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quote:
Keep you nose in the financial trades and watch the home volume and the spring home selling season. Alot of pundits including Greenspan and David Learh are saying the worst maybe behind us but things arent shaping up that way
Jared
I hope so because I not sure which way to turn. One thing I do know, I'm gonna purchase a house in the next month or so. Then if the market still seems robust, I'll buy some tech stock and others too.
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Support the 'Jack Herer Initiative'NOW!!
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quote:
This is not horrible news...
http://www.rismedia.com/index.php/articl...16470/1/1/
Existing-home sales eased last month, as did the number of homes available for sale – indicating the housing market is stabilizing, according to the National Association of Realtors.
The RE people have putting this spin on for months. They are still in denial or blinded by bias. Anything they have to say is suspect. This from the horse's mouth:
quote:
Anyone who deals with statistics readily has understand that it is the favorite tool used to manipulate public opinion. In other words, the reporting practices and interpretation of those reports may easily affect the outcome (in favor of the organization making use of the statistics.)
Edited by - bystander on 11/03/2006 06:26:45
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Real Estate, like the "Market", are pretty much swayed by speculators to some extent. Being that the market is robust lately is a direct result from speculation that a change is coming in our Govt.,come mid-term elections.
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Support the 'Jack Herer Initiative'NOW!!
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I'm thinking interest rates that have been falling lately are the cause. Under 6%
RAH rah rah!!!
Smart folks know their buying power is greater with a low rate and who knows how long that will last.
But you bubble sitters just keep paying someone else's mortgage cause it leaves more good deals for the rest of us.
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quote:
I'm thinking interest rates that have been falling lately are the cause. Under 6%
RAH rah rah!!!
Smart folks know their buying power is greater with a low rate and who knows how long that will last.
But you bubble sitters just keep paying someone else's mortgage cause it leaves more good deals for the rest of us.
Thank you for reminding me Punamom, it's almost Thanksgiving time and I would like to thank all those wonderful people (tenants/renters) who have been paying my mortgages during the past 25 years! Thank you, thank you, thank you! I would not have made it without your great contribution!
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB,RB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185
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Interesting article in Fortune Magazine regarding potential effect of housing market on economy.
"Can the economy survive the housing bust?
Real estate downturns have a way of leading to recessions and stock market slumps. So far the damage has been limited, but the numbers keep getting worse, says Fortune's Jon Birger."
By Jon Birger, Fortune senior writer
November 1 2006: 11:48 AM EST
http://money.cnn.com/magazines/fortune/f...2006110111
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South Fla real estate has already corrected more than 20% and there's no end in sight. I'm aware of properties that were listed at the top, 12 months ago for mid 400's that are now mid-high 200's and no buyers.
We had reservations to come to Hawaii in Sept 2004, Unfortunately a couple weeks before that we had Hurricane Charley come in and blow thousands of houses away here in Port Charlotte/Punta Gorda and my Wife and I and the 2 cats were in the walk in closet when we got hit.
Needless to say we had to cancel our reservations to the BI. Properties here doubled in record time and I also noticed that properties on the BI didn't seem as motivating to me as they did when we planned on traveling.
I believe there's 300 Billion in ARM's resetting in 2006? Isn't there a TRILLION being reset in 2007? Methinks the real estate market has a ways to travel.......downward before it levels off.
My business runs almost parallel to the RE business and it's suddenly gotten slower for the majority of product. Big stuff ( six figure and up items ) are still moving along but we're hearing dealers using similar terminology as the real estate salespeople started using 8 or 9 months ago here when properties started their decent. Terms like " oh it's better now because it's more realistic ( LOL ) and similar.
Who knows, maybe we'll take a trip out yonder after all if Hawaii properties correct as significantly.
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When is the building slump because thats when I want to plan my vacation to Baja for a few weeks!
We are hoping for a couple of weeks in April 07.....
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The market is correcting itself as it did in the 80s and 90s as many areas and communities across the U.S. begin to feel the slow down of previously low interest, speculator, and investor-fed purchases and repetitive flips, often the result of exotic, creative loans offered to anyone who'd bite. There are still pocket “hot” areas to purchase and that is currently where the investors have gone. The real estate market is cyclical; you just have to know how to read or interpret it. Everyone hopes that when they need to sell, the market is high and when purchasing, the market is low. You (hopefully) research and then pay your money and take your chances. The press likes to create a “stir” to sell papers and in this situation I believe the press is partially responsible for the recent sharp marked adjustment, with their doom-sayer predictions which put a scare in the market. Of course, there were also other factors involved. It's possible the press did us a favor by causing the adjustment earlier than it would have otherwise occurred, resulting in a less drastic adjustment, rather than having a later more painful adjustment. We have whiners that bought properties at 150K and were later holding out for 400K for that same property at the peak of the market only to be caught in the adjustment. They are now whining because their properties are moving too slowly at 350K when they are still looking at a 200K profit in less than five years. In our area of Florida “properties sold” have decreased by 48% but average sold prices have appreciated 6% over last year. Yes, I know that having less low end closings and more high end closings skews the “average price sold” statistic. While sales did dry up for several months, activity has now picked up again and is now approaching what it was before the low interest and speculator fueled boom. I do consider that healthy in the long run. Markets usually do vary considerably in different areas. Some areas that were effected by the low interest and Spec. fueled boom could not otherwise have justified their booming markets. They will not experience rapid recoveries from the current drop, nor should they. I don't know the Punta Gorda market or what it should be in a “normal” market, but I do know the Treasure Coast.
S. FL Islander to be
Pua`a
S. FL
Big Islander to be.
