Doesn't it seem like EVERYONE should now know that 1) housing is overvalued, WAAAYYY overvalued, 2) only a fool wouldn't sell their home at these highs 3) it's dropping and 4) there are no buyers
Denial? Ignorance? Hard-headedness? What would keep people 1) buying houses or 2) not selling and renting?
You can fool some of the people all of the time, and all of the people some of the time, but you can't fool all of the people all of the time
Mortgage rates are at their highest in more than two years, and many home owners concerned that the real estate boom may finally be fading seem to have reason to worry, according to Vera Gibbons of Kiplinger's magazine.
"There is evidence of a cooling going on nationwide," she tells The Early Show co-anchor Julie Chen. "Median prices are falling some, inventory is up, rents are up, mortgage applications are down and if you look around, you probably see more signs for open houses, something that wasn't necessary just a couple of months ago. And more of those 'price reduced' signs as well, particularly in the luxury market.
"What's been happening, specifically, over the past couple of months is you have all these people putting their homes on the market. Investors and individuals alike are testing the market to some degree to see if they can cash out and get out while the going's good. That is pushing inventory up.
November 14, 2005
Cash out and get out while the going's good
Subscribe to:
Post Comments (Atom)
3 comments:
The Bubble is real. Mass foolishness.
I just watched a very good documentary on Las Vegas. There was movie footage of people watching the atomic bomb tests and brushing off the radio active dust from the bomb fallout. Everyone was very secure that all was OK and simply went back to the slot machines and black jack tables.. Ug Ug Ug.
Ms. Gibbons stated the following. Still pumping homes for sale. Here is Ms. Gibbons;
"If you are looking to buy, it's still a good time to buy because rates, while they have been edging up, are still low, a little over 6 percent and, if you wait, rates are going to be higher and you could price yourself out of the market. It's a good time to buy now, too, because sellers are getting a little anxious, winter is coming up, it's a very slow season and sellers may we more inclined to give you a better price, certainly better than what was going on in the summertime."
what won't realtors say to sell a house?
and why do we still have realtors? Isn't the internet supposed to get rid of middlemen like them?
Bernanke Vows to Run Fed Free of Politics
Tuesday November 15, 10:39 am ET
By Jeannine Aversa, AP Economics Writer.
Writer Jeannine Aversa in her article about Bernanke writes:
"Bernanke, if confirmed as expected, will take on the Fed at a time when the economy faces a number of challenges, including bloated budget and trade deficits, worries about whether the high-flying housing market will make a safe landing, fears about high energy prices and if they'll feed inflation and concerns about the lackluster jobs market."
So now an AP writer suggests that the Fed Chairman's responsibilities includes a safe landing of the "high-flying housing Market" (her words).
If so, that is a giant leap in the Fed's behavior. Where was the Fed when these outrageous price hikes in homes took place over the past 5 years.
My take is no Fed decision can stop this "Burn and Crash" of the Real Estate Housing Bubble. 41cadillac
Post a Comment