Home Sales Up Strongly
Submitted by NCMarc on Thu, 10/09/2008 - 21:19
WASHINGTON, D.C. - Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
I thought there was no credit? -Marc
»
Are the buyers small people with slanted eyes and poor English ?
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As in any bad market, the rich get richer..
.a construction loan, some basic work and they don't pay till the house gets sold. Sit on it till the market improves...if you have the capital for it all.
I may not know the truth, but I know when I'm being lied to...
I may not know the truth, but I know when I'm being lied to...
No surprises.
Banks of course are willing to lend money on houses that they hold in foreclosure since they do not want houses. For them to hold onto a house it costs them money to maintain, taxes and insurance.
grant
So who's buying?
Foreign investors?
~Your perception becomes your reality~
A lot of poor people who couldn't afford to buy before.
I personally know of two families who didn't have even a remote hope of buying a home at the inflated prices the last few years...
But who are now looking at (and making offers on) currently foreclosed (and granted low-end) homes.
Easy credit does NOT make home more affordable, it just raises prices and makes them LESS affordable.
Plus, doubtless there are RE investors who are buying homes (cheap) to either rent or to fix up for later sale.
Any advise for current mortgage holders?
What is our move when the bottom arrives and our homes are "worth" less than half of what is owed on the mortgage?
The Retrocon
Hope for America, Ron Paul for President in 2008!
The Retrocon
Hope for America, Ron Paul for President in 2008!
Investigate the
short sale option. My brother had several properties and got caught in this burst and is doing short sales.
Walk Away
I fear I may take a hit, so I am having an appraisal done this month. If the value of my home drops below what I owe, then the bank can have it.
Pending?
Ever bought or tried to buy a home before. Pending doesnt guarantee shit. Pending doesnt mean you will get financing.
Lol
Neither did "pre-approved." You still had to be "approved" after your "pre-approval." Somebody slap the idiot that thought that one up and sold it to everybody.
I heard on the news last night that banks are starting to work
with people who cannot afford their mortgage payments so they can stay in their homes. The reason being? There is no way that they can resell a foreclosed house in the current market!
I'm a girk! Chatta me kort please!
New math!
Rolling money bomb
https://www.coasttocoastmoneybomb.com/JONES_SODA-MONEY_BOMB.php
What are you fightin' for?
Caught in the middle?
Freedom is only for those with the guts to defend it!
That's actually been going
That's actually been going on for a while now in a few places.
Guess it makes too much sense for these people huh?
I'm a girk! Chatta me kort please!
New math!
Rolling money bomb
https://www.coasttocoastmoneybomb.com/JONES_SODA-MONEY_BOMB.php
What are you fightin' for?
Caught in the middle?
Freedom is only for those with the guts to defend it!
A friend of mine, a former
A friend of mine, a former business associate who is with the same Fortune 100 Company as I was with at one time, emailed me today and stated that the Company closed its retail mortgage side recently. Now, understand this Company is a massive, truly massive corporation and it is very diversified into a number of different financial sectors, the most noted sector: insurance. The Company didn't pool their mortgages and sell them, instead they held the paper they originated and for the most part they originated primarily A and Alt-A paper. So, for them to completely close the retail mortgage department is a major, major move.
My friend told me that the market is completely dead and that they simply could not process and fund the mortgages. A lot is going on folks, much of which we are not even hearing about.
http://www.1776solution.blogspot.com
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"Men do not willingly read unpalatable truths of themselves. The People like those best who fool them most, by pandering to their vices and flattering their foibles" Raphael Semmes
and the official inflation
and the official inflation rate is still 2% lol...
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
No kidding. It feels like -20%
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
---
government of the people, by the people, for the people
---
And inflation is only 6.1 percent, too!
Want to buy a bridge? ;o)
"Dependence begets subservience and venality, suffocates the germ of virtue, and prepares fit tools for the designs of ambition." -- Thomas Jefferson
Hey, I LIVE in Brooklyn! No
Hey, I LIVE in Brooklyn! No jokes!
read closely
it's an index based on PENDING sales.
meaning they're in contract.
meaning they still have to qualify for a loan.
IF THEY QUALIFY FOR A LOAN
let's see how many of those close.
Interpretation: Pending
Interpretation: Pending home sales are up 7% due to defaulted reposessed homes being placed on the market. Of course we will repost on the front page next month a negative "Loans Approved" statistic. Oh, errr ahh.. NO we will Bury that number on the last page of the outdoors section actually...
Tim
GOLD
http://www.rxforliberty.com/10/
Cedar Park, Texas
5 Aug 2007
Penders only one step above "be backs"
anyone who has ever been in sales knows there's either a closed deal or no deal.
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There's No Pity in Be-back City!
I work for a LARGE Global company that up until yesterday were offering in house financing. We just had a meeting that though we will still will offer it, the interest rate will probably go up and that option may just go away in the near future. They are now offering sales agents a bonus for cash sales.
R3VOLution
Houses are STII insanely
OVERPRICED!!!
Things will move when prices come down further...
And if mortgages are NOT available, then prices will come down even further.
Banks that don't work with the people in the houses, or refuse to sell at a given price or make loans on properties that they foreclosed on ... well, they will simply have to sell later on at a lower price (and higher loss).
It's just like an auction... Price drops until someone makes a bid. And if the auctioneer withholds it because of a reserve price, then it doesn't sell and whoever holds the item is stuck with it until the next auction.
Realtors and Banks have made a ton of money for a decade now without having to work at it... things are different now. If Banks don't make loans, they don't make any money; if Realtors can't sell homes, then they don;t make any money either. NOW they will have to work at it and earn it -- probably have to try 5 of 6 deals before the can get one closed sale.
Payback's a B*tch ain't it!
That is why we are waiting.
Either the seller takes the loss or we pay too much. We are in no hurry.
Do any financial wizards have some advice?
What are the signs that home prices have bottomed out?
And what are the telltale signs that interest will be going up?
I am a novice, but would like some saavy on our next home purchase.
Better to buy used and remodel a foreclosure?
Or get the acreage and build a Wausau home?
We want 2-10 acres- tillable and wooded.
PS:The sale of our current home is not a factor.
Any predictions for the next 10 months? We will be relocating by next Oct'09. Hopefully a farmette, near a small town.. .
Just wait.....
When we hit bottom, there will be so few qualified buyers and such little money to lend that everyone will have plenty of time to purchase. Get out of the mindset that once it hits bottom you only have a short time react.
I like the idea of a farmette and small town. Also note the inventory is huge. Estimated at 18 million available homes and soon to be at 20 million. Also note the per square foot to occupant number ballooned from 1900sf to 2700sf in the last 5 years. People in tough times will move into together resulting in even more excess of homes.
Shop for the right piece of land with a little cabin, trailer or small home. The land is typically undervalued as land only owners always want more. Also with a residence on the property you can finance the purchase and have a place to live while building your dream home.
Best of luck, Tim