Home buyers back out of deals in record numbers

WSJ Online Real Estate ^ | 11-13-06 | June Fletcher and Ruth Simon

[Fierce Allegiance]

I'm not in eastern connecticut. If you knew connecticut, you'd know the difference is as stark between where i live and eastern connecticut. Totally different economies.

Good try, though.

[FreedomCalls]

I'm not in eastern connecticut.

Then where are you? Your profile says you are in Connecticut. Are you in western Connecticut then?

[FreedomCalls]

Before you call me delusional again, you better come with some real facts.

Dude, I posted REAL FACTS. All you have done is call me names. Where are your facts to rebut then? Repeating actual facts:

The Eastern CT Realtors® Information Service Inc. third quarter [2006] statistics are available and the news is not surprising. Compared to a year ago, the number of single family homes sold in Eastern CT is down 6%, while the median sales price is down about 2% to $260,000. The total number of multifamily units sold is down 38%. Meanwhile, inventory throughout Eastern CT has risen to unprecedented levels.

[danmar]

So does this mean these buyers are sacrificing the earnest-money deposits they have made when they signed the original contract? It's hard to imagine doing that.

Yep, they did just that, sacrificed 30K to get out of the deal.
Read the entire report!

[Fierce Allegiance]

A 2% decrease, c'mon, get real. That's negligible. It's certainly not an indication of a burst bubble you doom & gloomer types claim, especially in only looking at one quarter of the year, and in an already economically depressed area.

[FreedomCalls]

A 2% decrease, c'mon, get real. That's negligible.

Negligible - perhaps. But is is a refutation of the claim you made, quote "Home prices are not going down, and the number of homes on the market is pretty low - lower than the summer of 2005." Two percent may not be much, but it is down and the number of homes on the market is higher than in 2005. And that was my point -- that those two statements are not correct as far as I can tell. If you have other information then I'm open to it.

[exnavy]

What?

[exnavy]

Actually, there is a lot of different reasons the deals are falling apart, what you said is one reason.

[caver]

"Home buyers back out of deals in record numbers"

Maybe it's got something to do with the Dems taking over. I know I would be more hesitant taking debt when they send the economy south.

[ovrtaxt]

"The flipping is flopping."

It's the John Kerry housing market!

[RSmithOpt]

Being able to 'read' local real estate markets, a good general business sense, costs of new construction / demolition / remodeling, general electrical, plumbing, safety, and structural building codes, current tax laws, environmental regulations, upcoming tax law and business law changes, sense of taste coupled with true function, an eye for quality construction practices, etc. is by far the combination that is required for success in the real estate market; and frankly, most morons don't have it and never obtain it.

Relying upon others' greed is not a solid foundation for long term success in real estate.

My girlfriend and I laugh at the house flippin'; "Look! Ohhh, I can Remodel Too"; etc. shows. Very little of the shows actually tell the true stories behind the projects.

Cosmetics can make a home (real estate project) sell, however, quality materials, functionality, layout, and quality construction helps the market(s) most in the long term.