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(Talking Points Memo)   New home sales tick up to highest in three and a half years. Especially in Oklahoma   (talkingpointsmemo.com) divider line 34
    More: Cool, U.S., National Association of Realtors, building permits  
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915 clicks; posted to Main » on 23 May 2013 at 10:17 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



34 Comments   (+0 »)
   
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2013-05-23 10:21:43 AM
Subby, that was bad and you should feel bad.

/I laughed
 
2013-05-23 10:23:03 AM
*groan*
 
2013-05-23 10:24:11 AM
Too soon?

/I laughed, but I'm evil like that.
 
2013-05-23 10:24:38 AM
livingincinema.com
 
2013-05-23 10:29:04 AM
booo!
 
2013-05-23 10:30:50 AM
I've been an Oklahoman my entire life and never seen anything like this last storm. Lots of family and friends lost homes. Maybe a tad "too soon"!


/I laughed too
 
2013-05-23 10:49:50 AM
FTFA: "Many of the sales are going to private investors, who are buying up lower-price homes and then renting them out. "

My wife and I were running in to that while looking for a house. It would come on the market and by the time my Realtor when to schedule a showing it was already in contract. We finally got to one the day Seller said put in your final bid by 6:00PM and the house was on the market for less than a week and there were 3 other bids.

We're closing on it tomorrow finally and put in $7k over the asking price.
 
2013-05-23 10:53:05 AM
"Especially in Oklahoma"

I almost drowned after snortling a mouthful of soup, subby.

/Oklahoman
 
2013-05-23 10:54:40 AM

RatOmeter: I almost drowned after snortling a mouthful of soup, subby.


Fark_A_Chicken: /I laughed too


buzzcut73: Subby, that was bad and you should feel bad.

/I laughed


stupiddream: /I laughed, but I'm evil like that.


Yeah yeah, I'm evil and welcome to fark and all that but I couldn't let the obvious joke go.

sorry about the soup though, that I do feel bad about ^_^

/subby
 
2013-05-23 11:00:25 AM

Kiler: FTFA: "Many of the sales are going to private investors, who are buying up lower-price homes and then renting them out. "

My wife and I were running in to that while looking for a house. It would come on the market and by the time my Realtor when to schedule a showing it was already in contract. We finally got to one the day Seller said put in your final bid by 6:00PM and the house was on the market for less than a week and there were 3 other bids.

We're closing on it tomorrow finally and put in $7k over the asking price.


I've been reading about this as a new business model, so I looked into Silver Bay Realty Trust (SBY) a publicly traded company that does this.  It looks like the model is not as profitable as thought.  This "new" type of renter that wanted to rent forever rather than buy is now buying that rates are dirt cheap and banks are more willing to lend.  It seems that the new renters are the same as the old renters.
 
2013-05-23 11:01:04 AM
meh
 
2013-05-23 11:03:25 AM
FHA bought a shiat load of foreclosures in our county, here in Florida. So, yeah, real estate sales are up in our county. Yep. Whoopy foo!!!!
 
2013-05-23 11:14:49 AM
From another article I read:
Sales of new homes rose in April to the second highest level since the summer of 2008 while the median price for a new home hit a record high, further signs that housing is recovering.
http://www.usatoday.com/story/money/2013/05/23/april-new-home-sales/ 23 54051/

Recovering? People keep using that word without understanding what it means.
I would argue that home prices recovered when they reached the level they should have been at if prices continued to increase at the normal rate prior to the financial bubble. I would then suggest that reaching the levels they were at in 2008 should be called a "rebubblery."
 
2013-05-23 11:16:34 AM

Rapmaster2000: Kiler: FTFA: "Many of the sales are going to private investors, who are buying up lower-price homes and then renting them out. "

My wife and I were running in to that while looking for a house. It would come on the market and by the time my Realtor when to schedule a showing it was already in contract. We finally got to one the day Seller said put in your final bid by 6:00PM and the house was on the market for less than a week and there were 3 other bids.

We're closing on it tomorrow finally and put in $7k over the asking price.

I've been reading about this as a new business model, so I looked into Silver Bay Realty Trust (SBY) a publicly traded company that does this.  It looks like the model is not as profitable as thought.  This "new" type of renter that wanted to rent forever rather than buy is now buying that rates are dirt cheap and banks are more willing to lend.  It seems that the new renters are the same as the old renters.


I'm not sure about that. Both my wife and I have great credit scores (~800) and enough for a 20% down payment and we still had to jump through hoops to get the mortgage loan on a $207k house. I can't see someone with a lower score having that easy a time getting a mortgage vs. renting.

In my case the house was bought at Forclosure by an Investment LLC in Feb for ~$128k, some renovations/updates done. Then put on the market.
 
2013-05-23 11:26:00 AM
The home prices in Oklahoma will blow you away.
 
2013-05-23 11:50:33 AM

Kiler: Rapmaster2000: Kiler:

I'm not sure about that. Both my wife and I have great credit scores (~800) and enough for a 20% down payment and we still had to jump through hoops to get the mortgage loan on a $207k house. I can't see someone with a lower score having that easy a time getting a mortgage vs. renting.


Maybe it depends on your lender and your current debt load.  Four years ago my wife and I got a $250k mortgage easily and my credit score is lower than yours.  We did have zero debt and about 150k equity in another house, though, and I'm sure that helped.  We were basically approved the day we applied, though I had to go through the formality of protesting an erroneous black mark on my credit record.
 
2013-05-23 12:01:25 PM

RatOmeter: Kiler: Rapmaster2000: Kiler:

I'm not sure about that. Both my wife and I have great credit scores (~800) and enough for a 20% down payment and we still had to jump through hoops to get the mortgage loan on a $207k house. I can't see someone with a lower score having that easy a time getting a mortgage vs. renting.

Maybe it depends on your lender and your current debt load.  Four years ago my wife and I got a $250k mortgage easily and my credit score is lower than yours.  We did have zero debt and about 150k equity in another house, though, and I'm sure that helped.  We were basically approved the day we applied, though I had to go through the formality of protesting an erroneous black mark on my credit record.


Was that before or after the bubble burst and lenders started cracking down on who got loans?

We had no debt and I owned a condo with no mortgage. The only expenses we had were the month to month things like food, utilities, insurance, etc.
 
2013-05-23 12:12:02 PM

Kiler: RatOmeter: Kiler: Rapmaster2000: Kiler:

I'm not sure about that. Both my wife and I have great credit scores (~800) and enough for a 20% down payment and we still had to jump through hoops to get the mortgage loan on a $207k house. I can't see someone with a lower score having that easy a time getting a mortgage vs. renting.

Maybe it depends on your lender and your current debt load.  Four years ago my wife and I got a $250k mortgage easily and my credit score is lower than yours.  We did have zero debt and about 150k equity in another house, though, and I'm sure that helped.  We were basically approved the day we applied, though I had to go through the formality of protesting an erroneous black mark on my credit record.

Was that before or after the bubble burst and lenders started cracking down on who got loans?

We had no debt and I owned a condo with no mortgage. The only expenses we had were the month to month things like food, utilities, insurance, etc.


The local market matters as well.  The potential of the property to increase in price affects the lender risk.
 
2013-05-23 12:25:31 PM

Kiler: FTFA: "Many of the sales are going to private investors, who are buying up lower-price homes and then renting them out. "

My wife and I were running in to that while looking for a house. It would come on the market and by the time my Realtor when to schedule a showing it was already in contract. We finally got to one the day Seller said put in your final bid by 6:00PM and the house was on the market for less than a week and there were 3 other bids.

We're closing on it tomorrow finally and put in $7k over the asking price.


Austin has been like that for about 3 years.
 
2013-05-23 12:30:00 PM
Ah, Oklahoma.  I loved the musical.

stupiddream: Too soon?

/I laughed, but I'm evil like that.


I would have said 'too sooners?'

/also evil
 
2013-05-23 12:36:10 PM

Rapmaster2000: Kiler: RatOmeter: Kiler: Rapmaster2000: Kiler:

I'm not sure about that. Both my wife and I have great credit scores (~800) and enough for a 20% down payment and we still had to jump through hoops to get the mortgage loan on a $207k house. I can't see someone with a lower score having that easy a time getting a mortgage vs. renting.

Maybe it depends on your lender and your current debt load.  Four years ago my wife and I got a $250k mortgage easily and my credit score is lower than yours.  We did have zero debt and about 150k equity in another house, though, and I'm sure that helped.  We were basically approved the day we applied, though I had to go through the formality of protesting an erroneous black mark on my credit record.

Was that before or after the bubble burst and lenders started cracking down on who got loans?

We had no debt and I owned a condo with no mortgage. The only expenses we had were the month to month things like food, utilities, insurance, etc.

The local market matters as well.  The potential of the property to increase in price affects the lender risk.


Fall 2009.  It was a locally owned bank, so maybe the loan officers have more leeway to make quick, go/no-go decisions.
 
2013-05-23 01:13:39 PM
It was too soon.

It was funny.

But yeah, too soon.  Some peoples loved ones are still unburied.
 
2013-05-23 01:49:10 PM
Also from Oklahoma and I lol'd.
 
2013-05-23 02:13:13 PM
Someone who lost their home in the tornados will be angry if they get wind of this thread.
 
2013-05-23 02:23:33 PM
I think we all know tornadoes suck for everyone involved.  People end up funneling their fears into these stories, many of which have no foundation at all.
 
2013-05-23 02:29:12 PM

Mongo No.5: I think we all know tornadoes suck for everyone involved.  People end up funneling their fears into these stories, many of which have no foundation at all.


So we shouldn't shelter anyone from painful comments? How twisted.
 
2013-05-23 02:51:21 PM
It may look like a tonardo destroyed the area; but it looks better now that the land has been scoured clean. I live on the next block up out of the path so I can see the differences from my balcony.
 
2013-05-23 03:45:04 PM
The children are now Towering over the Plaza...
 
2013-05-23 05:59:17 PM
It took me a while to realize it was a funny headline. I started wondering about what market forces might be contributing to.... "I get it!"

Funny. And now I feel bad.

/thanks, jerk!
 
2013-05-23 09:40:05 PM
A bit too close to home for our family.  Wife's step mom lost everything in Little Axe.  Yeah I know insert the "welcome to fark" meme.

/although I did chuckle a bit wife is  mad at me now.
 
2013-05-23 10:29:53 PM

Fark_A_Chicken: I've been an Oklahoman my entire life and never seen anything like this last storm.


OK, I've been an Oklahoman for two years and I'm tired of hearing that line after every thunderstorm, tornado, snowfart and hot summer day.
 
2013-05-23 10:35:11 PM

buzzcut73: Subby, that was bad and you should feel bad.

/I laughed


It's too bad this humor works here but not on imgur.

/RIP Rigby
 
2013-05-24 05:16:09 AM

jimmyjackfunk: A bit too close to home for our family.  Wife's step mom lost everything in Little Axe.  Yeah I know insert the "welcome to fark" meme.

/although I did chuckle a bit wife is  mad at me now.


My mom lost her house-n-stuff too.

*shrugs*

When it's funny it's funny.

I raffed.
 
2013-05-24 02:28:48 PM

RatOmeter: "Especially in Oklahoma"

I almost drowned after snortling a mouthful of soup, subby.

/Oklahoman


... read that as 'soap', was wondering why you said FUUUUUUUUUUUUUUUUUUUUDGE
 
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