Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Back from a wonderful vacation in this "bad economy" we are all in. Wow, you sure wouldn't know it where we just came from! Peole from all over the US- spending like any other vacation. I know we enjoyed ours! Anyway, just had to respond to this stupid post and comment on what a completely blanket statement! Just curious to know where you got your figures? Perhaps the house you seek is $50-100,000 more than you can afford!!
Perhaps between 2004 and 2006 you sellers just threw $100,000 - $200,000 on top of your price because you knew you could! I remember people scaring everyone by saying "hurry...pay this price or you will be priced out ot the market/state! Everyone went and outbidded on a home that was way over valued....basically shacks. I'm sorry but a "50ft by 100ft lot split level in belleville with bad schools should not be $400,000", 50ft by 200ft lot cape in caldwell with no garage should not be $550,000. Back in 2000 you could get one of those homes between $150,000 to $250,000 and a beautiful center hall colonial with a large .25 acre or more for $500,000. I've looked at the tax/deeds on line and did my research....the home prices went out of control. Peoples job raises have hardly gone up...how does this equal to whats happened. Here we find the people that have to overextend themselves for a nice home they deserve or buy into the insane thought of purchasing a shack just to live comfortably...or better yet have to leave family, friends, home (out of state)...everything they've ever know to keep the greedy mouths full. It was fueled by greed...plain and simple. Now its our turn to get a good price and get things back to where they should be.
And do you find the 7% increase in sales over Thanksgiving weekend compared to last year even the least bit interesting? I wasn't suggesting that the economy was based on OUR prosperity or not, just making a comment that it appears that there are MILLIONS who are having NO PROBLEM spending, vacations, Christmas presents, or whatever! Seems you only want to concentrate on the "bad" and never want to hear about the "good". Our economy will recover MUCH FASTER if there is more of an "attitude" like the ones vacationing and spending as it was over Thanks Giving break! It's called REINVESTING in our NATION! Show me where there has been job losses in the MILLIONS. The biggest "layoff" lately was Citicorp with 50,000. Chicago also had a HUGE job fair a week and a 1/2 ago which GMA convered and held at McCormick place, offereing well over the amount of jobs available than were lost to Citicorp. Still failing to see the positive and the idea that we may be headed towards an economy that has already seen it's worst, arent' you? Have ya filled up your tank with Gas lately? Did you see the stock market gains last week? I know, I know, this is all irrelevant to those that refuse to see things any other way other than we are doomed! And the "resturant theroy" in another thread on this RE forum? We were out Sat. night and had an hour and 1/2 wait for a table! Guess that doesn't mean anything either!
Wait 30 days before celebrating those holiday sales profits. If you read the financial reports today, you'll see sales were actually only up 3%-- and they're cautiously attributing that to the unusually steep discounts that launched the sales season, which will lead to lower overall profits.
Also reported today, credit cards are in deep trouble and some are projecting that consumer credit lines will be cut by up to 45% this year. What do you suppose will happen to the stores and restaurants then.
Have you read what's happening to commercial mortgages? Mall foreclosures? Retail bankruptcies?
Have you read about the record drop in hotel occupancy rates? Hotel foreclosures?
As you're encouraging everyone to go out and spend, spend, spend, do you have any idea what the typical savings account looks like in this country compared to historical norms?
Have you missed that the government is spending record amounts of money to prop up a financial system that is collapsing under its own over-leveraged weight?
As for your job fair, read the story. Illinois is outpacing the national unemployment rate-- which is at a 14 YEAR HIGH. People lined up starting at midnight to be first in line for those jobs. That's desperation.
Jobless line up for hours :: CHICAGO SUN-TIMES :: Business (http://www.suntimes.com/business/1291974,CST-FIN-jobs21.article - broken link)
And seeing as only 60 employers were there, I highly doubt they had more than 50,000 positions to fill. (GMA's own website brags that "dozens" have already been hired as a result of its Atlanta and Chicago fairs. "DOZENS"? Whooopeeee!! The recession is over!!! ABC News: 'GMA' Job Fair Success Stories) My guess is that the VAST majority of the people who attended the Chicago event remain jobless.
Please. Read the reports on CNBC or any other reputable financial source for ONE WEEK and then see if you can come up with more Pollyanna posts.
If you want to keep your head in the sand, that's your prerogative. Insisting that everyone join you there is getting tiresome.
And do you find the 7% increase in sales over Thanksgiving weekend compared to last year even the least bit interesting?
Not really. Even I went out on Friday and spent around $350. The increase could be due to a variety of factors, like people picking up deals at the sacrifice of spending in the next few weeks. More important is what happens this quarter in general.
Quote:
Originally Posted by fairmarketvalue
just making a comment that it appears that there are MILLIONS who are having NO PROBLEM spending, vacations, Christmas presents, or whatever! Seems you only want to concentrate on the "bad" and never want to hear about the "good".
So what? There were millions during the depression spending, going on vacations and spending during Christmas. This isn't "good news" for the economy, it says little about the economy in general other than it hasn't completely collapsed.
Quote:
Originally Posted by fairmarketvalue
Show me where there has been job losses in the MILLIONS.
The biggest "layoff" lately was Citicorp with 50,000. Chicago also had a HUGE job fair a week and a 1/2 ago which GMA convered and held at McCormick place, offereing well over the amount of jobs available than were lost to Citicorp.
Are you serious? Citigroup is one company. Anyhow, job data is published by the government. You realize the unemployment rate is going up right?
Quote:
Originally Posted by fairmarketvalue
Still failing to see the positive and the idea that we may be headed towards an economy that has already seen it's worst, arent' you?
All the data coming out is still negative. Stocks have been zig-zagging for months. As I type they are tanking again.
Although the drop in gas prices is good in some sense, in other its just an indicator that the economy is doing poorly. Gas is dropping because a reduction in demand. But why is demand declining? Because economic activity is declining.
Quote:
Originally Posted by fairmarketvalue
And the "resturant theroy" in another thread on this RE forum? We were out Sat. night and had an hour and 1/2 wait for a table! Guess that doesn't mean anything either!
About the economy? No. And its absurd to suggest it does. All this suggests is that this particular restaurant is doing well.
The funny thing is if someone used this "theory" in the opposite function you'd freak out. Hey, I went to a restaurant a couple of weeks ago and it was empty. Must mean the economy is collapsing!
For whatever reason you are in denial as to what is going on in this country.
Perhaps between 2004 and 2006 you sellers just threw $100,000 - $200,000 on top of your price because you knew you could! I remember people scaring everyone by saying "hurry...pay this price or you will be priced out ot the market/state! Everyone went and outbidded on a home that was way over valued....basically shacks. I'm sorry but a "50ft by 100ft lot split level in belleville with bad schools should not be $400,000", 50ft by 200ft lot cape in caldwell with no garage should not be $550,000. Back in 2000 you could get one of those homes between $150,000 to $250,000 and a beautiful center hall colonial with a large .25 acre or more for $500,000. I've looked at the tax/deeds on line and did my research....the home prices went out of control. Peoples job raises have hardly gone up...how does this equal to whats happened. Here we find the people that have to overextend themselves for a nice home they deserve or buy into the insane thought of purchasing a shack just to live comfortably...or better yet have to leave family, friends, home (out of state)...everything they've ever know to keep the greedy mouths full. It was fueled by greed...plain and simple. Now its our turn to get a good price and get things back to where they should be.
Deserve? What has "Deserve" to do with the price of a home? This isn't about what anyone deserves. It's about the market, and being able to buy what you want, or sell for what you want to get. You complain about those sellers who "threw $100,000 - $200,000 on top of your price because you knew you could." What did you want them to do? Turn down the offer, say "No thanks, I'm going to take $100,000 less than you want to pay, because the nice man over here deserves to own a house? Step back a little bit here and look at where your anger is directed. See if it makes any sense. Sellers, greedy or otherwise, don't create the market price. Prices didn't go up just becasue sellers wanted more money for their properties. Prices went up because BUYERS were willing, and found ways to, outbid each other. Proof of that is all around you right now. Sellers still want more for their properties, but the buyers aren't willing or able to pay those higher prices. Real estate is cyclical. Prices went up for a good number of years, and now they've come down. You say that now it's your turn. So be it. I hope you manage to take advantage of the market, buy a house you love, get a great deal. But there really isn't any reason to sound so damned thrilled that others are having difficulties. Is there?
Do you really think that the nation's economy will improve anytime in the near future? We've sent millions of middle class jobs to India and China, we've imported hundreds of thousands of foreigners on H-1B and L-1 visas to displace Americans from knowledge-based jobs, we've displaced millions of Americans from working class jobs through mass legal immigration and mass "illegal" immigration. In the meantime financial institutions are crumbling and now what's left of the manufacturing sector might collapse. The nation also has a huge trade deficit and a runaway national debt. We're also beginning to suffer from global Malthusian problems in the form of increased demand and thus higher prices for limited energy resources.
That doesn't look like the sort of situation where the nation's economy and thus people's (would-be home buyers') incomes will be increasing anytime soon.
Well it depends of where you reside. You make some excellent points on the state of the economy. But like with real estate, the economy is stronger in some regional pockets. Where I reside and bought a home recently people continue to buy homes. Heres part of a post from another thread that I posted:
Heres an example (sales) from earlier this month: 885,000 1746 SF last sale 2003 600,000....810,000 2227 SF last sale 2004 780,000...594,000 1933 SF last sale 2000 457,000...570,000 1340 SF last sale 2003 507,000.
Sure the nation as a whole is going through a financial crisis, but continuing to "promote" not to spend or buy homes will make matters worse. Sure there are folks that are hurting more so than others. This is where people with steady jobs and good income, wealth have to step up to the plate and lead this country out of this crisis and spend/buy. We live in the greatest country in world that has alot of wealthy people and we have the ability to get out of this crisis.
Also reported today, credit cards are in deep trouble and some are projecting that consumer credit lines will be cut by up to 45% this year. What do you suppose will happen to the stores and restaurants then.
Its over 18 months, not this year. Regardless, its still bad for a economy based so much on debt driven consumption.
It may just be a way to scare the FED/treasury into forking out more money though.
Its over 18 months, not this year. Regardless, its still bad for a economy based so much on debt driven consumption.
It may just be a way to scare the FED/treasury into forking out more money though.
Thanks for the 18-month correction and insight into the potential scare tactics.
Somewhere in all the craziness of the last few months someone wrote that if you wanted to know where the economy was headed, just imagine what would happen if Americans suddenly had to pay cash for everything. Not a pretty picture. With this new 18-month prediction, I hope that's not where we're headed.
Not really. Even I went out on Friday and spent around $350. The increase could be due to a variety of factors, like people picking up deals at the sacrifice of spending in the next few weeks. More important is what happens this quarter in general.
So what? There were millions during the depression spending, going on vacations and spending during Christmas. This isn't "good news" for the economy, it says little about the economy in general other than it hasn't completely collapsed.
Are you serious? Citigroup is one company. Anyhow, job data is published by the government. You realize the unemployment rate is going up right?
All the data coming out is still negative. Stocks have been zig-zagging for months. As I type they are tanking again.
Although the drop in gas prices is good in some sense, in other its just an indicator that the economy is doing poorly. Gas is dropping because a reduction in demand. But why is demand declining? Because economic activity is declining.
About the economy? No. And its absurd to suggest it does. All this suggests is that this particular restaurant is doing well.
The funny thing is if someone used this "theory" in the opposite function you'd freak out. Hey, I went to a restaurant a couple of weeks ago and it was empty. Must mean the economy is collapsing!
For whatever reason you are in denial as to what is going on in this country.
Honestly, I'm really not in any denial. I am fully aware of what is going on in this country and really busy with many clients' personal finances, trying to "help them" out of varying situations- all of which are different in many ways and although more than normal, has always been the "reason" for accounting services in ANY type of economy. Just because I bring up a few "positive indicators", doesn't mean I have my head in the sand, or anyone else who might actually understand my intentions. And yes, I understand the difference between sales and profits. I, with my partner, own my own acct. firm, remember? During tax season, we offer much better "prices" on tax returns and "package" prices of varying kinds but our year round clients are contracted for our services at regular, hourly prices just like an atty. Our "sales" go up in record numbers from Jan.-April 15th, each year, which is why we can do this and "profits" are generated, regardless. As for retail, I saw the same list of retailers "in trouble" and ones to watch out for if considering purchasing gift cards from them. Please, head in the sand? Do you all really have to have it spelled out in black and white to make my posts credible or explain in detail what I mean, literally? You all seem somewhat intelligent to me so I assumed you would understand what I meant when I spoke of the points in my last post. If you honestly think that I think real estate is going up because reputable resturants are doing fine.....? You don't get it at all, then. But it does indicate, whether too small of a scale or not, that people ARE NOT hiding behind closed doors, worried about where they are going to get their next meal or how they're going to pay their mortgage, as suggested by the many "oh my God, the world is coming to an end" attitudes among many doomers on this forum! Running scared is someone with their head not only in the sand but in the sand that's under water below sea level!!!
There are many, many, many things going on in our economy and government right now that will not effect anything for months if not close to a year. I don't however, understand how anyones' savings has anything to do with your comment(Cohdane). As many will point out, the ones that created this "crisis" in our economic nation as well as the real estate market, were and still are not the ones who SAVE/SAVED ANYTHING- credit card crisis, mortgage loans with no down payment, ARM readjustments, etc. etc., etc., point in case. This has little to do with suggesting that everyone take their "hard earned savings" and invest it back into the economy. As for the housing market- there are still rediculous, blanket statements made on this forum, daily, as if the entire nation is clumpled into ONE catagory. I completely agree that NO ONE should pay $400,000 for a 50 by 100 sq. lot with split level in Belleville with bad schools. And in many parts of the nation, NO ONE was and still isn't. This is the EXACT kind of generalization that keeps going in circles and THAT is tiresome! Yet the $400,000 dollar buyer thinks that even a home that isn't this example and is in a good location and school district is in this same catagory and, well, must be overpriced because everyone keeps saying it is!!!
Boy, it's good to be back and "vent", if anything, to hope that there are still reasonable, hopeful people in our county! Not trying to "persuade" anyone, just trying to talk about something positive.
I hope you manage to take advantage of the market, buy a house you love, get a great deal. But there really isn't any reason to sound so damned thrilled that others are having difficulties. Is there?
In every transaction there is a winner and a loser; so yes, there is definitely a reason to be thrilled that others are having difficulties.
In every transaction there is a winner and a loser; so yes, there is definitely a reason to be thrilled that others are having difficulties.
Fair enough.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You make some excellent points on the state of the economy. But like with real estate, the economy is stronger in some regional pockets. Where I reside and bought a home recently people continue to buy homes. Heres part of a post from another thread that I posted:
