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Old 09-24-2007, 06:23 AM
 
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 6,496,651 times
Reputation: 1721

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Bloomberg.com: News

"Americans may be disappointed that the Federal Reserve's interest rate cut won't translate into lower monthly mortgage payments and a revival of the housing market."

``Mortgage rates won't stimulate demand,'' said Scott Anderson, senior economist at Wells Fargo & Co. in Minneapolis. ``The Fed may be a little impotent here because what caused this housing crash was overpriced housing, not mortgages.''
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Old 09-24-2007, 07:13 AM
 
Location: Worldwide
412 posts, read 1,027,591 times
Reputation: 322
Quote:
Originally Posted by baystater View Post
Bloomberg.com: News

"Americans may be disappointed that the Federal Reserve's interest rate cut won't translate into lower monthly mortgage payments and a revival of the housing market."

``Mortgage rates won't stimulate demand,'' said Scott Anderson, senior economist at Wells Fargo & Co. in Minneapolis. ``The Fed may be a little impotent here because what caused this housing crash was overpriced housing, not mortgages.''
Add to that list loss of jobs and consumer confidence. It's gonna take more then 50 bases points but it's a start. The over pricing in my area is starting to correct it's self, but with the past over pricing comes the over priced mortgage which stalemates many home seller's from being able to sell and pay off the current mortgage. And the cycle continues.
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Old 09-25-2007, 09:42 AM
 
Location: Lompoc,CA
1,318 posts, read 5,264,756 times
Reputation: 1529
Quote:
Originally Posted by baystater View Post
Bloomberg.com: News

"Americans may be disappointed that the Federal Reserve's interest rate cut won't translate into lower monthly mortgage payments and a revival of the housing market."

``Mortgage rates won't stimulate demand,'' said Scott Anderson, senior economist at Wells Fargo & Co. in Minneapolis. ``The Fed may be a little impotent here because what caused this housing crash was overpriced housing, not mortgages.''
Oh yeah! In total agreement. Wish the sellers in some of these
places would just take the blinders off.
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Old 09-25-2007, 03:24 PM
 
Location: Marion, IN
8,189 posts, read 31,194,199 times
Reputation: 7344
Quote:
Originally Posted by Greenchili View Post
Oh yeah! In total agreement. Wish the sellers in some of these
places would just take the blinders off.
Many sellers here are only asking to break even. Not too many can afford to pay the difference.
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Old 09-25-2007, 05:16 PM
 
Location: Lompoc,CA
1,318 posts, read 5,264,756 times
Reputation: 1529
Quote:
Originally Posted by Evey View Post
Many sellers here are only asking to break even. Not too many can afford to pay the difference.
Wasnt talking about sellers here on the forum,just in general. I know in
my neck of the woods,people still think they are going to make some
huge profit. Just isnt happening,unless they bought years and years
ago.
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Old 09-25-2007, 07:24 PM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,679,682 times
Reputation: 3722
Quote:
Originally Posted by Evey View Post
Many sellers here are only asking to break even. Not too many can afford to pay the difference.
Those sellers you are talking about most likely bought at the peak in '05 or very close to it. Looking back it was a terrible choice to buy at that time. Now the market is correcting and unfortunately there will be a lot of bagholders for those looking to sell.
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Old 09-26-2007, 03:49 AM
 
Location: the best coast
718 posts, read 2,684,986 times
Reputation: 225
speaking of over priced housing, i was reading an article that noted that lenders are resistant to taking low ball offers for FORCLOSED HOMES. i love how the real estate industry (and those who got fat from it) are destroying themselves. The greed shinning through on properties that no one will buy is funny.
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Old 09-27-2007, 04:12 AM
 
Location: Cary, NC
2,407 posts, read 10,667,352 times
Reputation: 1380
Quote:
Originally Posted by skatealoneskatetogether View Post
speaking of over priced housing, i was reading an article that noted that lenders are resistant to taking low ball offers for FORCLOSED HOMES. i love how the real estate industry (and those who got fat from it) are destroying themselves. The greed shinning through on properties that no one will buy is funny.
I've seen this. Banks fuddle around with the paperwork and reject bunch of decent offers and are stuck with these foreclosed homes. And they are the professional money men? I don't know whether to laugh or be scared.
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