The National Association of Realtors reported that the number of contracts to buy homes is rising, which pushed up the stock market yesterday. Yet earlier this week the report was that home sales were down. Which leads me to this question....
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Every Success,
The INO Team
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I don't see factories falling out of the sky.
I don't see protectionist measures being taken anywhere I look..
I don't see a future for a place drunk on idiocy with willing
participants in a broken hive mind.
As long as people float moronic polls like this one, the
"bottom" is nowhere nearby.. Cheers! & LOL!!
I'M IN THE RENTAL MARKET, AND THE STATES THAT ARE BUNDLING FORECLOUSURE PROPERTIES TO INVESTERS, WILL START EFFECTING THE RENTAL MARKET BY DRIVING RENTAL PRICES DOWN OR, AT LEAST STABALIZING THEM.
THAT WILL NOT REALLY HELP THE HOUSING MARKET HOME SALES THAT MUCH HOWEVER, IT WILL FREE UP THE BANKING SECTOR OF SOME UNWANTED INVENTORY, THUS PUTTING THEM INTO A BETTER FINANTIAL CONDITION.
TO ME, IT'S THE INVENTORY OF FORECLOSED HOMES OR NON VIABLE HOME LOANS THAT HAS THE MARKET STAGNATED. THE EMPLOYMENT PICTURE, AND THE COMMODITY INFLATION WE'RE ALL EXPERIENCING IS NOT HELPING THE PICTURE.
EVEN THOUGH I'M IN THE APARTMENT RENTAL BUSINESS, I DO FEEL THAT IT WILL BE BENIFICIAL TO ENDING THIS HOUSING STAGNATION IF THE BANKS INCLUDING FANNIE MAY AND FREDDY MAC CAN GET THEIR NON PREFORMING INVENTORY OFF THEIR BALLANCE SHEETS.
STEVEN KENT
Yeah, and I have some great commerical real estate for your readers available in Florida and Arizona!
Housing will "recover" when incomes start to improve in real terms, and the shadow inventory now held by bangs is absorbed by the market. We are in for a rough ride until that happens. The latest FHA data suggest another layer of underwater homeowners has been added to the fray. This is what a depression looks like outside the protected conclaves of Washington DC and Wall Street.
Nope, if a depression continues and everything from it's value right now will fall 50 to 75% and that means housing included it will not be a bottom. There was a back log of foreclosed properties so housing sales should be strong because of the amount of foreclosures just now starting to hit the market. This will keep the housing prices falling for at least a year or so. The amount of units sold will continue to increase as the forclosures bring values even lower. There is a large supply of homes at low prices.
Nope, we have another 15 - 20 % south to go. The bottom will be obvious, all of the smart money sitting on the sidelines will buy the existing inventory up and it will happen fast. No more auction at cut rate prices. hat will be the bottom. There will be a least 3 auctions within 100 yards of us here in Tucson Arizona next month alone. These houses will sell for less then $50,000 each, maybe much less. Houses that were selling for $170,000 plus a few short years ago. Bottom in? Nope.
When (not if) interest rates rise and mortgage payments go up, housing prices will drop again. Last time rates were high (Jimmy Carter) people had to write a private mortgage or land contract just to sell a house. Then sell the mortgage or contract at a discount if the cash was needed.
Thr real estate market cannot recover until the issue of clouded title is resolved. This issue has been caused by massive collusion between Wall Street and Washington that allowed the major banks to corrupt five hundred years of settled real estate law that has been in place in the west since the English instituted the Statute of Frauds in the middle ages.
The banks have been allowed to set up their own registration system called MERS that destroys the sanctity of title registered at each Registry of Deeds in each county AND they have been allowed to commit massive fraud through the securitization process where up to ten trillion dollars worth of U.S. mortgages were improperly conyed conveyed.
This collusion is one of the prime reasons that the "middle class" economy continues to "zombie walk" as private "lending" money no longer exists in the U.S. real estate market, and the banks are selling $400K homes with clouded titles for $150K for cash. Forensic investigations at approximately 6 counties across the U.S. have discovered that up to 85% of all mortgage foreclosures conducted by the major banks involve flawed paper-work.
We are probably stuck with this issue for a generation as currently the only way to resolve this is to conduct a complex and expensive forensic title search costing around $1,000 on each home and hold a hearing before a county judge to clear the title which may cost anywhere from $10,000 and upwards to resolve..