Posted on 11/26/2009 3:36:51 AM PST by Kartographer
Housing IS the lead indicator.
Do you realize how many industries depend on construction of homes?
Yep, I’m a Realtor.
“Housing IS the lead indicator.
Do you realize how many industries depend on construction of homes?”
Point is, I don’t think housing is going to be the leading indicator this time around. I think it is going to be a lagging indicator.
I would estimate 3 short sales for every foreclosure.
My readings is that lenders are holding foreclosures and doling them out at a measured pace so as not to totally collapse the market. At this point there are so many buyers out in our area, we can use a few more listings.
My friend has San Bernardino County on soldin9days.com He has so many buyers, that he can't keep up. Always looking for houses to short sale, if the loan can't be negotiated.
My point is that until the Housing market flourishes, the national economy won’t flourish.
Am also a Realtor for over 31 years. We close a sale every two days on average...for the past 3 years.
Once mortgage interest rates start to rise...which they should have done already, the bottom will fall out...AGAIN!
>ust closed on a short sale house. It sold for 223k in 07 I paid 147k.It has a new A/C, new roof shingles, new kitchen cabnets,new tile floor. Hope prices don,t go down too much more.<
If you bought it to live in, you should be fine at that price. However, if you’re a flipper, you take your chances.
Sounds like a different market. The house across the street from me was listed at 320K...the owner finally realized no one would buy it at that, and they dropped it to 220K. It took 3 months to sell - 2300 sq ft, never lived in, original asking price was 500K 2.5 years ago...
In fact, there have been 7 homes sold in the last year within 1/4 mile of me...5 foreclosures. And on the other that wasn’t, the seller had paid 475K 1.5 years ago, and sold it 3 months ago for 325K.
The homes currently on the market within 0.5 miles of me are all foreclosures, except one that is trying a short sell for 100K less than he paid.
The word on short sales is out in soCal. You can usually rebuild your credit in half the time than if you go through a foreclosure.
We list some short sales, but have far more clients who are buyers. If the buyers are not in a hurry, can usually get a good deal.
“My point is that until the Housing market flourishes, the national economy won’t flourish.”
I don’t disagree with your point, I’m just saying I would expect to see improvements in jobs and car sales before we see a flourishing housing recovery this time.
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