patrick.net

Article is also on Yahoo:
http://homes.yahoo.com/news/home-sales-fall-8th-straight-140000838.html

Hmmm...may be investors are pulling out, after all.

Call it Crazy says

Could be... But then who's left to buy??

Would be first time buyers who can't afford.

jojo says

It's all a pyramid. The only thing that matters is first time buyers and the people who are exiting. Everyone else is just playing musical chairs.

Prefect recipe for price reductions, but I am too afraid of Fed, they may induce a rate reduction if prices head down.

jojo says

It means he is telling everyone else to buy as he is selling. Pump and dump.

No, he's not. Is he selling now? No. Is he saying what he's planning on doing in a few years? Yes. That seems to be very transparent to me.

jojo says

I wasn't around here in 2011 but yes that was a good time to buy. Now is a good time to sell and that is where my opinion differs from his (outwardly). I think he knows this but wants (hopes) to keep the music playing until he can exit over the next few years.

It may or may not be a good time to sell if you have a bunch of properties. Time will tell.

Call it Crazy says

Just once, I would like you to come here and start a discussion on your own, instead of being someone else's bitch. 4053 comments, but not a SINGLE discussion thread,...

I can't be bothered to start threads. Threads on here are recycled endlessly. Look at the shite you post up. No wonder you want other people to start discussions.

Call it Crazy says

The sad part is that you don't even recognize how "small" and "insignificant" this makes you... Do you go around in the other parts of your life and lick peoples assholes all day???

Ho, ho, ho. You think starting threads on Patrick.net makes you 'big' and 'significant,' do you? How fucking sad are you?

jojo says

The only thing that matters is first time buyers and the people who are exiting. Everyone else is just playing musical chairs.

That view oversimplifies it. It does make it easier to think about, but doesn't necessarily lead to accurate understanding/conclusions. "Musical stairs" is a bit more accurate. For one, the existing homeowner who is buying a new house is often buying up, so they wouldn't merely be trading places with someone, but are putting more money into the system. The first timers aren't buying what the boomers are selling...if the musical stairs part of the market isn't active, you can't clear the high end inventory, and there isn't low end inventory to be bought, save new construction.

Call it Crazy says

Also, the FED didn't get much "growth" for their $85B injection per month

Think it's down to $55 billion/month now. They've been tapering since December.

Just love this article about Bank of America:

http://www.housingwire.com/articles/29402-bank-of-america-finds-the-housing-recovery-hard-to-believe?source=Patrick.net

"But, but wait, NO! you can't taper, it will kill housing 'recovery'"

"The housing recovery may not continue, they indicate, if the Federal Reserve continues to pull back on its purchase of mortgage-backed securities and decides to raise rates sooner-than-later."

"mortgage purchase application activity — remains critically weak"

"Until proven otherwise, these numbers are awful"

But yes, prices are near or at bubble peak, some sellers are even asking for more now.