Regarding ny"s housing decline..you aint seen nothing yet! (Florida: sales, real estate market)

[56 Fighter]

Originally Posted by propain

http://www.city-data.com/forum/real-...nsecutive.html

Well, that thread discusses how there should be an increase due to seasonal influences - people buy during these months and if it were negative we'd be in a lot more trouble than we already are!

There's also the first time homebuyer tax credit causing movement that is not sustaining.

Then there's the article within that thread refuting the validity of pending home sales in the first place: Are “Pending Home Sales� Real? - Realty Check with Diana Olick - CNBC.com

LOL

[LongIslandCitizen]

Originally Posted by propain

http://www.city-data.com/forum/real-...nsecutive.html

I would hardly call it a rebound. Sure homes are selling, and sure it's springtime which is typical for sale activity rising but home prices are still falling. Short sales and foreclosures are still rising (which account for many of these sales), people are still losing jobs, obama still has about 4 years left, and another wave of defaults in addition to the credit card tsunami is about to hit.

I don't see anything to be positive about....unless your a buyer.

[56 Fighter]

Originally Posted by propain

There is always more than one article. There is always more than one opinion. The problem is you think YOU have the correct one. Im sorry Sparky, that’s not how it works.

For some reason you have deluded yourself into thinking not only is the opinion you have yours, which its not, but it’s the only one AND the correct one. Sorry junior, there are many who think quite the opposite about the current situation. You just refuse to acknowledge it because it doesn’t serve your agenda.

So keep posting the articles from Canada about how the housing market has stabilized LOL

I'll stick with the real estate experts who say the low point will be next year and that the market will stagnate through 2013.

[56 Fighter]

Originally Posted by LongIslandCitizen

I would hardly call it a rebound. Sure homes are selling, and sure it's springtime which is typical for sale activity rising but home prices are still falling. Short sales and foreclosures are still rising (which account for many of these sales), people are still losing jobs, obama still has about 4 years left, and another wave of defaults in addition to the credit card tsunami is about to hit.

I don't see anything to be positive about....unless your a buyer.

Spot on... excellent post. Rep points for you!

[zulu400]

About the article....
Its a good thing that we understand that the "numeric sales" went up and not the "prices".
It mentions how sales went up BECAUSE of falling prices, and that was April. If the trend continues, its a good thing.... prices falling and sales increasing.... then sometime in the future the inventory will get back to normal values.

Post April.... interest rates went up.... so if you want to make a sale, then prices have to go down even further for the same buyers to afford it. So if anyone thinks prices have stabilized... good luck if you are a seller !!

Usually higher interest rates is okay if there is no glut of inventory, so there will always be a demand and the prices may stay flat or even appreciate, but in the current scenario.... I think we have some ways to go till that happens

[djdairyp]

Originally Posted by propain

http://www.city-data.com/forum/real-...nsecutive.html

More propaganda from the NAR in an almost 1 month old article. Anytime Lawrence Yun is quoted, you know there is trouble.

As is your common complaint, this article does not reference LI. Many of these sales are most likely in CA which has taken massive hits, is rife with short and foreclosure sales and actually is much more in line with affordability. NY is less affordable than CA now due to CA's massive bubble deflation.

here are about 50 articles from various sources over the last few days which go the other way

USA Housing Market News, Home Price Date, Real Estate Value Charts: US Housing Update

Housing Crash Continues, Bubble Pops

[zulu400]

Originally Posted by LongIslandCitizen

I would hardly call it a rebound. Sure homes are selling, and sure it's springtime which is typical for sale activity rising but home prices are still falling. Short sales and foreclosures are still rising (which account for many of these sales), people are still losing jobs, obama still has about 4 years left, and another wave of defaults in addition to the credit card tsunami is about to hit.
I don't see anything to be positive about....unless your a buyer.

I agree with you.... when do you think a lot of the 5 year arms that we taken in 2004-2006 reset ?? .... unless the job scenario improves real quick.... a lot of those ARM's will be also known as foreclosures !!

[propain]

Originally Posted by zulu400

About the article....
Its a good thing that we understand that the "numeric sales" went up and not the "prices".
It mentions how sales went up BECAUSE of falling prices, and that was April. If the trend continues, its a good thing.... prices falling and sales increasing.... then sometime in the future the inventory will get back to normal values.

Post April.... interest rates went up.... so if you want to make a sale, then prices have to go down even further for the same buyers to afford it. So if anyone thinks prices have stabilized... good luck if you are a seller !!

Usually higher interest rates is okay if there is no glut of inventory, so there will always be a demand and the prices may stay flat or even appreciate, but in the current scenario.... I think we have some ways to go till that happens

Sales are higher because we have already seen a correction and a drop of 20% or more in most areas. The reason sales are up is people are buying in now because they feel we are at or close to bottom.

I do feel we will see further decreases in some areas of about 5-10%. That along with many incentives 1st time home buyers should do well.

If interest rates increase and inventory goes down we could see many people price themselves out of the market quite fast.

[56 Fighter]

Originally Posted by djdairyp

More propaganda from the NAR in an almost 1 month old article. Anytime Lawrence Yun is quoted, you know there is trouble.

As is your common complaint, this article does not reference LI. Many of these sales are most likely in CA which has taken massive hits, is rife with short and foreclosure sales and actually is much more in line with affordability. NY is less affordable than CA now due to CA's massive bubble deflation.

here are about 50 articles from various sources over the last few days which go the other way

USA Housing Market News, Home Price Date, Real Estate Value Charts: US Housing Update

Housing Crash Continues, Bubble Pops

Great post! However the authors of those articles are just disgruntled because they cannot afford a cape in Massapequa. They have no credibility!

[56 Fighter]

Originally Posted by propain

Not from what I’ve seen. You are a half wit. A mental midget, compared to me. Don’t burn yourself later at Burger King. Maybe if you move up to fries you can buy a home some day!

Great post - more insults. Please keep them coming. Be right back, gotta flip the burgers!