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BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)

 
Anonymous Coward
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11/20/2012 12:01 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
I'm surprised they aren't building nice new shiny Bridges to sell us....
Anonymous Coward
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11/20/2012 12:02 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
Okay thanks, I can't cope with this shit. This is a great topic.
Anonymous Coward
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11/20/2012 12:04 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
with the coming martial law the value of your suburban property will fall to zero.

''oh honey this one looks nice''

yeah but we've got to go through 2 checkpoints and a riot to get there.

''oh, lets forget about that one''
 Quoting: Anonymous Coward 23011194


"oh look Honey can we please live in the city, that seems safer, LOL"
Anonymous Coward
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11/20/2012 12:10 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
...


I am closing on a house now. Listed for $144,900 in July, I got it for $105,000 and apparently they were still showing it or my realtor is a liar (which is more likely) but she said it has 3 back up offers.

It was on the market for 3 months when I put the offer. So now its been 6 months but the market is starting to rebound.

If you are thinking of buying, now is the time.

3.9% tax after Jan 1 2013
 Quoting: Anonymous Coward 28135496


I hope you get that closed... I have heard of a few deals here where the sellers actually backed out (payed a small penaly) then secured the higher offer...
 Quoting: Anonymous Coward 13864401


I closed on my house after only a month on the market. 8K less than asking price though but I set it rather high to gauge what kind of demand. Got enough cash out of it to pay for down payment on a nice house which is a big upgrade. Also noticed that, I got a nice deal at the right time before others started wanting to build houses on my street which drove prices up. Just lucky...
 Quoting: AlcoholicRunner


Sometimes its better to be lucky! :)

Mine is a Freddie mac, so it will be a big relief when we actually close.
 Quoting: Anonymous Coward 28135496


FYI your loan today more than likely will be bought right away from the FED... At closings today, we have to wait for the FED to wire transfer the money... QE3
Anonymous Coward
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11/20/2012 12:11 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
...


In that case, renters should be okay since incomes will also go up.
 Quoting: Anonymous Coward 21211135


like anything else, your rent will go up 50% during that same time your pay will go up 20%.

The only thing that changes on a mortgage would be insurance stuff. So your payments don't change real drastically.
 Quoting: Anonymous Coward 28135496


How about if you have a condo or co-op? Do you think they'll really shaft the with the fees and maintenance?
 Quoting: Anonymous Coward 21211135


If they aren't fixed fees, yes. That's one thing that's very important now. If you can negotiate a flat fee that's locked.

Otherwise they will make sure they make more money than they should.

I've never been a big fan of condos because its like an apt but you pay the fees and maintenance.
 Quoting: Anonymous Coward 28135496


The other scary thing with condo's and Townhomes, what happens if 50% or more foreclose? They need to make up that money from somewhere..
Anonymous Coward
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11/20/2012 12:18 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
...


I hope you get that closed... I have heard of a few deals here where the sellers actually backed out (payed a small penaly) then secured the higher offer...
 Quoting: Anonymous Coward 13864401


I closed on my house after only a month on the market. 8K less than asking price though but I set it rather high to gauge what kind of demand. Got enough cash out of it to pay for down payment on a nice house which is a big upgrade. Also noticed that, I got a nice deal at the right time before others started wanting to build houses on my street which drove prices up. Just lucky...
 Quoting: AlcoholicRunner


Sometimes its better to be lucky! :)

Mine is a Freddie mac, so it will be a big relief when we actually close.
 Quoting: Anonymous Coward 28135496


FYI your loan today more than likely will be bought right away from the FED... At closings today, we have to wait for the FED to wire transfer the money... QE3
 Quoting: Anonymous Coward 13864401


Yes, Freddie is who currently owns it. But we didn't go through them for the loan.

It would actually be nice if Freddie and fannie paid the tax payers loan back! GM did, you would think they would too.
Anonymous Coward
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11/20/2012 12:23 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
Only an idiot would sign a mortgage at this time.....
 Quoting: Anonymous Coward 23011194


With inflation/hyperinflation coming, only an idiot would rent and be forced to pay more and more every year!
 Quoting: Anonymous Coward 13864401


well, you got a point there but seeing how 59% of all new jobs pay between $8-11.75 an hour there's no way I'd sign a mortgage.
 Quoting: Anonymous Coward 23011194


Just like the PM market, the Fed tries to force out weak hands (foreclosures) before they let the market shoot back up... Its all planned...
 Quoting: Anonymous Coward 13864401


Exactly! I'm long silver (physical) and figured now was either the bottom or near bottom of the housing market. Like anything else though you can't catch a falling knife.

But I'm comfortable with this position.

If I get the chance, I'll buy a little more silver. I think everybody should have 100+ oz so I'd love to have 2-3 times that.

But the new house cut me a little cash (fiat) short.
Anonymous Coward
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11/20/2012 12:23 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
...


I closed on my house after only a month on the market. 8K less than asking price though but I set it rather high to gauge what kind of demand. Got enough cash out of it to pay for down payment on a nice house which is a big upgrade. Also noticed that, I got a nice deal at the right time before others started wanting to build houses on my street which drove prices up. Just lucky...
 Quoting: AlcoholicRunner


Sometimes its better to be lucky! :)

Mine is a Freddie mac, so it will be a big relief when we actually close.
 Quoting: Anonymous Coward 28135496


FYI your loan today more than likely will be bought right away from the FED... At closings today, we have to wait for the FED to wire transfer the money... QE3
 Quoting: Anonymous Coward 13864401


Yes, Freddie is who currently owns it. But we didn't go through them for the loan.

It would actually be nice if Freddie and fannie paid the tax payers loan back! GM did, you would think they would too.
 Quoting: Anonymous Coward 28135496


Keep in mind, the FED is different than Fannie and Freddie
Anonymous Coward
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11/20/2012 12:25 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
...


With inflation/hyperinflation coming, only an idiot would rent and be forced to pay more and more every year!
 Quoting: Anonymous Coward 13864401


well, you got a point there but seeing how 59% of all new jobs pay between $8-11.75 an hour there's no way I'd sign a mortgage.
 Quoting: Anonymous Coward 23011194


Just like the PM market, the Fed tries to force out weak hands (foreclosures) before they let the market shoot back up... Its all planned...
 Quoting: Anonymous Coward 13864401


Exactly! I'm long silver (physical) and figured now was either the bottom or near bottom of the housing market. Like anything else though you can't catch a falling knife.

But I'm comfortable with this position.

If I get the chance, I'll buy a little more silver. I think everybody should have 100+ oz so I'd love to have 2-3 times that.

But the new house cut me a little cash (fiat) short.
 Quoting: Anonymous Coward 28135496


Keep the gold and silver...Dont sell that... You will be able to pay your property taxes with it (i.e. convert it back to worthless fiat)..
Anonymous Coward
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11/20/2012 12:33 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
...


well, you got a point there but seeing how 59% of all new jobs pay between $8-11.75 an hour there's no way I'd sign a mortgage.
 Quoting: Anonymous Coward 23011194


Just like the PM market, the Fed tries to force out weak hands (foreclosures) before they let the market shoot back up... Its all planned...
 Quoting: Anonymous Coward 13864401


Exactly! I'm long silver (physical) and figured now was either the bottom or near bottom of the housing market. Like anything else though you can't catch a falling knife.

But I'm comfortable with this position.

If I get the chance, I'll buy a little more silver. I think everybody should have 100+ oz so I'd love to have 2-3 times that.

But the new house cut me a little cash (fiat) short.
 Quoting: Anonymous Coward 28135496


Keep the gold and silver...Dont sell that... You will be able to pay your property taxes with it (i.e. convert it back to worthless fiat)..
 Quoting: Anonymous Coward 13864401


That's the game plan. I started with the 100 oz goal in mind. Figuring if hyper inflation hit, it would at least cover property tax for a few years.

A lot of people try to convince me I am paranoid and playing it wrong.

But really, silver is just a hedge. GLP is one extreme or the other on every topic it seems :)

But just to hedge, I think silver is king.
Anonymous Coward
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11/20/2012 12:35 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
...


Sometimes its better to be lucky! :)

Mine is a Freddie mac, so it will be a big relief when we actually close.
 Quoting: Anonymous Coward 28135496


FYI your loan today more than likely will be bought right away from the FED... At closings today, we have to wait for the FED to wire transfer the money... QE3
 Quoting: Anonymous Coward 13864401


Yes, Freddie is who currently owns it. But we didn't go through them for the loan.

It would actually be nice if Freddie and fannie paid the tax payers loan back! GM did, you would think they would too.
 Quoting: Anonymous Coward 28135496


Keep in mind, the FED is different than Fannie and Freddie
 Quoting: Anonymous Coward 13864401


Kinda beat_shot
Mickeyblue
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11/20/2012 01:06 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
Mostly what is being built is multiple units not single family housing and that is largely due to many Agenda 21 imperatives under sustainabile growth initiatives.
Hardwired

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11/20/2012 01:09 PM

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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
Figures I saw today were single-family were down a bit and apartments were up. This was just a ticker on a news channel, though.

Seems to be the case where I live. Lots of apartments in the last few years. They are all four-story buildings now as my city is running out of room. There are even plans for another tower downtown (apartments instead of condos this time).
Anonymous Coward
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11/20/2012 01:21 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
Figures I saw today were single-family were down a bit and apartments were up. This was just a ticker on a news channel, though.

Seems to be the case where I live. Lots of apartments in the last few years. They are all four-story buildings now as my city is running out of room. There are even plans for another tower downtown (apartments instead of condos this time).
 Quoting: Hardwired


Gotta love that. Then people wonder why a small fight turns into shootings and more shootings!

When you have a neighbor on both sides and above and below, it just creates so much stress!

Not to mention gangs selling drugs out of neighbors buildings.
Anonymous Coward
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11/20/2012 01:34 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
There has only been 7 Presidents that have won both terms with over 50% of the vote both times. Obama achieved this...during 7.9% unemployment!

The economy is coming back now under Obama. Obama is getting us out of TWO WARS at the same time as everything else on his plate. He'll gone down as one of the greatest achieving Presidents in our history, don't forget ObamaCare either. It'll be like Social Security and Medicare soon, we'll wonder how we ever made it without it.
Rochelle

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11/20/2012 02:25 PM

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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
i know out here they are building a lot of apartment buildings and selling those anticipating people not having the money as well as the lack of credit.

Commercial Real Estate is up.
"For once you have tasted flight you will walk the earth with your eyes turned skywards, for there you have been and there you will long to return"
Anonymous Coward
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11/20/2012 02:36 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
IN Las Vegas where the city has been known to be the foreclosure leader in the country, it is pretty difficult to find a home available now. As I have talked to the banks and people in real estate they inform me that most home purchases in the past few years have been foreign investors and secondly the very rich in this country buying up a ton of homes at a bargain price from the banks.Then houses are being rented and resold at a profit etc. So the news not reporting this are saying the home buying market is up and recovery is taking place when it is a half truth which is a lie.
Anonymous Coward
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11/20/2012 02:55 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
I just signed my apartment lease for another year. rent only went up $10
Saddletramp
We Don't Rent Pigs...

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11/20/2012 03:01 PM

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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
This is a product of the Fed's QE3, 40 Billion per month purchase of mortgage backed securities...

Unfortunately there is no movement on the sale of existing family homes or commmercial property. The glut continues meaning your existing home is still depreciating like a bitch...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Anonymous Coward
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11/20/2012 03:18 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
I wonder how many of these new starts are rentals? Also, I hear the house-flippers are waking up again.
AlcoholicRunner
I abduct humans and drink at the same time.

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11/20/2012 03:19 PM

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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
There has only been 7 Presidents that have won both terms with over 50% of the vote both times. Obama achieved this...during 7.9% unemployment!

The economy is coming back now under Obama. Obama is getting us out of TWO WARS at the same time as everything else on his plate. He'll gone down as one of the greatest achieving Presidents in our history, don't forget ObamaCare either. It'll be like Social Security and Medicare soon, we'll wonder how we ever made it without it.
 Quoting: Anonymous Coward 17756349


Bullshit33
Anonymous Coward
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11/20/2012 03:23 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
I just signed my apartment lease for another year. rent only went up $10
 Quoting: Anonymous Coward 1531425


If I had to bet, it can go up with a 30 day notice.
Anonymous Coward
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11/20/2012 03:35 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
Mostly what is being built is multiple units not single family housing and that is largely due to many Agenda 21 imperatives under sustainabile growth initiatives.
 Quoting: Mickeyblue 9806228


Yes we are an entirely single family town (a very small one) and Obama is pushing us to build "affordable housing" which would obviously be multifamily.
Anonymous Coward
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11/20/2012 03:36 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
This is a product of the Fed's QE3, 40 Billion per month purchase of mortgage backed securities...

Unfortunately there is no movement on the sale of existing family homes or commmercial property. The glut continues meaning your existing home is still depreciating like a bitch...
 Quoting: Saddletramp


That seems somewhat unlikely, since new houses would compete against foreclosures for buyers. Granted, some people would prefer to avoid a foreclosure, but given enough of a price difference, many would look at them.
Anonymous Coward
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11/20/2012 03:39 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
This is fucked. FUCKED. Renters are going to have to live in their vehicles.
 Quoting: Anonymous Coward 21211135


agreed! This is horrible for anyone who rents... Hyperinflation is going to suck!
 Quoting: Anonymous Coward 13864401


How can people even sell their house if it's 50X average annual income? They may need to sell it to get the cash to buy food. There must be some downside for homeowners.
 Quoting: Anonymous Coward 21211135


That's an odd comment. You're missing your Schadenfreude?
Anonymous Coward
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11/20/2012 03:40 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
This is a product of the Fed's QE3, 40 Billion per month purchase of mortgage backed securities...

Unfortunately there is no movement on the sale of existing family homes or commmercial property. The glut continues meaning your existing home is still depreciating like a bitch...
 Quoting: Saddletramp


That seems somewhat unlikely, since new houses would compete against foreclosures for buyers. Granted, some people would prefer to avoid a foreclosure, but given enough of a price difference, many would look at them.
 Quoting: Anonymous Coward 28008747


I think people being in the house makes it harder to sell. I know we didn't look at any that were occupied.

It's just to big of a pain in the ass to work around so many peoples schedule.
Anonymous Coward
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11/20/2012 03:44 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
I just signed my apartment lease for another year. rent only went up $10
 Quoting: Anonymous Coward 1531425


If I had to bet, it can go up with a 30 day notice.
 Quoting: Anonymous Coward 28135496


In 30 years a mortgage will be close to the same.

Even at just $10 a year your rent would be $300 more in 30 years.

Even though you obviously know it will be much more than that.
Anonymous Coward
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11/20/2012 11:53 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
This is fucked. FUCKED. Renters are going to have to live in their vehicles.
 Quoting: Anonymous Coward 21211135


agreed! This is horrible for anyone who rents... Hyperinflation is going to suck!
 Quoting: Anonymous Coward 13864401


How can people even sell their house if it's 50X average annual income? They may need to sell it to get the cash to buy food. There must be some downside for homeowners.
 Quoting: Anonymous Coward 21211135


That's an odd comment. You're missing your Schadenfreude?
 Quoting: Anonymous Coward 28008747


Nah, I was wondering if they can get screwed with property tax hikes. We are seeing a lot of messed up shit going on these days that never happened before.
Anonymous Coward
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11/22/2012 01:23 PM
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Re: BOOM: HOUSING STARTS DESTROY EXPECTATIONS AT 894K (Analysts expected 840K annualized down from 872K)
bump

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