A REBOUND FOR HOUSING? NOT SO FAST.

Kiplinger Forecasts ^ | 9 November 2006 | Jerome Idaszak

[MeneMeneTekelUpharsin]

Housing is in trouble. Too much evidence keeps coming out from MANY different sources. Wake up people.

[MeneMeneTekelUpharsin]

For your information.

[goldstategop]

I've cut my home price to bare bottom. $75,000 less than the state median. And there's still a six month backlog of unsold home inventory here in California.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus

[Dog Gone]

Wake up and do what?

Sell my house and move into an apartment? A motorhome?

Why should I wake up?

[jiggyboy]

It's a real WTF moment when I see articles like this wondering if housing has bottomed. It's so obvious that it's nowhere near bottoming from every single statistic and CEO quote that I use it as a litmus test for Bushbots here on FR.

[MeneMeneTekelUpharsin]

Why should I wake up?

In your case, keep on going like you are. Don't listen to me nor respond. No need.

[word_warrior_bob]

I'm in real estate, although anectdotal, prices are going down in a lot of areas and houses are not selling at all, a lot of houses aren't even getting any showings, these same houses would have sold in a weekend.

It will eventually turn around, it always does, unless President Hillary declares eminent domain nationwide.

[jiggyboy]

Wake up and do what? Sell my house and move into an apartment?

That's what I did. In June I bought 35 acres of land in another state with some of the capital gains I'd earned on my house proceeds up to that point.

[goldstategop]

LMAO! Yes and the government will pay us pennies on the dollar for our properties. Its for the Common Good.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus

[wagglebee]

Wake up and do what?

Sell my house and move into an apartment? A motorhome?

You're supposed to cash everything out and BUY GOLD!

[MeneMeneTekelUpharsin]

I'm in real estate, although anectdotal, prices are going down in a lot of areas and houses are not selling at all, a lot of houses aren't even getting any showings, these same houses would have sold in a weekend.

You don't have to write anything to me about the market. I research it EVERY day and am quite familiar with what is going on. Those who have been on here lying about the housing market and have set up people for a financial fall are to be held responsible. Dishonesty is exactly that -- dishonest.

[defenderSD]

A lot of existing homes aren't selling simply because they're priced too high. Much of the existing home inventory on the market is people fishing for high prices and they will only sell and move if the get those prices. We saw this in California in 2001 when we sold my parents' home. New home inventories are a much more meaningful number.

[defenderSD]

Key thing to keep in mind is that if housing gets very weak then the entire economy will weaken significantly and the Fed will cut interest rates. Then mortgage rates will fall another 0.75% or so and housing demand will increase in response. So there are self-correcting mechanisms in our economy. It's a constant rebalancing of markets into an equillibrium.

[MeneMeneTekelUpharsin]

Ok.

[nicolezmomma]

It's a real WTF moment when I see articles like this wondering if housing has bottomed. It's so obvious that it's nowhere near bottoming from every single statistic and CEO quote that I use it as a litmus test for Bushbots here on FR.

The market here in St. Petersburg is like Antartica. Between the naturally cooling market, property taxes, and now house insurance, the market is dead as a doornail.

Last month after 13 years with no claims, we were cancelled by Nationwide. Just got a quote from Citizens (insurer if last resort) yesterday. Nowhere near waterfront or a flood zone.

Our insurance went from $3,800 to $13,758. Per year.

We, along with everyone else, can't afford to live here anymore, yet no houses are selling so we can't move.

[Fraxinus]

Anecdotal, but I have heard reports that some condo management groups are buying unoccupied units and converting them to rentals in the DC area.

[defenderSD]

I haven't seen anyone "lying about the housing market" on FR. People have different knowlege and opinions about the housing industry and we all have the right to express our views.

[Lunatic Fringe]

Rather, desperate home builders are simply resorting to extreme measures to keep inventories of unsold homes from mounting sky-high and prices from going into a free fall.

I just bought a new home in N. Texas. The builder put up $15,000 in incentives, which I used on a few upgrades and down payment. The mortgage is for $149,000. The appraisal came in at $162,000.

[defenderSD]

Interesting story there....reverse condo conversions.