Comments for Existing Home Sales Increase Slightly in February
Anonymous says:
Hi
Anonymous Mon Mar 23 09:18:23 2009 CDT #
Guest says:
So the bottom is in?
Guest Mon Mar 23 09:18:57 2009 CDT #
dafox says:
Whats the current status on moratoriums? I havent been keeping up, but I know theres got to be a ton of inventory waiting to come on.
dafox Mon Mar 23 09:19:10 2009 CDT #
Tim waiting for 2012 says:
Home sales are going crazy in Sacramento I hear but prices are way down. YOY price decline was greater than the numbers show IMO
Double top at the SP at 800?
Tim waiting for 2012 Mon Mar 23 09:19:12 2009 CDT #
Anonymous says:
"YOY price decline was greater than the numbers show IMO "
One thing I always wonder about the median price is, are people living below their means and buying the same size/location/quality house now that prices have come down some, or are they buying the absolute max they are/were financed for?
If I was able to be financed for $250k in 1999, and in 2009 could get the same $250k in financing, the house I end up with would be very different in certain parts of the country, which makes me suspect people aren't LBYM and are buying as much house as they can.
Parent Post
Anonymous Mon Mar 23 09:33:29 2009 CDT #
CRbot says:
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/3110363213433280318
CRbot Mon Mar 23 09:19:36 2009 CDT #
Anonymous says:
knife catchers, for sure
Anonymous Mon Mar 23 09:20:28 2009 CDT #
Basel Too says:
another thing that pisses me off about the PPIP is that the banks can implement a $1T plan within months, but it takes 1.5 years to implement the proposed credit card reforms.
Basel Too Mon Mar 23 09:23:05 2009 CDT #
Comrade Byzantine_Ruins says:
AnonyMiss says:
Today, 10:20:11 AM
Thanks! It's going to be a long day for CBR if he doesn't lay off the 151. : )
It would be very short for me, I assure you. I'm not a big drinker. =)
Comrade Byzantine_Ruins Mon Mar 23 09:25:57 2009 CDT #
Anonymous says:
Home sales are going crazy in Sacramento I hear but prices are way down.
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Please post your findings IE: Going crazy, if anything people are going crazy to get the hell out...so I call bluff....Wait till the tax increases hit hahaah!
Anonymous Mon Mar 23 09:27:30 2009 CDT #
Tim waiting for 2012 says:
Altogether, 2,809 homes changed hands during the month in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties, DataQuick reported. That compared with 2,162 in February 2008, 2,534 in February 2007 and 3,185 sales in February 2006.
http://www.sacbee.com/realestatenews/story/1714767.html
Tim waiting for 2012 Mon Mar 23 09:30:54 2009 CDT #
Blackhalo says:
Where's the chart of the average closing price? Just looking for capitulation...
Blackhalo Mon Mar 23 09:31:03 2009 CDT #
NervousRex says:
Looks like we're up Dow 256 for a $1T expenditure.
If that's our metric, I mean, it's kinda pricey.
NervousRex Mon Mar 23 09:31:18 2009 CDT #
Tim waiting for 2012 says:
This is the reason for a lot of the increase
"Preliminary estimates from researcher MDA DataQuick indicate that 28.4 percent of February buyers in Sacramento County were investors aiming to buy, repair and rent out their new acquisitions."
Tim waiting for 2012 Mon Mar 23 09:35:00 2009 CDT #
Comrade Kristina says:
LOL CBR, I was going to say that 151 would make for a short day, not a long day...
Comrade Kristina Mon Mar 23 09:35:12 2009 CDT #
RockyR says:
Market is going absolutely nuts. I think everyone has decided that the second great depression has been called off.
RockyR Mon Mar 23 09:35:25 2009 CDT #
Anonymous says:
If you aren't long this market, you are nutz.
Anonymous Mon Mar 23 09:36:33 2009 CDT #
CRbot says:
The Latest from Denninger:
Existing Home Sales: Beware
CRbot Mon Mar 23 09:37:06 2009 CDT #
Tim waiting for 2012 says:
I still hear of little or no money down loans so I think we are trying to reinflate the bubble. I see a new round in Foreclosures by the end of the year.
Tim waiting for 2012 Mon Mar 23 09:38:32 2009 CDT #
adornosghost says:
Everything that we're doing right now is engineered to avoid reality, to sustain the unsustainable, to recover the unrecoverable, when the mandate of reality compels us to face our losses in order to move on to the next chapter of a collective American life.
--Kunsler
adornosghost Mon Mar 23 09:40:22 2009 CDT #
LAM says:
Chicago yoy getting ugly unless your a buyer...
(Crain's) — Chicago-area home sales fell almost 29% in February while sales in the city fell more than 40%, according to the Illinois Assn. of Realtors.
Statewide sales fell 27.8% in February to 5,097 homes, compared with 7,058 in February 2008, the Realtors’ group said. The median price statewide fell 20.8% in February to $141,000, compared with $177,950 in February 2008.
The median prices in the Chicago area and the city fell more than 23%, according to a release Monday from the Realtors' group.
“Even though conditions are good for buyers with low interest rates and lower home prices, the job losses in Illinois and record-low consumer confidence has kept potential home buyers waiting on the sidelines for signs of improvement in the overall economy,” Pat Callan, president of the association, said in the release.
http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=33410
LAM Mon Mar 23 09:43:40 2009 CDT #
Tim waiting for 2012 says:
Flood of Rentals on the market means a race to the bottom. I will probably move this summer as off the books rents have fallen 20% YOY in the bay Area.
Tim waiting for 2012 Mon Mar 23 09:43:57 2009 CDT #
reptillian says:
"The median sales price plunged to $165,400, down 15.5 percent from $195,800 a year earlier. That was the second-lowest drop on record."
http://biz.yahoo.com/ap/090323/home_sales.html?sec=topStories&pos=2&asset=TBD&ccode=TBD
reptillian Mon Mar 23 09:44:55 2009 CDT #
MW says:
Not only the sale of foreclosures. But doesn't in fact the actual foreclosure of a mortgage count as a home sale. There is a transfer of deed from the borrower to the lender and this is in fact a sale, and is recoded as so.
My point is, that even in the face of no third-party sales, accelerating foreclosures would tip the stats in a manner that at least on the face of it, would show more "sales."
MW Mon Mar 23 09:45:07 2009 CDT #
yagij says:
"If you aren't long this market, you are nutz."
-----
I think we need some new terms for "this market":
long = old definition of being "long"
short = old definition of being "short"
dLong = "Buying stock with the intent of selling within the next 2 weeks"
iShort = "Shorting stock in hopes you can make it to the closing bell or through the next opening bell"
uLong = "Buying stock with hopes of selling before the closing bell"
omfgShort = "You hit the [Refresh] button every 30 seconds waiting to cash out of your 5+% return"
TRANSLATION: "If you aren't long this market, you are nutz."
MEANS: "If you aren't dLong, you are nutz."
yagij Mon Mar 23 09:45:51 2009 CDT #
Anonymous says:
Yaqij,
HAHAHAHA, you should conduct investing seminars.
Parent Post
Anonymous Mon Mar 23 09:51:46 2009 CDT #
CRbot says:
The Latest from Denninger:
Potential Breakout Intermediate Term
CRbot Mon Mar 23 09:46:39 2009 CDT #
turnthatfrownupsidedown says:
This is great news! The Bulls Are Back In Town!!!!
turnthatfrownupsidedown Mon Mar 23 09:49:14 2009 CDT #
bearly says:
Deadline ? What's a deadline ?
[NEW YORK (Reuters) - General Growth Properties Inc (NYSE:GGP - News), the second largest U.S. mall owner, said on Monday that its subsidiary Rouse Co LP would extend the deadline to reach an agreement that could allow it to skip payments on more than $2 billion of debt]
bearly Mon Mar 23 09:49:40 2009 CDT #
Tim waiting for 2012 says:
Reptillian your Article reads like this
The median sales price plunged to $165,400, down 15.5 percent from $195,800 a year earlier. That was the second-LARGEST drop on record
not "Lowest" WTF
Tim waiting for 2012 Mon Mar 23 09:50:14 2009 CDT #
reptillian says:
Yeah, they must have corrected it after I copied/pasted.
Parent Post
reptillian Mon Mar 23 09:54:10 2009 CDT #
CRbot says:
New Thread: More on Existing Home Sales
http://www.calculatedriskblog.com/2009/03/more-on-existing-home-sales.html ( 0 comments ...You could be FIRST! )
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CRbot Mon Mar 23 09:51:01 2009 CDT #
reptillian says:
"Not only the sale of foreclosures. But doesn't in fact the actual foreclosure of a mortgage count as a home sale. There is a transfer of deed from the borrower to the lender and this is in fact a sale, and is recoded as so."
I think it is not a "sale" until the bank sells it.
The bank didn't have to "buy" the house to foreclose.
reptillian Mon Mar 23 09:52:44 2009 CDT #
END