Housing Market
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Just out of curiosity, what are some of your guys’ personal feelings about the housing market? Do you see any end in sight to the decline? How long after a bottom do you think it will take until it turns around again?
Any opinions?Wait for housing starts to drop below 1mm ann basis and then start to increase. That will be a great sign it is over.
[quote=snaggletooth]Just out of curiosity, what are some of your guys’ personal feelings about the housing market? Do you see any end in sight to the decline? How long after a bottom do you think it will take until it turns around again?
Any opinions?[/quote]I sell annuities. I'm in favor of anything that makes the unwashed masses think that the world is ending.
[quote=Hobby Bull] [quote=snaggletooth]Just out of curiosity, what are some of your guys’ personal feelings about the housing market? Do you see any end in sight to the decline? How long after a bottom do you think it will take until it turns around again?
Any opinions?[/quote]I sell annuities. I'm in favor of anything that makes the unwashed masses think that the world is ending.
[/quote] I know, but I've got a rental house that I would rather not be in, so it does concern me a little bit.
I was talking to a mortgage loan officer a couple of weeks ago and she mentioned that prices in my area capped a few months ago and are just starting to decline. My thoughts are home prices will be tied to bank failures. Simple supply and demand. I think they will probably drop for another year or so, and rates will continue to rise with loans becoming harder and harder to come by.
NY Times article today - pretty grim - a bout the economy in general, consumer, banks, housing. 2 1/2 YEAR supply of homes currently exists, if we dont build one more home in this country during that time.
[quote=pratoman]NY Times article today - pretty grim - a bout the economy in general, consumer, banks, housing. 2 1/2 YEAR supply of homes currently exists, if we dont build one more home in this country during that time.[/quote]
Do you really read that piece of crap?
[quote=iceco1d]River, you are in a…“smaller” area, like me, correct? [/quote] Yeah a town of about 55,000 or so.
The housing market is much more of a mess than people are thinking. I think it's going to be at least 5 years before housing starts and sales of new homes start increasing consistantly. But the good news for you snag is that rentals are a completely seperate market. The only problem you'll have selling your rental is getting a qualified buyer. The demand is still there, but the lenders are making it much more difficult for potential buyers to get qualified (which isn't a bad thing, now you actually have to be able to afford the property to get a mortgage on it). The other market that isn't as affected as the others is the luxury home market.