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You cannot paint everyone with the same brush. In my area they are still developing subdivisions and building new homes at a moderate pace. Home values are stable and increasing in some neighborhoods. It depends on where you live.
 

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You cannot paint everyone with the same brush. In my area they are still developing subdivisions and building new homes at a moderate pace. Home values are stable and increasing in some neighborhoods. It depends on where you live.
I wouldn't call it moderate, the housing starts suck more than a hoover on some shag rug.. Building permits are also down.

Tomorrow, PPI numbers are released.. oh joy, cant wait.

http://biz.yahoo.com/c/e.html
 

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You cannot paint everyone with the same brush. In my area they are still developing subdivisions and building new homes at a moderate pace. Home values are stable and increasing in some neighborhoods. It depends on where you live.
People have been saying this for years. Why? Because it is true, to an extent.

Excluding a few dismal areas, most regions have experienced periods of stability followed by a nose dive, then another period of stability, then another nose dive. This trend will continue for the foreseeable future. Each stable period has succeeded in enticing a handful of optimists to buy. They quickly turn into pessimists or deniers, depending on the strength of their self-delusion.

Hidden under the deluge of news regarding S&P's downgrade of U.S. debt was the tidbit that S&P also downgraded Fannie, Freddie & Ginnie .

Since over 95% of home loans today are backed by Freddie, Fannie or Ginnie, that is distressing news to potential home buyers and to all those who own a home, regardless of the region.
 

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I wouldn't call it moderate, the housing starts suck more than a hoover on some shag rug.. Building permits are also down.

Tomorrow, PPI numbers are released.. oh joy, cant wait.

http://biz.yahoo.com/c/e.html
That may be the case in your area. It is not the case in mine. I earn my living in this business and have done so for over 30 years. I am a real estate appraiser and have not had a day off in two months. That is a fact. There are three sets of floorplans on my desk right now for new homes. I inspected six properties today. I am turning down three to four appraisals each day because I cannot get to them. But you go ahead and believe whatever you want! :)
 

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That may be the case in your area. It is not the case in mine. I earn my living in this business and have done so for over 30 years. I am a real estate appraiser and have not had a day off in two months. That is a fact. There are three sets of floorplans on my desk right now for new homes. I inspected six properties today. I am turning down three to four appraisals each day because I cannot get to them. But you go ahead and believe whatever you want! :)
Im not saying your wrong, Im saying as a whole, the housing starts suck this month just like last month, and the one before etc etc.

I see your from East Texas, you come across any good BOL then let me know..
 

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Im not saying your wrong, Im saying as a whole, the housing starts suck this month just like last month, and the one before etc etc.

I see your from East Texas, you come across any good BOL then let me know..
The real estate market nationwide sucks real bad. East Texas did not have the double degit inflation of housing prices and we have not have the fall either. If you go into our MLS and search for listings of land there are just a very few. We are talking about an area with thousands and thousands of acres of land and about eight or ten listings of overpriced tracts available. We have the oil production, the ever increasing gas production (lookup Hanesville shale), lignite mining (coal mines everywhere), timber, manufacturing (LeTourneau, Trinity Industries, etc.) Even I am surprised to turn down a country road and see a new subdivision going in. That is what I mean when I said that it depends on where you are.:thumb:
 

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As far as my local region, I've been told by 2 very reliable people that are in the Real Estate business, that we don't have a "Buyers Market" like everybody is being told.

In our region, Buyers are being DENIED by banks. Buyers that have the 20% down, have excellent Credit Scores, been working the same stable job for 15 yrs, yet the Bank STILL denies them the loan!

My Realtor said we can't call this a "Buyer's Market". That would require that we have Buyer's!!!

And I currently have my home listed For Sale in this nightmare market.
 

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Fannie Mae, Freddie Mac, VA, FHA have the same guidelines all over the United States. The banks originate the loan and sell it to one of the above....that is a source of income to the bank with no risk. Do the banks in your area have a problem with this income source?
 

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Fannie Mae, Freddie Mac, VA, FHA have the same guidelines all over the United States. The banks originate the loan and sell it to one of the above....that is a source of income to the bank with no risk. Do the banks in your area have a problem with this income source?
Are you asking me? I don't have a flippin clue about the Banks. I only know what 2 Realtors have told me.

What I have noticed in my local region, there is an explosion of homes Rent to Own. I don't know if these homes are moving that way, but there are a lot of front yard signs.

I've been wondering if Rent to Own will become the new hot way to sell?:xeye:
 

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In my area (southcentral KS) home prices have been pretty stable. We have never had much more than 2-3% annual price inflation and thus never had much of a major drop in home values either. The county certainly seems to think property values are fine since they are still raising mine every year . . .

Not much growth right now either. There is a new subdivision about a mile down the road from me, they broke ground 3 years ago, still less than 10 houses there.

My friends who live in subdivisions say that turnover has been crazy the last year or two. Tons of homes for sale, but they usually don't last long.
 

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As far as my local region, I've been told by 2 very reliable people that are in the Real Estate business, that we don't have a "Buyers Market" like everybody is being told.

In our region, Buyers are being DENIED by banks. Buyers that have the 20% down, have excellent Credit Scores, been working the same stable job for 15 yrs, yet the Bank STILL denies them the loan!

My Realtor said we can't call this a "Buyer's Market". That would require that we have Buyer's!!!

And I currently have my home listed For Sale in this nightmare market.
You're not getting the whole story about these "buyers". Lenders are SCREAMING for qualified borrowers. No loans, no money.

I refi'ed last week and the broker told me that six lenders were after my loan.

The criteria:

Need 750+ credit score first and foremost
80% LTV maximum loan amount
Verifiable current employment (wanted six weeks of pay stubs) and they still called the employer
3 yrs W2s
3 months of bank statements
Verifiable proof of any other income if you are presenting it for consideration for the loan (child support, investment income, etc)
 

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You're not getting the whole story about these "buyers". Lenders are SCREAMING for qualified borrowers. No loans, no money.

I refi'ed last week and the broker told me that six lenders were after my loan.

The criteria:

Need 750+ credit score first and foremost
80% LTV maximum loan amount
Verifiable current employment (wanted six weeks of pay stubs) and they still called the employer
3 yrs W2s
3 months of bank statements
Verifiable proof of any other income if you are presenting it for consideration for the loan (child support, investment income, etc)
Or you can just buy outright. Forget the loan. Prices will come down to where that will be possible. Just work and save in PMs and the day will come.
 

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You're not getting the whole story about these "buyers". Lenders are SCREAMING for qualified borrowers. No loans, no money.

I refi'ed last week and the broker told me that six lenders were after my loan.

The criteria:

Need 750+ credit score first and foremost
80% LTV maximum loan amount
Verifiable current employment (wanted six weeks of pay stubs) and they still called the employer
3 yrs W2s
3 months of bank statements
Verifiable proof of any other income if you are presenting it for consideration for the loan (child support, investment income, etc)
See, there's part of the problem. What is now considered a "qualified borrower" is someone who could essentially buy outright and doesn't need a loan. And most of those folks just aren't making any big purchases in the current economy... saving their money and avoiding debt for when their job disappears.
 

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>is someone who could essentially buy outright

Most people who meet this criteria could not buy outrght. They may have a decent job
and great credit and enough for a 20% down payment but there is no way most people are sitting enough cash to purchase a home.

McLOVIN
 
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