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Quick! Housing Needs More Obama Money


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2010 May 20, 2:51am   8,589 views  45 comments

by RayAmerica   ➕follow (0)   💰tip   ignore  

Mortgage Applications Plummet To 13-Year Low As Tax Cuts Expire

“Purchase applications plummeted 27 percent last week and have declined almost 20 percent over the past month, despite relatively low interest rates. The data continue to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season. In fact, this drop occurred even as rates on 30-year fixed-rate mortgages continued to fall, and at 4.83 percent are at their lowest level since November 2009,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “However, refinance borrowers did react to these lower rates, with refi applications up almost 15 percent, hitting their highest level in nine weeks.

... The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.83 percent from 4.96 percent, with points increasing to 1.08 from 0.91 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

Call your Congressman, Congresswoman, Congressit NOW! Without more air this bubble is really going to burst. We need more free Obama Money now!

#politics

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23   thomas.wong1986   2010 May 21, 5:00am  

RayAmerica says

ian policies that have only prolonged the inevitable. America is entering into the “Lost Decade,” and these ideologues refuse to admit that their policies have failed.

Oddly enough our favorite Congressman Franks came on CNBC and denied promoting "his" failed policies on housing. This is one is from Thursday. Friday they did a comparision with his fomer comments back in 2005, where he denied any bubble existed and further promotion of housing.
But what do you expect from a screaming queen anyway...

http://www.cnbc.com/id/15840232/?video=1500265401&play=1

24   RayAmerica   2010 May 21, 7:57am  

thomas.wong1986 says

Oddly enough our favorite Congressman Franks came on CNBC and denied promoting “his” failed policies on housing. This is one is from Thursday. Friday they did a comparision with his fomer comments back in 2005, where he denied any bubble existed and further promotion of housing.

Being a member of Congress, especially if you happen to be a Democrat, affords you the luxury of having selective memory. Shame on you for posting factual information in here. I'll be the first (of no doubt many) that will accuse you of being an insensitive, right wing, anti-Obama, Nazi, racist, homophobe hatemonger.

25   bubblesitter   2010 May 21, 8:37am  

Why is this a news? When there is a bailout culture there is always an attitude of asking more. Economy starts reversing when banks, businesses and people start working to generate money(when bailout stops). Simple economics!

26   simchaland   2010 May 21, 8:42am  

elliemae says

You mean that it wasn’t out of the president’s personal checking account?

Really? Because I thought he meant that "Owebama" is printing new money with his picture on each bill and that we were going to start using this "Owebama Money" instead of US Dollars. Gosh that Rayray is just so clever that I just never understand what he intends with his magnificent pronouncements.

27   RayAmerica   2010 May 22, 12:45am  

thomas.wong1986 says

Oddly enough our favorite Congressman Franks came on CNBC and denied promoting “his” failed policies on housing. This is one is from Thursday. Friday they did a comparision with his fomer comments back in 2005, where he denied any bubble existed and further promotion of housing.
But what do you expect from a screaming queen anyway…
http://www.cnbc.com/id/15840232/?video=1500265401&play=1

Kind of funny there isn't any response from the left on this. I wonder why?

28   elliemae   2010 May 22, 1:02am  

rayray:
You haven't responded as to where you were while Glen Beck may or may not have been raping & killing young girls. He surely couldn't have acted alone, and yet you've remained strangely silent on this issue. Please produce witnesses that can prove that you weren't there while this incident might, or might not, have occurred. You also haven't provided proof as to your not being a child molester. We would hope that by now you would have stepped up and proven that you aren't attracted to little kids but your lack of response to this issue is quite telling. Your attempts to derail every thread back to an attack on people who believe differently than do you, and your misperception of what a liberal is; well, it makes me wonder what other secrets you're hiding.

Kind of funny there isn't any response from rayray on this issue. I wonder why.

29   RayAmerica   2010 May 22, 1:11am  

elliemae says

rayray:
You haven’t responded as to where you were while Glen Beck may or may not have been raping & killing young girls. He surely couldn’t have acted alone, and yet you’ve remained strangely silent on this issue. Please produce witnesses that can prove that you weren’t there while this incident might, or might not, have occurred. You also haven’t provided proof as to your not being a child molester. We would hope that by now you would have stepped up and proven that you aren’t attracted to little kids but your lack of response to this issue is quite telling. Your attempts to derail every thread back to an attack on people who believe differently than do you, and your misperception of what a liberal is; well, it makes me wonder what other secrets you’re hiding.
Kind of funny there isn’t any response from rayray on this issue. I wonder why.

Michael Savage said it best: "Liberalism is a mental disorder." After reading the above, how can you argue with that?

30   RayAmerica   2010 May 22, 1:34am  

Nomo ... Apparently you have a problem with Michael Savage (Wiener, whatever) being Jewish. As for him being a "liberal" that is too funny. Nice try at labeling him and at the same time successfully exposing yourself as an anti-Semite.

31   RayAmerica   2010 May 22, 1:46am  

First and foremost I couldn't care less what Savage is. Second, he may be "liberal" as you claim on some issues, but for the most part, he is a conservative. I have the ability to discern for myself as to what "leads" me and Savage is not my "leader" in any way, shape or form. Apparently, you are unable to make that distinction and erroneously think that because I quoted Savage, that makes me his disciple. Another example of the simple, close mindedness of the left.

32   elliemae   2010 May 22, 2:07am  

RayAmerica says

Nomo … Apparently you have a problem with Michael Savage (Wiener, whatever) being Jewish. As for him being a “liberal” that is too funny. Nice try at labeling him and at the same time successfully exposing yourself as an anti-Semite.

And now you attack Nomo. People usually do that when they want to detract the topic from themselves.

elliemae says

You haven’t responded as to where you were while Glen Beck may or may not have been raping & killing young girls. He surely couldn’t have acted alone, and yet you’ve remained strangely silent on this issue. Please produce witnesses that can prove that you weren’t there while this incident might, or might not, have occurred. You also haven’t provided proof as to your not being a child molester. We would hope that by now you would have stepped up and proven that you aren’t attracted to little kids but your lack of response to this issue is quite telling. Your attempts to derail every thread back to an attack on people who believe differently than do you, and your misperception of what a liberal is; well, it makes me wonder what other secrets you’re hiding.

With each refusal to address these very serious charges, rayray, whomever is listening in here jacks you higher up on the suspect list...

33   elliemae   2010 May 22, 2:37am  

Nomograph says

How does it feel to be led around by the nose by a bunch of Jewish entertainers, Ray?

Spoken like a true Jewish Doctor, re-posted by a Jewess Social Worker. You want he should lay down & die, Nomo?

34   simchaland   2010 May 22, 6:45am  

elliemae says

Nomograph says

How does it feel to be led around by the nose by a bunch of Jewish entertainers, Ray?

Spoken like a true Jewish Doctor, re-posted by a Jewess Social Worker. You want he should lay down & die, Nomo?

And now it's spoken like a true Jewish Doctor, re-posted by a Jewess Social Worker, and posted again by a Jewish Psychotherapist. Now all we need is a Jewish lawyer and a Jewish Hollywood Establishment Entertainment Media Mogul and the stereotypes would be complete. ROFLMAO

And if we add a Kosher Butcher, Jewish Actor, a Rabbi, a Rebbetzen, and a Jewish Banker, we'd have a Minyan.

35   elliemae   2010 May 22, 7:01am  

simchaland says

And if we add a Kosher Butcher, Jewish Actor, a Rabbi, a Rebbetzen, and a Jewish Banker, we’d have a Minyan.

Jewish actor with a gentile name: Helen Slater, Anson Williams, William Shatner...

37   CBOEtrader   2010 Jun 14, 5:15am  

simchaland says

posted again by a Jewish Psychotherapist.

Are you Doctor Katz?

38   Done!   2010 Jun 14, 5:49am  

As 180,000 suckers are sweating out getting that 8K tax break.

Poor bastards, needs to be praying their deal falls through. The house is collapsing.
The news can't keep asking.... "IS THE WORLD BROKE?"
While shitholes are selling for anything near 100K let alone most of Burbdale America.

39   RayAmerica   2010 Jun 16, 3:11am  

Surprise! Surprise! This is precisely what CONSERVATIVES on this site (humbly, I was one of them) said would happen.

http://www.dailyfinance.com/story/real-estate/housing-starts-may/19518477/

40   Vicente   2010 Jun 16, 3:33am  

The Housing Lobby has had it's sticky fingers in "tax freebies" since forever. When did the tax deduction for mortgages start? This is not news, except to Rushbots who have suddenly discovered my God US housing is subsidized, like it was when they were still in diapers.

41   RayAmerica   2010 Jun 16, 3:42am  

Vicente says

When did the tax deduction for mortgages start?

You are confusing the Mortgage Tax Deduction with the Federal Tax Credits for Homebuyers. Indigently, the mortgage tax deduction only applies if one itemizes, which for most people does not pay. The tax credits for homebuyers did exactly what we said it would; pull into the market FUTURE buyers which would result in a slower housing market in the FUTURE, which has now been proven to be the case. This program did nothing to stabilize the housing market. It did expand the Federal deficit (and National Debt), a problem that the Obamatards have no problem with passing that bill onto their kids and grandkids.

42   LowlySmartRenter   2010 Jun 16, 4:07am  

simchaland says: "Really? Because I thought he meant that “Owebama” is printing new money with his picture on each bill and that we were going to start using this “Owebama Money” instead of US Dollars."

Ala the film "Idiocracy"? :-) Loved that film, as depressingly accurate as it seems some days.

43   Vicente   2010 Jun 16, 4:39am  

RayAmerica says

Vicente says

When did the tax deduction for mortgages start?

You are confusing the Mortgage Tax Deduction with the Federal Tax Credits for Homebuyers. Indigently

My point was broad not specific. US housing has been subsidized at many levels for a long time. This credit thing is a pimple on the elephant in the room. At best it's a bandaid atop a sucking chest wound.

The fair thing to do, is remove subsidies at all levels. No deductions, no credits, no special assistance to big homebuilders, no city incentives to subdivision developers, no easy writeoffs for your flubs. Require vacant houses be sold at public auction. However this runs counter to decades of entrenched American belief that single-family housing is an "investment" and should be assisted without looking at costs, and it well predates Obama. It goes much further back than Bush Junior inane push for the "Ownership Society".

44   RayAmerica   2010 Jun 16, 5:37am  

Vicente says

It goes much further back than Bush Junior inane push for the “Ownership Society”.

You are right about that. Back in 1992 Clinton advocated the position that "every American should own a home" and said that goal could be achieved by the year "2000." Bush had the EXACT same position. What bothers me about this mess is that Democrats attempt to put all the blame on Bush, etc. when in fact they are every bit as guilty. Which draws me to the conclusion that they are just partisan party hacks that always attempt to blame the other side, in this case GOPers. I have the same distain for GOPers that try to put all the blame on the Democrats while ignoring that their own party is culpable as well.

45   Bap33   2010 Jun 16, 4:05pm  

war fixed the job issue

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