Economy Up 3.3% for 2Q

[gbeaumont]

Originally Posted by mlarson

My friend Gerry, our choices simply suck. Period.

Mike, now that we can agree on, and we all know that what they say during campaining has little effect on what they'll do or not do once in office.

Regards

Gerry

[Joseph Burkeson, CMI]

Originally Posted by jmckenna1

Yes, but if the rest of the economy does well, it will help pull up the
housing slump, as well as showing that consumer confidences is still strong.

Here in Florida the truth is something different. We were selling homes to investors utilizing liar-loans which drove the price of a standard home over $300K, the net-net effect now under stricter lending practices of 20% down, good credit score and verifiable income does not provide for too many legitimate buyers.

As a matter of fact Florida does not have the job base to allow for many of these houses to be sold. The price of an upper middle class home in 2001 when I moved here was under $200K at the peak those homes were selling for over $400K. So in conclusion the homes here in Florida will continue to fall as long as job & salary growth remains depressed.

Back in 2001 everyone was optimistic, today when I inspect a home it is either vacant or the sellers are planning to move out of state if they can just sell, this is what happens in boom-&-bust cycles, not unlike what occurred in Dallas & Houston in the 80's.

[Nick Gromicko]

Florida like California is already turning around. California # of sales is up this month. Now as for 20% down, if the prices drop back down to $200K from $400K level mentioned in Joe's post, the down payment requirement cuts in 1/2 too. Housing is becoming more affordable despite the more strict borrowing requirements.

[relliott]

If you can believe Kramer on mad money .we will hit bottom next summer.

P.S If I must continue moving and I have a choice between 2 doors,with one leading to certain death on the right, I will chose the left.

Yes it is unknown , but life is a gamble .

[Nick Gromicko]

Kramer incorrectly makes that prediction using the stock price of 5 or so publicly traded new home building companies. His thinking is that their high was 6 months ahead of the actual market peak and so their low is 6 months to a year ahead of the actual market bottom.

He might be correct for new housing, I'd say more like 3 years... but that has nothing to do with the 11.5 month inventory of pre-existing homes on the market now, ready to sell, and doens't include the big factor... 850,000 new households are being formed every year in the U.S.

Demand is growing, prices are falling, inventory is high... sounds like a perfect storm if you ask me.

[John McKenna]

When they say home loans are becoming more strict, they should be saying that
we are going back to common sense. In the long run, it will be good for everyone

These speculation bubbles and easy loans cause too much boom and bust.

[relliott]

Originally Posted by gromicko

Kramer incorrectly makes that prediction using the stock price of 5 or so publicly traded new home building companies. His thinking is that their high was 6 months ahead of the actual market peak and so their low is 6 months to a year ahead of the actual market bottom.

He might be correct for new housing, I'd say more like 3 years... but that has nothing to do with the 11.5 month inventory of pre-existing homes on the market now, ready to sell, and doens't include the big factor... 850,000 new households are being formed every year in the U.S.

Demand is growing, prices are falling, inventory is high... sounds like a perfect storm if you ask me.

I hope you are right!

Meanwhile the majority of my Inspections are coming through shortsales or forclosures.

Right now , the hope of buying undervalued property , seems to be driving the market.

[Randy D. Stufflebeem]

Originally Posted by jmckenna1

http://biz.yahoo.com/ap/080828/economy.html

John,
I am beginning to think you like to get attacked by the Doom & Gloomers Believe me if you throw out any good news the S.I.T Club will jump on you faster than Tommy Lee would Pamela. You see, good news is not part of Dopey & OBidens theme or has it been in that party since the 80's with the exception of the cigar toting Clinton years. So keep the good news coming and you can expect the same five guys to pound you. The sixth must still out inspecting or attending the "I am proud of my country the first time" convention
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[Joseph Burkeson, CMI]

Originally Posted by jmckenna1

These speculation bubbles and easy loans cause too much boom and bust.

It is the only way I know of to build $750K -to- $1M McMansions in the middle of nowhere and having people sleeping in their cars in the parking lot overnight waiting to buy. That is that way it was in more than 1/2 dozen developments here in Greater Tampa Bay in 2005 as new sections of desirable developments opened for sale. During that time it would not be uncommon to see an automatic price increase announced before the sales office opened that day.

Today these are the very same developments where +65% of the homes are bank owned and can't be given away because of the exorbitant fees, taxes & insurance costs involved with owning one of these white elephants. That is the picture regarding single-family properties when you talk about condos well there the outlook is bleaker.

[Joseph Burkeson, CMI]

Originally Posted by rstufflebeem

John,
I am beginning to think you like to get attacked by the Doom & Gloomers Believe me if you throw out any good news the S.I.T Club will jump on you faster than Tommy Lee would Pamela.

Really Randy, I've come across decomposed bodies that are less offensive than you are.

[Randy D. Stufflebeem]

Originally Posted by jburkeson1

Really Randy, I've come across decomposed bodies that are less offensive than you are.

That means alot to me coming from you Joe! As if you have ever seen a decomposed body.

[Joseph Burkeson, CMI]

Originally Posted by rstufflebeem

That means alot to me coming from you Joe! As if you have ever seen a decomposed body.

I realize it ain't proper to laugh at you Christard NeoTurds but some things are too friggin' funny.

Gustav Threatens GOP Convention Plans.

That is hilarious after reading about the right-wing so-called christians who were praying for rain at the Democratic Convention.

I think I just passed soda through my nose.

[Randy D. Stufflebeem]

Originally Posted by jburkeson1

I realize it ain't proper to laugh at you Christard NeoTurds but some things are too friggin' funny.

Gustav Threatens GOP Convention Plans.

That is hilarious after reading about the right-wing so-called christians who were praying for rain at the Democratic Convention.

I think I just passed soda through my nose.

Thats not very Christian of you Joe

[John McKenna]

Originally Posted by jburkeson1

I think I just passed soda through my nose.

I hear it taste better the second time around..