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Old 07-09-2009, 01:21 PM
 
835 posts, read 1,033,953 times
Reputation: 186

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Mortgage rates fall for 2nd-straight week
Freddie Mac: Rates for 30-year mortgages fall for 2nd-straight week

Mortgage rates fall for 2nd-straight week - Yahoo! Finance (http://finance.yahoo.com/news/Mortgage-rates-fall-for-apf-1929183058.html;_ylt=AkTqJhF0mKm5zo596ebiiuu7YWsA? x=0&sec=topStories&pos=3&asset=&ccode= - broken link)


Brace for More Retail Bankruptcies: June Sales Slump Across the Board

Brace for More Retail Bankruptcies June Sales Slump Across the Board: Tech Ticker, Yahoo! Finance


here we go... so it was a fake bounce
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Old 07-09-2009, 01:40 PM
 
364 posts, read 766,202 times
Reputation: 100
Quote:
Originally Posted by block911 View Post
Mortgage rates fall for 2nd-straight week
Freddie Mac: Rates for 30-year mortgages fall for 2nd-straight week

Mortgage rates fall for 2nd-straight week - Yahoo! Finance (http://finance.yahoo.com/news/Mortgage-rates-fall-for-apf-1929183058.html;_ylt=AkTqJhF0mKm5zo596ebiiuu7YWsA? x=0&sec=topStories&pos=3&asset=&ccode= - broken link)


Brace for More Retail Bankruptcies: June Sales Slump Across the Board

Brace for More Retail Bankruptcies June Sales Slump Across the Board: Tech Ticker, Yahoo! Finance


here we go... so it was a fake bounce
I kind of knew/guessed in first week of June that it was a fake bounce. Green shoots getting damaged by unemployment.

I think in a month or so, it will be back to 4.8% range.

My earlier post:

//www.city-data.com/forum/new-j...ml#post9139074
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Old 07-09-2009, 02:37 PM
 
835 posts, read 1,033,953 times
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Quote:
Originally Posted by Delphi View Post
I kind of knew/guessed in first week of June that it was a fake bounce. Green shoots getting damaged by unemployment.

I think in a month or so, it will be back to 4.8% range.

My earlier post:

//www.city-data.com/forum/new-j...ml#post9139074
Good call, the green shoots are rotting already
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Old 07-10-2009, 03:08 PM
 
Location: Woodbridge Twp NJ
316 posts, read 1,172,641 times
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this is great news mortgage rates down and grant money is out for first time home buyers and home buyers. we will bounce back soon.
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Old 07-10-2009, 03:15 PM
 
744 posts, read 1,292,939 times
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Originally Posted by judithexit View Post
this is great news mortgage rates down and grant money is out for first time home buyers and home buyers. we will bounce back soon.
And santa will be bringing us all presents at Christmas, and we will all have ponies.
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Old 07-10-2009, 03:39 PM
 
Location: Woodbridge Twp NJ
316 posts, read 1,172,641 times
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Originally Posted by sholden View Post
And santa will be bringing us all presents at Christmas, and we will all have ponies.
The grant money is for real not fiction .
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Old 07-11-2009, 12:38 PM
 
Location: Montgomery County, PA
2,771 posts, read 5,804,164 times
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Quote:
Originally Posted by judithexit View Post
this is great news mortgage rates down and grant money is out for first time home buyers and home buyers. we will bounce back soon.
First, this will not help us "bounce back" sooner. It is a temporary measure to prop up house prices. Most potential buyers know that prices are too high (if they don't know, the loan underwriters will explain to them that the house that they want is too expensive to them). This is why sales numbers are low.

If you want sales numbers to go back to normal so that you can make more money, you should be hoping that prices correct. I understand that higher prices increase your commissions, but temporary measures to prop up the housing market don't fool anyone -- most people know that they're going to be underwater by the time the credit expires (if not sooner). So your commissions are about 15% higher than they would be if the market corrected, but your sales are much less.

For first time buyers, this is also terrible news, because it keeps prices higher. If you buy now, you will be under water in a year. The tax credit increases everyone's buying power -- actually, because of the income limits, it keeps out most people who can afford to buy houses at today's prices. Because of the spendthrift culture which makes even a 3.5% downpayment an onerous requirement for many buyers, the credit gets multiplied -- that is, if they have an 8k credit, then they can leverage that credit. So this props up prices, and the amount that it props them up could be more than the credit. As soon as the credit is eliminated, prices drop, and the buyer, who had very little equity to begin with, is under water.
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Old 07-11-2009, 04:23 PM
 
744 posts, read 1,292,939 times
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Quote:
Originally Posted by judithexit View Post
The grant money is for real not fiction .
the "we will bounce back soon" is fiction and not for real.
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Old 07-11-2009, 06:17 PM
 
364 posts, read 766,202 times
Reputation: 100
Quote:
Originally Posted by judithexit View Post
this is great news mortgage rates down and grant money is out for first time home buyers and home buyers. we will bounce back soon.
If this bounce back soon from this elevated price and you support it, how will your kids buy houses in the future? Have you ever thought about it? Wait a minute, I know, they will become RE agents and make big money from 5% commission of super elevated home price.

But there will be only one transaction per year. Now you figure what you wish for.

Enjoy your weekend.
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