Is the housing market turning around?
Fri Oct 23, 2009 1:36 PM EDT
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Is the housing market turning around?
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It is the tax credits and bailouts increasing the numbers. Prices are still falling and people are still loosing their homes.
Absolutely. The smart people always buy when prices are down, and today is an opportunity of a lifetime, with homes and rates so CHEAP, we may never see this many bargains available for another 50 years. Young people who are ready to settle down, are now starting to snap up these bargains.
I think you mean the "RICH" people! The same ones who stole the houses out from under the ones like me who were 1st time buyers and were talked into "first time buyer deals!"
Prices are down and it would be a good time to buy ... but they're not. I'm a Realtor ... I know of what I speak. I don't care what the liberal media says .... people are not buying in any great number ... just the facts.
The smart people will buy when rates go up and prices adjust downward to compensate.
If you buy high and rates go up you are pooched but low and rates go down you are better off. Having a bigger % down payment is just gravy.
And rates will rise, there is no other option.
People normally buy when interest rates are low ... they will perhaps buy a higher price home due to the low interest rates, not the other way around. The BANKS have tightened their grip on funds. While mortgages are available, you'd better have a good credit rating, good deposit etc. Perhaps if the Fed's stop pushing the banks to give mortgages to people who can't really afford them (which started this whole mess in the first place), then perhaps the housing market will turn around. It is not your inalienable "rite" to own home ... but it is your "rite" to WORK toward that goal. Don't spend what you can't pay back. It's that simple.
If prices are sill going down, then the market has not returned to normal. People are buying, but what they are buying is still going down, not as much as before. The trick always is to buy at the bottom of the market. That has still not happened. That means that those who are buying now, will have to wait longer before there is any real appreciation of what they bought. For those who really need to buy, they are not hurting themselves that much by buying now. And interest rates may not be as low a year from now as they are now, so that would make up some of the difference between still being in a down market and a normal, appreciating market.
We are down deeply. I have a cabinet business and business is getting even quieter; no turn around. I know others in the excavating, concrete and building trades and they say there is nothing out there. No work. Grim situation. Getting ready for a dark, cold winter lasting at least 6 months.
You know I never hear anyone on these form's includeing all the media outlets, talking for one minute about the fact the great majority majority of personal income for younger adults 30 or younger in not even in the ball park for purchasing a home under conventional terms. Even at these inflated prices. The main reason this whole bubble started in the first place is because the mortgage and real estate industry had to cheap the money coming in and the administration along with the Fed and all the rest encouraged breaking the rules; yes not bending but breaking! I would love to see a survey that showed the percentage of how many people accully own their homes now and in 1950. Then we would start to shine the light on what is happening in the housing market!!
I have heard that nearly all the homes were less than $ 200,000,but that is a start. Now if these folks can continue to make the payments, it will be a plus. I know quite a few cities that could use the city and school taxes that should come along with those purchases.
New foreclosures out number new sales. So, until the foreclosures/short sales are down, this market is NOT going to rebound. Plus, lost jobs will bring on more foreclosures/short sales. It seems anyone who bought from 2004-2006 is upside down on their mortgage unless they put 35-40% down. If so, then they have lost their initital down payment and have no equity.
I am a Real Estate Agent in one of the biggest problem areas and sell bank owned homes. People are only buying homes right now because of the tax credit or because they are paying cash and can rent them out for more of a percentage than the bank is paying in interest. There is another HUGE foreclosure explosion coming up- Will we keep selling homes after the tax credit disappears???...My guess is not until they reinstate it w/ a higher credit. It will be interesting to see what happens.
proofs in the pudding as they say the tax credit ended and the house sells droped as predicted
If home sales are up it is probably at the hands of the wealthy.
Not all but many of these carpetbaggers will buy it up and sit on it.
We have all seen this before!!
Then all the Mexicans working for our PATRIOTIC upper class will be able to go back to work fixing up the houses for the next KILLING!!