[gulfer]

Does the 8,000 government give away to those buying homes before the end of November have anything to do with this? A lot of TV/Radio/Internet talk tend to believe that these numbers while no doubt show increase buying, believe that it is proped up by Government kickbacks if you were.
What happens when that is gone? Actually, I think they'll re-new and expand but I am definately not qualified to speak as a subject matter expert on this one.
The good news, some homes are definately selling. The bad news, people are having a very difficult time finding work, foreclosures are allowing homes to remain off the books but they aren't getting any mortgage payments, and overall times are tuff for a lot of people.
I wish we could fast forward a few years and put all this behind us, but I think we as Americans, had to learn a lesson about spending, saving, charging, etc... first. Did we? I know I have and look at things much different.

[olecapt]

Originally Posted by gulfer

Does the 8,000 government give away to those buying homes before the end of November have anything to do with this? A lot of TV/Radio/Internet talk tend to believe that these numbers while no doubt show increase buying, believe that it is proped up by Government kickbacks if you were.
What happens when that is gone? Actually, I think they'll re-new and expand but I am definately not qualified to speak as a subject matter expert on this one.
The good news, some homes are definately selling. The bad news, people are having a very difficult time finding work, foreclosures are allowing homes to remain off the books but they aren't getting any mortgage payments, and overall times are tuff for a lot of people.
I wish we could fast forward a few years and put all this behind us, but I think we as Americans, had to learn a lesson about spending, saving, charging, etc... first. Did we? I know I have and look at things much different.

In Las Vegas I think a small impact. Below the median it is mostly cash. It has effectively become impossible for an owner occupant to finance below 100K. They simply get out bid by the investors. Recently even HUD listings are refusing FHA financing leaving only VA or conventional for financing below the median. Above the median I am sure the 8K has some impact but I doubt it will change the market.

What we really need is the tourist number to turn up...getting closer...maybe by spring.

[jaunespinoza]

If you want to see how much the government printing presses and the Chicago Mafia are helping the housing market; please tune into the CBS evening news tonight. Maybe you can watch it on the Internet. According to a report by them; for every successful loan modification; there are two more foreclosures. Keep in mind that half of those receiving modifications will eventually default.
Go ahead and bite on that sense of urgency bait your realtor is trolling with, but please don't put down any more ugly paint and tile, there is plenty of that already out there.

[olecapt]

Originally Posted by jaunespinoza

If you want to see how much the government printing presses and the Chicago Mafia are helping the housing market; please tune into the CBS evening news tonight. Maybe you can watch it on the Internet. According to a report by them; for every successful loan modification; there are two more foreclosures. Keep in mind that half of those receiving modifications will eventually default.
Go ahead and bite on that sense of urgency bait your realtor is trolling with, but please don't put down any more ugly paint and tile, there is plenty of that already out there.

The problem with loan modifications is well known. They don't modify the principal. It will be rare that fixes the problem for a seriously underwater home owner. May defer it...but it will still bite eventually.

You are not objecting to the publishing of the Las Vegas actuals are you? Hard to be dumb enough to define that as trolling.

[airics]

think about this... they should not adjust the principles, if they do,they have to do it for everyone... if they only adjusted for the defaulters and those in foreclosure, you can bet your a**, im walking.

[olecapt]

Originally Posted by airics

think about this... they should not adjust the principles, if they do,they have to do it for everyone... if they only adjusted for the defaulters and those in foreclosure, you can bet your a**, im walking.

True..but then they do short sales which are in fact a principal reduction.

Or they force a foreclosure which is also a principal reduction.

I would think they might offer a principal reduction modification in the same context as a short sale.

Note that the resistance to short sales appears to be vanishing. The present outlook is that shorts are swiftly become a big part of the market. One local exec claimed the big guys have increased short sale staff by factors of four or five in recent months.

[jaunespinoza]

....of course, they had been working as loan modification specialists. How many short sales are marked as pending?

[tony soprano]

Originally Posted by tony soprano

In any event, when I first looked at the property the list price was $399K. Given my discussion with the listing agent, I'm reasonably confident that an offer of 10% less than list would have closed that deal (with the right FICO score and down payment). That would have put the purchase price at ~$360K. At that time I was still trying to decide whether I wanted to place a large down on a more expensive property and finance the balance, or adjust my price point downwards so I could pay cash.

Ultimately, I decided to pay cash for a less expensive place, but I continued to keep an eye on #913067. About 4-5 weeks after I looked at it, the list had been lowered to $379K, IIRC. It sat there for another 4-6 weeks before the list was lowered again to ~$355K, where it finally went under contract. So who got the better deal, the person who got it for 10% off of list back in May, or the person who had to pay $5K over list in July? The answer of course is they got it for the same price but one guy gets to say he bought at 10% off list. BTW, I don't know what that property ultimately sold at, I'm just using it as an example. It too, could very well have went for under the $355K list.

Six months later and $55K less than when I first looked at it, it finally closed on October 1 for $344.9K.

[olecapt]

Originally Posted by tony soprano

Six months later and $55K less than when I first looked at it, it finally closed on October 1 for $344.9K.

Down less than 20K from its inital sale in January 2002.

[tony soprano]

Originally Posted by olecapt

Down less than 20K from its inital sale in January 2002.

And yet it's the original purchaser that defaulted.