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It's a no-brainer that it is more difficult to get loans today than it was yesterday, especially when buying land. You need close to a perfect credit score or a nice down payment to get the land. Regarding homes, I know that my wife and I could not buy our house today if we tried. Our rate would be too high and we could not afford the house payment. I'm just happy with the rate we got last year. But no, there is no problem with the market. Everything is hunky dory.
I hear you, and totally agree. However, the current state of things does not upset me because I view it as the market righting itself, something that was way overdue in certain places.
Location: Wherever it is, I am sure it is cosmopolitan
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Quote:
Originally Posted by lovesMountains
I hear you, and totally agree. However, the current state of things does not upset me because I view it as the market righting itself, something that was way overdue in certain places.
I agree, the market is adjusting itself. I am glad I did not buy a home at an over-inflated price so that this readjustment won't kill me when I go to sell!
I have been very active in this thread because it really irks me when some in the biz deny that there are ANY issues going on that could affect buyers and sellers in a real way. I am all about preparation and reality you know
I hear you, and totally agree. However, the current state of things does not upset me because I view it as the market righting itself, something that was way overdue in certain places.
Oh I'm not upset about it and will be the first to admit that these trends usually hit Charlotte last because we have such a strong market here. But things are not what they were 5 years ago. Shoot, just prior to 9/11, they were putting people in houses on 2/1 buydowns starting at 3.5%. Now THAT'S a buyers market. At any rate, sure the market is correcting itself, but to deny there is nothing up, er down, with the market is either ignorant or deceitful.
Um, Alan Greenspan said a recession is coming if we cannot turn things around....NOT me. He has been saying this for the last 7 months.
You are hilarious....
"In his best-selling book, Alan Greenspan describes how well he managed the economy during an "age of turbulence." Unfortunately, he's largely responsible for the current dose of it. As chairman of the Fed, Greenspan took the federal funds rate down to 1% in 2003 and left it there for a year. Even as the Fed began raising rates, Greenspan's exceptionally low interest rates "planted the seeds for the housing bubble," says Robert Rodriguez, a money manager at First Pacific Advisors who saw the emerging subprime mess early on and has managed to dodge most of it so far."
BTW if ya like Greenspan...he said "forecasting is as good or as bad as it was fifty years ago, and it's because of human nature", He can't predict and has admitted that - when will you?
Location: Wherever it is, I am sure it is cosmopolitan
674 posts, read 803,926 times
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Glad your google is working. Nothing in your post changes the fact that the housing market is slumping nationwide, Charlotte is not immune to ripple effects, and that you have the nerve to think you are smarter than the Fed Chair and Alan Greenspan.
We'll let your posts stand on their own and let the people decide.
The market is correcting itself, but for folks to proclaim that we Realtors are trolling as they spew bad news and poor information when we WORK in this field, have access to proprietary information, represent clients, and broker deals while they armchair is a disservice to the public who rely on us for accurate info. All agents aren't perfect, I'm not by any means; however, I can give accurate relevant stats and information and do not misrepresent or make blanket statements about things I'm not qualified to render an objective opinion about.
Again, anifani is giving correct information on how the mortgage lenders will be tightening the reigns on lending in the coming years. You are way behind.
Lenders have been tightening the reigns and eliminating programs overnight for months, welcome to Real Estate.
I agree, the market is adjusting itself. I am glad I did not buy a home at an over-inflated price so that this readjustment won't kill me when I go to sell!
I have been very active in this thread because it really irks me when some in the biz deny that there are ANY issues going on that could affect buyers and sellers in a real way. I am all about preparation and reality you know
This is my point, too. And I also agree w/ LovesMtns - that the market needed to adjust itself in many areas, but here in CLT - the square footage prices indicate that historically, the market has not been greatly inflated.
My other concern is that foreclosures are on the rise b/c the average homeowner did not understand that his/her variable rate loan was going to adjust itself . . . or they took at 100% loans . . . or signed (god help us all) interest only loans . . .
So when I hear someone say - oh big deal - there are loans out there that a person can qualify for that don't require a FICO score over 700 (actually - the experts are saying - 750 to get the best rates right now) - it really really concerns me. I am a consumer advocate.
Further, foreclosures do affect property appraisals and that means - you and me. The best advise re: home ownership is . . . if you are buying, do it for the longterm and not to flip. Interest rates are going UP.
Anyone out there had to buy a house in the 80s when the rates were at 13%????
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Market adjustment is part of it
