Price of new homes going up! (mortgage, credit rating, loan)

[mm34b]

Originally Posted by RedNC

I mean what is the point of newspapers if it isn’t reporting the news?

Selling newspapers!

They can always print a retraction on the back pages if they don't get it right the first time. My local paper prints retractions almost every day, waaay in the back, of course.

[RedNC]

Originally Posted by mm34b

Selling newspapers!

They can always print a retraction on the back pages if they don't get it right the first time. My local paper prints retractions almost every day, waaay in the back, of course.

I guess you’re right, but I see more and more of those newspapers that post-bogus stories are loosing readership.
But that’s another topic and an incorrect story about home sales probably wont effect sales one way or another.

[NC little foot]

Originally Posted by dirtykj

I now believe that prices won't fall quickly in the next few month, but for a different reason.

I feel that the sellers who are holding out at unrealistic prices (disregarding comps) are doing so because they (or a significant number of them) have taken out equity in their homes to afford the kind of lifestyles they enjoyed in the recent years. As such they cannot afford to lower the asking price much before they have to bring serious amount of money to the table when they sell. An alternative to that is a short sale, but then they will get a rude awakening in the form of IRS 1099. So, for people who have HELOC'd a significant chunk of their equity, there's no choice for them but wait.

Except that waiting will bring the inevitable foreclosures.

But, foreclosures take time. That's why I now think that prices will not be dropping like lead balloon any time soon.

Go ahead, give me another red dot You know you want to.

Yes, I STILL want to build in NC. But, I'm still waiting

After reading that I gave you a GREEN DOT. I had a -69 red dots. LOL

[mm34b]

Originally Posted by RedNC

I guess you’re right, but I see more and more of those newspapers that post-bogus stories are loosing readership.
But that’s another topic and an incorrect story about home sales probably wont effect sales one way or another.

Especially, considering that most folks no longer get news from newspapers anymore. Just over the past 60 years we went from daily newspapers to nightly TV news broadcasts to 24-hour cable TV news to Internet based news. I wouldn't say the news is bogus, I would just describe it as less than accurate. We would rather know what is happening than what has happened. Accuracy has been replaced by speed.

By the way, the CNNMoney story I posted earlier began life as a press release written and issued by the National Association of Realtors. So much for independent news.

[a1m1700]

Originally Posted by RedNC

Aren't the newspapers supposed to verify the facts before publishing the "facts"?

Not the Arizona Republic.

[VickiR]

Originally Posted by RedNC

How were the sales in the other real estate offices? Did they also have the best month this year?

From what I understand...my company had the best month, including Raleigh, Cary and Durham. From what I have heard from other companies...their month was equally good but I have no way of verifying their numbers. I just know that I had tons of clients and more kept coming!

As for the newspaper verifying its facts...we call it The NO news and DIS turber!

A very long time ago...when I first went to RE school (ok, so I was only 10)...the teacher told us that our government would never allow the housing market to go down. If the housing market were to crash...imagine the people that would lose so much. Well...makes ya wonder...Vicki

[shannon94]

Originally Posted by VickiR

From what I understand...my company had the best month, including Raleigh, Cary and Durham. From what I have heard from other companies...their month was equally good but I have no way of verifying their numbers. I just know that I had tons of clients and more kept coming!

As for the newspaper verifying its facts...we call it The NO news and DIS turber!

A very long time ago...when I first went to RE school (ok, so I was only 10)...the teacher told us that our government would never allow the housing market to go down. If the housing market were to crash...imagine the people that would lose so much. Well...makes ya wonder...Vicki

OK...and what exactly do you think they meant by that? Discuss.

[mm34b]

Originally Posted by VickiR

A very long time ago...when I first went to RE school (ok, so I was only 10)...the teacher told us that our government would never allow the housing market to go down. If the housing market were to crash...imagine the people that would lose so much. Well...makes ya wonder...Vicki

Didn't the housing market go bust during the time period of the Ford and Carter administrations? I seem to remember interest rates being sky-high to the point where the average consumer could not no longer afford to finance anything substantial.

[shannon94]

Originally Posted by mm34b

Didn't the housing market go bust during the time period of the Ford and Carter administrations? I seem to remember interest rates being sky-high to the point where the average buyer could not no longer afford to finance anything substantial.

And that wasn't the only one..........

[VickiR]

I actually worked in RE in the early 90s and even though the interest rate was 14%, I sold a bunch of houses.

I think when you say the housing market crashing...I think they mean that a $125,000 will no longer be worth $125,000 but almost worthless. Now I've lived in Raleigh/Cary for over 25 years and I have NEVER seen the price of any house go DOWN.

Vicki