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Interesting article about the potential effects of the lowed int erst rate that recently took place as it relates to the housing market. It will have a positive effect on those with Home Equity and Credit card debit which should put more money into the economy over time. The downside is fixed rate mortgage may be going up over time.
As far as the other negative effect..... I saw a post over on the mortgage forum that mentioned how standards were loosening and some of the crazy programs like the 40 year term are back (well crazy to me). I surely hope some of us learn from our mistakes!
As far as the other negative effect..... I saw a post over on the mortgage forum that mentioned how standards were loosening and some of the crazy programs like the 40 year term are back (well crazy to me). I surely hope some of us learn from our mistakes!
I am seeing some scary articles that are not sensationalized. Even Greenspan said today there is a lot more decline to come in housing prices. Some feel the fed saw something that spooked them and thats why they made such a large cut and indicated they would make more.
They really seem concerned about housing triggering a major recession. Maybe Shiller is right?
I am seeing some scary articles that are not sensationalized. Even Greenspan said today there is a lot more decline to come in housing prices. Some feel the fed saw something that spooked them and thats why they made such a large cut and indicated they would make more.
They really seem concerned about housing triggering a major recession. Maybe Shiller is right?
Oh no not here in Raleigh the triangle!!!
Oh we did not have a bubble! Yea right, 700K homes in North Raleigh and cary!!
Please this area is ripe for a correction. The low end will be fine, but the people who moved down here and put 3 4 and 500K on 7 and 800K homes are in trouble if they need to sell anytime soon or for that matter in the next 3 years.
Isn’t the problem that some people can’t afford their present home if they’re forced to lock in to a fixed rate loan and their ARM is about to readjust? I seem to recall hearing that’s why there were so many foreclosures last month and pundits predict things are only going to get worse. If so then this is a national dilemma not just something that faces Raleigh, Durham or Chapel Hill.
Oh we did not have a bubble! Yea right, 700K homes in North Raleigh and cary!!
Please this area is ripe for a correction. The low end will be fine, but the people who moved down here and put 3 4 and 500K on 7 and 800K homes are in trouble if they need to sell anytime soon or for that matter in the next 3 years.
The concern is with California, Florida, North East which has a much higher housing cost and contributes a significant percentage to consumer spending which is right now driving much of the economy.
I think the commercial paper market scared the fed, they seem to be unconcerned about inflation or the value of the dollar...there are probably a few more bodies waiting to surface in the whole subprime mess....
Isn’t the problem that some people can’t afford their present home if they’re forced to lock in to a fixed rate loan and their ARM is about to readjust? I seem to recall hearing that’s why there were so many foreclosures last month and pundits predict things are only going to get worse. If so then this is a national dilemma not just something that faces Raleigh, Durham or Chapel Hill.
But the brokers and people that see only the positve side of the market have been poopooing the issue. sayin oh we never had a bubble! What I have been saying is that bubble or not the people who are trying to move here CANNOT because they CANNOT sell in NY, NJ, CA, FL, CT or anyother area that was in BUBBLE LAND!!
I think the commercial paper market scared the fed, they seem to be unconcerned about inflation or the value of the dollar...there are probably a few more bodies waiting to surface in the whole subprime mess....
Just wait until the PESO is on par with the dollar! The Loon from Canada is now EQUAL to the Dollar!!
The concern is with California, Florida, North East which has a much higher housing cost and contributes a significant percentage to consumer spending which is right now driving much of the economy.
Yes the place I came from in 06 april. New Jersey. The house I sold for 520K in April of 06 is now listing for 410K and sitting for the past 9 months!!! Yep the people who bought my place need to move for some reason and are in deep DooDoo!
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Bubble states in big trouble...
