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Very true. just used a straight line correlation between oil and gas prices in the triangle in spring 07. Even the wizards in Las Vegas can't predict what gas prices will be in spring 08.
But IF the price of crude is in the 100 range this spring which at this point seems a good bet as you posted before 5 to 6 dollar a gallon gasoline will bring a recession. Homes in far out suburbs will suffer , the places like johnston county clayton could I say could be real slow. Why would you move there to commute to RTP? OR downtown Raleigh? With gasoline at those prices?
Should be interesting to watch. I for one would have a spending freeze for this XMAS in my household. Nothing big at all. Pay off ALL revolving debt, no credit card debt people, get rid of those big balances. Just have a fixed rate mortgage. Pay cash for what you buy. And IF you have a vehicle that gets mileage under 20 those suvs or pick ups, I would trade those babies in today and buy a honda civic or toyota corrolla without the bells and whistles, if you have kids get the 4 door models!
Remember what all the real estate agents say about Zillow ... ZILLOW ZILLOW ZILLOW IS WRONG WRONG WRONG.
Except if Zillow tracks price increases, at which point it's extremely accurate and telling of a healthy housing market.
Also interesting that people say triangle housing hasn't been bublicious like other areas of the country, yet certain neighborhoods here have seen their values go up 20+% in one year. I would say those estate home neighborhoods are in for a huge wake up call. The Fed's attempt at socialism through rate decreases (restributing money from responsible savers to irresponsible borrowers through inflation) is outrageous. The only way to bypass the Fed is to not save in dollars anymore, which is a shame.
Except if Zillow tracks price increases, at which point it's extremely accurate and telling of a healthy housing market.
Also interesting that people say triangle housing hasn't been bublicious like other areas of the country, yet certain neighborhoods here have seen their values go up 20+% in one year. I would say those estate home neighborhoods are in for a huge wake up call. The Fed's attempt at socialism through rate decreases (restributing money from responsible savers to irresponsible borrowers through inflation) is outrageous. The only way to bypass the Fed is to not save in dollars anymore, which is a shame.
Ya got that one right. Doen't it pi$$ anyone off that some person who had no business getting a loan and paying 45 to 50 or higher percent of income with a balloon or adjustable rate mortgage who is in trouble should get a bailout? Yea yea I know when these people are in your neighborhood wouldn"t it be better if their terms were changed instead of a foreclouser? ...
But IF the price of crude is in the 100 range this spring which at this point seems a good bet as you posted before 5 to 6 dollar a gallon gasoline will bring a recession. Homes in far out suburbs will suffer , the places like johnston county clayton could I say could be real slow. Why would you move there to commute to RTP? OR downtown Raleigh? With gasoline at those prices?
Should be interesting to watch. I for one would have a spending freeze for this XMAS in my household. Nothing big at all. Pay off ALL revolving debt, no credit card debt people, get rid of those big balances. Just have a fixed rate mortgage. Pay cash for what you buy. And IF you have a vehicle that gets mileage under 20 those suvs or pick ups, I would trade those babies in today and buy a honda civic or toyota corrolla without the bells and whistles, if you have kids get the 4 door models!
Except if Zillow tracks price increases, at which point it's extremely accurate and telling of a healthy housing market.
Also interesting that people say triangle housing hasn't been bublicious like other areas of the country, yet certain neighborhoods here have seen their values go up 20+% in one year. I would say those estate home neighborhoods are in for a huge wake up call. The Fed's attempt at socialism through rate decreases (restributing money from responsible savers to irresponsible borrowers through inflation) is outrageous. The only way to bypass the Fed is to not save in dollars anymore, which is a shame.
+1!
Couldn't be more true! Wiser words were never said.
Couldn't be more true! Wiser words were never said.
I've got one better than my recycled statement.
"I'd put my faith in gold over a politician with a printing press"
Since the Fed's creation in 1913, the dollar has lost over 95% of its value. Inflation never existed before a Fed and the country never had a recession or depression before 1913. Allowing government or a government backed bureaucracy to control the value of money has always led to disaster, similar to the former Soviet Union's price controls on bread to price controls on gas in America in the 70's.
Call it old fashioned, but I don't think money should not be considered "perishable". It is simply a medium of exchange for goods and services and a superior method versus a barter system, and not meant to be the tool by which to control the masses by some elitists in Washington.
I also hear that Citigroup's CEO is expected to resign (after Merrill's CEO departed the other day) and Deutsche Bank is expected to announce $10B in losses. If this isn't a sign that credit is going to be drying up BIG TIME, I don't know what is.
I also hear that Citigroup's CEO is expected to resign (after Merrill's CEO departed the other day) and Deutsche Bank is expected to announce $10B in losses. If this isn't a sign that credit is going to be drying up BIG TIME, I don't know what is.
Thanks for the compliments, however.
Yeah, the CitiBank board has called an emergency meeting this weekend to try to figure out how much of a hit they are going take in this mortgage mess and hopefully get rid of the CEO that is trying to cover up the losses. I am looking at them to take a hit of 60-100 Billion. My bet would be it's going to be towards the higher end of the range.
But IF the price of crude is in the 100 range this spring which at this point seems a good bet as you posted before 5 to 6 dollar a gallon gasoline will bring a recession. Homes in far out suburbs will suffer , the places like johnston county clayton could I say could be real slow. Why would you move there to commute to RTP? OR downtown Raleigh? With gasoline at those prices?
Should be interesting to watch. I for one would have a spending freeze for this XMAS in my household. Nothing big at all. Pay off ALL revolving debt, no credit card debt people, get rid of those big balances. Just have a fixed rate mortgage. Pay cash for what you buy. And IF you have a vehicle that gets mileage under 20 those suvs or pick ups, I would trade those babies in today and buy a honda civic or toyota corrolla without the bells and whistles, if you have kids get the 4 door models!
Throw in an AMEN....I'm right with you. Have a speech ready for the family at T-DAy that we all really have what we NEED so Christmas exchange will be minimal with time spent together being more important (along with lots of goodies). I have already battened down the financial hatches in anticipation of a recession coming up....and for those that have been following along closely, it is inevitable. You can not have energy prices skyrocketing coupled with a housing market that ran out of control for how many years not bring the economy to s-s-s-s-screeching halt when those increases caught up with everyone's pocketbooks....we are a nation in debt and it will take a while to climb back out
Correction to the posting that said the Governors Row new homes community in Cary originally started in the $800's and now has dropped the prices to the $600's-$700's. This is not true at all. The prices always started from the $600's and went up from there. The pending listings that are in the $800's are for homes with finished basements and which have had custom structural additions added.
The active listings on MLS are for new starts. When the listing goes in prior to start of construction, the days on the market start to add up. However, MLS is the best method for helping Realtors find neighborhoods, so its important to list what you have.
The Builder also has met the climate of the current market conditions by fairly pricing the homes, and not raising prices since the neighborhood was introduced in January. There absolutely has not been any backward movement on values and pricing in that neighborhood. The current pricing is reflective of the home sizes (3400-4200 sq. ft.), all brick veneer construction, and long list of included features such as site finished hardwoods on the entire first floor (except for a 1st floor bedroom), 10' ceilings first floor/9' on the second floor, granite in the kitchen/owners bath/powder room, and much more.
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the prices haven't dropped in Governors Row...
