On Wednesday, September 20th the Federal Open Markets Commitee meets to set short term interest rates. I expect another pause.
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The best way to get the housing market thriving again is to drop prices to the point where supply equals demand. Home sellers might not like it, but it's good for buyers and it's great for Realtors.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
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September
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- BubbleSphere Roundup
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September
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``For the next couple of months, we're probably looking at between zero to a five percent drop in prices,'' Lereah says. ``The only way for home sales to come back, and for inventories to start to diminish, is for sellers to start to bring prices down.''
ReplyDeletedoes anyone believe it's only going down 5%?
This is a total joke. Seen housing prices down 10-15% in many NE areas already.
HAHHAHAHAHA!!!!
A little late to warn!
Go Gett'em David.
Will the Fed's pause matter?
ReplyDeleteI presume everyone has read about the July Capitol inflows being only about half of projection.
If forign interest refuse to loan us money... rates will go up. And yes, the dollar will depreciate versus the other currencies too.
I expect the credit tightening to continue. A pause by the Fed could end up really hurting the economy by turning off the credit tap (on the supply side). Although, I admit I do not fully understand why the treasury notes are tradding down from 4.84 percent to 4.80 percent unless big buyers are expecting the Fed to cut.
Neil
Neil,
ReplyDeleteGood points. I still think that the Federal Reserve will not raise because of the fear of a recession.
David,
ReplyDeleteI agree. The fed is set to pause.
What I'm afraid of is that instead of helping pull the economy along, they'll be pushing a rope as the current economy is incredibly dependent upon capitol inflows... But I admit to being unsure... I feel a blog post coming on! ;)
Neil