Posted on 02/22/2017 7:28:00 AM PST by scooby321
U.S. home resales surged to a 10-year high in January as buyers shrugged of higher prices and mortgage rates, a sign of growing confidence in the economy.
The National Association of Realtors said on Wednesday existing home sales jumped 3.3 percent to a seasonally adjusted annual rate of 5.69 million units last month. That was the highest level since February 2007.
(Excerpt) Read more at foxbusiness.com ...
Do we ever get tired of winning?
Ten years, huh? That means as high as it was just before the last crash.
I think Trump’s great and all, but if this whole thing is propelled by faith, well, faith is fleeting.
I live in South coastal NJ in a retirement community. the market here is on fire with listed homes typically drawing multiple bids and selling in a matter of 2-4 weeks.
A friend up the street just sold his place and he is looking to buy a place closer to his kids up in the Ossining NY area and he is finding that market to be hotter yet despite it’s sky high taxes.
We are getting ready to list our place and move to our place on the Cape (Cod) and the timing could not be more perfect.
I love my new President!
Ten years, huh? That means as high as it was just before the last crash.
I think Trump’s great and all, but if this whole thing is propelled by faith, well, faith is fleeting.
***********************************************************
The market is driven by supply and demand as it always has been. The crash was caused by loose lending regs which allowed people who had NO business buying a home to in fact buy one. Then these same regulations allowed these people to refinance every few months and take their equity out of the house as the values rose. The crash happened when these people could no longer recast their adjustable rate mortgages (ARM)and were forced to pay large monthly payment increases.
The lending regs have been tightened very considerably and what happened in the past will not happen in that same way again. As soon as the homes available matches the demand for those homes prices will level off. The markets work every time if allowed too perform.
Baby boomers are retiring in massive numbers now.....................
Actually, they’ve loosened again recently. It’s why I’ve been watching for this. I don’t have time to look up links, but am just sharing the background from where my post was coming.
Heck, I didn’t realize how easy it would be to find. Check out this information:
Bubble
My neighbor just sold her house in 4 days. And her house is one that absolutely had to have the right people looking for it. 4 bedroom with a game room. Too big for a lot of families.
Dodd-Frank required banks to make a good faith effort to verify the borrowers ability to repay the loan. Those requirements look to be on their way out.
When the illegals start leaving there will be a surplus of vacant houses and prices will fall. This will give us chances to buy nice houses for less.
History repeats itself.. esp w the fed reserve political hack globalists. It might not be entirely Trumps fault.
I don’t blame him at all. When he was elected I thought it was great, but I’ve said for a while now that our problems are beyond a human solution. But at least we don’t have to suffer under the insanity of a hillary and empowered loony left.
Very little loosening and by very few lenders.
Not so much
Median credit score at origination is still above 760. It was down around 720 when the crisis hit.
https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2016Q4.pdf
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.