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(CNBC)   Home sales recover to January levels   (cnbc.com) divider line 19
    More: Fail, Rick Santelli, housing starts, United States Department of Commerce, consumer sentiment, data points  
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1017 clicks; posted to Business » on 25 Jul 2012 at 4:04 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-25 01:40:24 PM
Why the hell are we still building new homes? We have a massive glut of empty new homes and available previously built homes on the market. WHY ARE WE STILL BUILDING NEW HOMES?
 
2012-07-25 01:48:38 PM
Almost like a market force which profits off the sale of homes is trying to unduly sway the consumption aspect.

/And failing
 
2012-07-25 01:58:29 PM
Signed contracts to buy new homes fell 8.4 percent from the previous month, according to the U.S. Commerce Department, although they are still up 15 percent from a year ago.

Ad-rock HUSSEIN Derechobama isn't fixing it fast enough!
 
2012-07-25 02:07:05 PM

RexTalionis: Why the hell are we still building new homes?


Because you haven't moved to Detroit or Cleveland, yet. And jobs.

RexTalionis: We have a massive glut of empty new homes and available previously built homes on the market.


Your friendly local RealtorTM will dispute that. Regardless, there's still a year's worth of foreclosure backlog that the banks haven't worked through after they quit forclosing for an entire year.

RexTalionis: WHY ARE WE STILL BUILDING NEW HOMES?


Because that's the only thing a lot of people are capable of doing.
 
2012-07-25 03:42:07 PM

RexTalionis: Why the hell are we still building new homes? We have a massive glut of empty new homes and available previously built homes on the market. WHY ARE WE STILL BUILDING NEW HOMES?


Out here an entire industry was built on it. They helped push a new bubble that may be deflating right now.
 
2012-07-25 03:50:55 PM
Housing prices in Seattle have taken a huge leap, again.

/dnrtfa
 
2012-07-25 04:30:25 PM

RexTalionis: Why the hell are we still building new homes? We have a massive glut of empty new homes and available previously built homes on the market. WHY ARE WE STILL BUILDING NEW HOMES?


NEW FLASH: SOME PEOPLE PREFER TO BUILD THEIR OWN NEW HOUSES RATHER THAN BUY HOUSES THEY DON'T WANT.
 
2012-07-25 04:42:08 PM
In Austin, we badly need new homes built ASAP. If a house goes on market at 9 am, there will be twelve bids on it by lunch. Asking the sellers to make any modifications or repairs in your proposal will get you promptly laughed at in your face.
 
2012-07-25 04:48:27 PM

hurdboy: RexTalionis: Why the hell are we still building new homes?

Because you haven't moved to Detroit or Cleveland, yet. And jobs.

RexTalionis: We have a massive glut of empty new homes and available previously built homes on the market.

Your friendly local RealtorTM will dispute that. Regardless, there's still a year's worth of foreclosure backlog that the banks haven't worked through after they quit forclosing for an entire year.

RexTalionis: WHY ARE WE STILL BUILDING NEW HOMES?

Because that's the only thing a lot of people are capable of doing.


Local friendly Realtor here. Actually, the number of properties on the market is down 15% locally, and prices are going up due to lack of inventory. Supply and demand...how does it work? And yes, the robo-signing deal delayed many foreclosures from hitting the market. We will start seeing an increase in supply over the next year as banks finally start releasing inventory. Until then though supply is down, and prices are creeping up. We can't speculate much about the future and prices...hvr to stick with current and prior information.
 
2012-07-25 04:48:27 PM

RexTalionis: Why the hell are we still building new homes? We have a massive glut of empty new homes and available previously built homes on the market. WHY ARE WE STILL BUILDING NEW HOMES?


Because it's cheaper to build a new house in North Dakota than it is to move one there from Arizona.
 
2012-07-25 05:07:25 PM

InmanRoshi: In Austin, we badly need new homes built ASAP. If a house goes on market at 9 am, there will be twelve bids on it by lunch. Asking the sellers to make any modifications or repairs in your proposal will get you promptly laughed at in your face.


Agreed, they don't stay on the market long in our neighborhood.
 
2012-07-25 05:10:02 PM

jjwars1: Local friendly Realtor here.


My condolences.

jjwars1: Actually, the number of properties on the market is down 15% locally, and prices are going up due to lack of inventory. Supply and demandavailable money...how does it work?


FTFY. I know in these days of Krugmanomics, Friedman is passe. But it happened with equities, with real estate, and now with college tuition.

jjwars1: And yes, the robo-signing deal delayed many foreclosures from hitting the market. We will start seeing an increase in supply over the next year as banks finally start releasing inventory. Until then though supply is down, and prices are creeping up. We can't speculate much about the future and prices...hvr to stick with current and prior information.


Things are moving on the supply side. They're not moving on the credit side. TARP barely worked. The stimulus barely worked. Without a significant increase in employment, the situation isn't going to improve. So, price increases fail to keep up with inflation. I expected that was how the bubble would sort itself out, not the monumental crash we saw. I was wrong.

And there's also a reason President Obama fired Bowles and Simpson -- they pointed out that the mortgage and student loan interest deductions aren't sustainable long-term. Oh well. Maybe after Congress (and the President) fails again to fix the fiscal cliff problem, the situation will look a bit better (after everything reverts to 2000 rates).
 
2012-07-25 06:14:19 PM
Here's an idea:

Why don't local government raise the property tax and non-occupied corporate owned homes dramatically? Why should we pay all pay in the form of neighborhood blight because banks don't want to sell at a loss?
 
2012-07-25 07:44:28 PM

nmemkha: Here's an idea:

Why don't local government raise the property tax and non-occupied corporate owned homes dramatically? Why should we pay all pay in the form of neighborhood blight because banks don't want to sell at a loss?


Hell, if they would just enforce the taxes owed by bank and builder homes things would probably get realistic in a hurry.

States with court foreclosures are just now being foreclosed on. Going to be quite some time before the housing market gets anywhere close to normal.

In the meantime I've replaced used car salesman with realtors on the smarmy people list.
 
2012-07-25 08:05:23 PM

nmemkha: Here's an idea:

Why don't local government raise the property tax and non-occupied corporate owned homes dramatically? Why should we pay all pay in the form of neighborhood blight because banks don't want to sell at a loss?


They could try that. Of course, the banks might just walk away entirely then, refuse to pay, and let the governments foreclose on tax liens.
 
2012-07-25 08:51:28 PM

InmanRoshi: In Austin, we badly need new homes built ASAP. If a house goes on market at 9 am, there will be twelve bids on it by lunch. Asking the sellers to make any modifications or repairs in your proposal will get you promptly laughed at in your face.


Denver isn't that hot, but any house that is priced right doesn't stay on the market for more than a few days. Our inventory is minimal and rental rates are at 98%+.

We will see a lot of construction here over the next year or two.
 
2012-07-25 08:51:28 PM

nmemkha: Here's an idea:

Why don't local government raise the property tax and non-occupied corporate owned homes dramatically? Why should we pay all pay in the form of neighborhood blight because banks don't want to sell at a loss?


Because they have stupid laws like this one?
 
2012-07-25 11:44:57 PM

RexTalionis: Why the hell are we still building new homes? We have a massive glut of empty new homes and available previously built homes on the market. WHY ARE WE STILL BUILDING NEW HOMES?


In my area, the housing market is still booming, they're building tons of new homes. I just bought one in the past year and the reason we built a new one is because it was cheaper than buying a used home in the same area for the same amount of space (or in some cases more). We got to customize everything (of course within the builders choices) and we still managed to save money. So between being able to build the house the way we want it on the lot we want, we still saved money. Our location was also a lot better than all the used homes for sale (end unit with greenbelt on 2 sides).
 
2012-07-26 12:16:27 AM
Just sold a home that I inherited. In less than a week I had a dozen offers at or above asking price. Appraisal kind of screwed me, though. Closed escrow this week.
 
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