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The April sales drop was slightly smaller than had been expected. The housing industry is being battered by a prolonged slump that has seen sales and prices decline and mortgage foreclosures soar, the aftermath of a five-year housing boom.
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I love this spin. We only lost 1% instead of 1.2%. Wow weren't we lucky. Look a loss is a loss. The housing market is going down and for all those who didn't get caught up in the crap 2000 - 2006 will be in the position to make money in the real estate market.
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Even with the weak results for April, Lawrence Yun, chief economist for the Realtors, said he saw reasons for optimism for the second half of this year as more types of mortgages become available as industry and the government respond to a severe credit crunch that began last August.
"I would encourage buyers who were disappointed by poor mortgage options to take another look at the market because the lending changes are significant," he said.
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I know Yun has to spin this in a positive direction. But he just sounds like a fooking retard at this point. Hey Larry how about saying this.
While I'm positive that the downward spiral of housing will eventually stop and market will recover to the price of the late 1990's. I would regret to inform the sellers of homes that they need to realize the tough situation the housing market is in. In this current environment those that are selling need to prepared to lower prices significantly in order to move their homes. Or they if they have the option to remove from the market until such time they can at least get what price they originally paid for the home or perhaps 1% to 5% higher than that price. Also I would encourage any bank/mortgage company that still hold real estate on it book to sell for what every you can get. Otherwise they must be prepared to pay the taxes and general upkeep for these assets.
And of course the new catch phase to be used is..... Ya got to do, what ya got to do.
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Originally Posted by CouponJack
Let me ask you a question, why can't prices overshoot the bottom like they overshot the top?
When you say sales are "up" are you counting trustee sales too? If so, you need to back those out and check again...
I don't believe also that the west has seen the worst yet....
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The prices can and will overshoot the bottom but I think it going to take while. As for the West I can't wait for that area of the country to start running short on potable water. Those brand spanking new subdivision will crumble to dust literally.
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