: |
water_watcher
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| Subject: |
New Home Sales below depression level
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Date:
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3/1/2010 5:59:35 AM
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Obama may not be at fault for the start of the crisis .... but he is definitely responsible for how he handles it. And so far his response has been bigger and more government, higher taxes, mortgage our future with unbelievable debt spending. Keep in mind that this year and for the next 5 years his budget calls for deficits in each year greater than the deficit Bush ran in all 8 years combined. Yet all Obama wants to do is talk about more spending and more socialist programs. He is leading us down a path of destruction and defaulting on our debt which will be the end of our freedoms and capitalism. I do believe he knows that and thinks it would be good. It is scary.
The answer is not to penalize success to give to others, but to give opportunity to all.
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