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Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
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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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2010
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February
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Case Shiller out. DC holding firm at 178& change. Far above the 115 and 135 levels predicted by NonPartisan and Noz respectively.
ReplyDeleteAlso, it looks like prices are now up on a YOY basis.
Also, CAW, CAW, CAW!!!!!!
http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----
Dude!...Partisan, couldn't you two wankers just exchange emails to continue your juvenille beef instead of posting irrelevant comments. Why don't you two just meet at a local coffee shop and see who has the bigger java beans once and for all. Otherwise let it go, it's not healthy to carry on with this obsession of a Super Bowl prediction.
ReplyDelete75% of all homes purchased last year was with 0 money down. Housing has not bottomed! Home prices will slide some more especially when the Fed pulls out. Stay buckled in your renter's chair and enjoy the ride.
ReplyDelete75% of all homes purchased last year was with 0 money down.
ReplyDeleteSource???
Thats OK - Ill have you do it. See the thing is, im pretty sure you just fabricated that stat out of thin air.
ReplyDeleteSo the burden is on you bud. Either produce a stat or we can conclude the statement:
"75% of all homes purchased last year was with 0 money down."
Is just a lie, plain and simple. Balls in your court...
"75% of all homes purchased last year was with 0 money down."
ReplyDeleteIs just a lie, plain and simple. Balls in your court...
Who cares. Go long on housing... your funeral.
"Go long on housing... your funeral."
ReplyDeleteDid anyone say that in this tread? Of course not. The issue in this thread concerns the statement:
"75% of all homes purchased last year was with 0 money down"
If this is legitimate, cite your source. Otherwise, if it is fabricated as I suspect, just admit its a lie and move on.
Why are you so concerned? Does the statistic frighten you? If you were comfortable with your ownership decision, you wouldn't be on this blog. But you're not and so you participate in this useless banter. Or maybe it is because you lead a boring life. But the statistic is true. So sleep well little man!
ReplyDeleteExcerpt from CNBC:
ReplyDeleteSales of newly built U.S. single-family homes unexpectedly fell to a record low in January, according to government data on Wednesday that hinted at potential trouble for the fragile housing market recovery.
The Commerce Department said sales dropped 11.2 percent to a 309,000 unit annual rate, the lowest level since records started in January 1963, from an upwardly revised 348,000 in December.
It was the third straight month that new home sales fell and the percentage decline in January was the largest in a year. Analysts polled by Reuters had expected new home sales to increase to a 360,000 unit annual pace from December's previously reported 342,000 units.
Compared to January last year, sales fell 6.1 percent.
"It's awful. This is with the home buyer tax credit. I don't understand people who say the housing market is turning," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.
Tuskenrayder - sorry I am not leaving anytime soon. I suggest you just dont read my posts.
ReplyDeleteWith regard to the statement "75% of all homes purchased last year was with 0 money down", id have to say thats a bit of a streeeeech.
It looks like Anon is worried about the role of FHA, and rightly so. IIRC, they dont do 0% down loans, but they do offer 3% down which is pretty close in my book.
Still - the extent of the program (i.e. 75% of all purchases according to him) looks severely overstated. For the entire year of 2009, MRIS reports that FHA was used in 5924 of the 20404 loans made in Nova (NVAR) last year.
http://www.mris.com/reports/stats/
My understanding is that 80% of the FHA borrowers opt for the 3% program. So, if this is correct, the number of (what anon calls 0% down loans) is not 75% but actually closer to 23%.
Even if you assume they were all 3%ers, you are looking at 29%, max.
Read carefully: "75% of all homes purchased last year was with 0 money down"
ReplyDeleteIt does not say 75% of homes in NVAR!!!!!! So don't claim that the statistic is severely overstated because it's not!
"Partisan said...
ReplyDeletethe number of (what anon calls 0% down loans) is not 75% but actually closer to 23%."
So, as I suspected, anon's original comment "75% of all homes purchased last year was with 0 money down" is horeshit...pure, unbridled horseshit. Thanks Partisan.
"Anon said...
It does not say 75% of homes in NVAR!!!!!! So don't claim that the statistic is severely overstated because it's not!"
So let me ask again SOURCE??? Sorry, you simply cant say "its not because I say so" and expect anyone here to believe you. I agree NVAR isnt the USA, but given that we have ONE source that says your stat is severly overstated, versus your ZERO sources that say otherwise, why in hell should we believe you when you continually refuse to point to something to prove us wrong?
Now is the point where you like to go personal on me, so full disclosure here. Yes I am a homeowner, but I bought well over a decade ago and am so far above water, it isnt even funny. So I am not "frightened" by your stat.
Also, full disclosure dictates that I would like to trade up someday, so I like coming here to read James/David's very informative posts.
Now as to the comments, and why I respond to you, truth be known, I am bored to tears at my job! I quite literally have nothing to do. Still, it is quite obvious you are a horseshit artist, and I really enjoy calling you out when it is obvious you are lying.
So, now that we have your tangent taken care of, lets get back to the minutae of this debate.
"It does not say 75% of homes in NVAR!!!!!! So don't claim that the statistic is severely overstated because it's not!"
Once again, SOURCE???
My source is my employer! If I were to provide you with the source of the compilation of statistics, I would lose my jobs. All I can say is that you will have to have some trust in humanity for this one....
ReplyDeleteDeep Throat
VA does 0% down. Perhaps Horseshizzle works for the VA. In that case, 75% of purchases last year with zero down sound plausible. However, a security clearance isn't usually required to work for the VA and I don't see any national security implications by leaking such sensitive information as citing a statistic without context.
ReplyDeleteDEEP THROAT...Me thinks not!
Dont listen to anon @ 1:45 pm - he is just covering for me. I am his employer, I have the REAL stats, and the fact is "less than 5% of houses use zerodown mortgages".
ReplyDeleteI cant show you the source because The Obama Administration has ordered me not to. They want to show as bad a picture as possible to make sure other housing rescue packages are passed.
So, as much as I would like to tell you the truth, I cant because I would go to jail. All I can say is that you will have to have some trust in humanity for this one...
Deep Throat's employer.
On a different note then the other comments here:
ReplyDeleteI thought the Rolling Stone article was GREAT! Amazing stuff to show just how corrupt our financial system is.