patrick.net

after sampling 2009 prices, most people cannot stomach paying 2006 prices again.

Looks like CNBC caught on! People worry about their jobs http://www.cnbc.com/id/101980187

wow. How will the Feds "fix" this?

siklidkid says

wow. How will the Feds "fix" this?

They can't and if you've noticed they have stopped talking about housing, they changed the subject to jobs

If they let go of housing as you are suggesting, doesn't everything come unglued? I was under the impression they needed to keep housing propped up to sustain "the recovery"

siklidkid says

If they let go of housing as you are suggesting, doesn't everything come unglued? I was under the impression they needed to keep housing propped up to sustain "the recovery"

That is the Fed's position so you would think it's over.

I never liked the idea of an economy based on people moving in and out of increasingly higher priced used houses.

The Fed will change the subject and start talking about the "tools" it has to "fix" the labor market

PCGyver says

Instead of bailing out the bankers I wish we would have prosecuted the control fraud. If we would have the economy would be booming now.

The reason they didn't that is the Fed's shareholders are the too big to fail banks- why would they inflict a wound of that nature on themselves?

Fast food job applications increase. Mortgage brokers and Realtor's looking for employment.

jvolstad says

Fast food job applications increase. Mortgage brokers and Realtor's looking for employment.

Minimum wage protesters gain new converts!

PCGyver says

That is what they wanted you to believe. what really would have happened is that the rich people would no longer been so rich.

The rich people just couldn't have that so they had their losses socialized by a bailout.

Exhibit A- Warrant Buffet

they got away with it because Congress for well over a hundred years has ceded its power to the President, the Supreme Court and to lobbyists

Call it Crazy says

Can you say "Over the cliff"?

its already gone down a few cliffs, heading for the big one

Call it Crazy says

....." Just a slight trend higher in interest rates was enough to stall both potential home buyers and borrowers looking to refinance their loans.

Total BS- applications were and would have been down no matter what the rates were- she is grasping at straws to preserve the housing recovery story.

The Professor says

siklidkid says

How will the Feds "fix" this?

militarize the police

Print more money, start a war

Mortgage rates don't matter.

Call it Crazy says

Yep, when you can't afford to pay the mortgage in the first place..

Why bother applying?
If you can't afford it no matter what the rate is OR
if you can and its a good deal a cash buyer will scoop up the house while you are applying

Call it Crazy says

Call it Crazy says

Does this in any way look like a recovering housing market?

Oh wait, I posted that graph wrong....

*

*

There, now it looks like a recovering housing market..

How's that?

I see you learnt to forecast, because that is exactly what the next 10 years will look like.

Market Watch:

Mortgage gauge hits 14-year low, but that doesn’t mean housing is dead http://blogs.marketwatch.com/capitolreport/2014/09/10/mortgage-gauge-hits-14-year-low-but-that-doesnt-mean-housing-is-dead/ …

but but but housing recovery recovery recovery, housing recovery housing recovery? anyone?

Housing Crashing from a Demand Perspective
Yet GDP pumping along at 3%
http://app.hedgeye.com/media/1249-mccullough-housing-train-wreck-within-a-train-wreck

smaulgld says

Housing Crashing from a Demand Perspective

Yet GDP pumping along at 3%

http://app.hedgeye.com/media/1249-mccullough-housing-train-wreck-within-a-train-wreck

"A certified train wreck within a train wreck." lol

siklidkid says

smaulgld says

Housing Crashing from a Demand Perspective

Yet GDP pumping along at 3%

http://app.hedgeye.com/media/1249-mccullough-housing-train-wreck-within-a-train-wreck

"A certified train wreck within a train wreck." lol

As i have mentioned for over a year- the housing "recovery" has been in price alone
Poor sales even poorer new home construction- a fed created farce
Just like the stock market where the fed, sovereign funds and the companies themselves are the majority of buyers on the stock exchanges

Smaulgld. I agree (and have done for a long time) with your synopsis of the housing market. I live in Tahoe which is extremely seasonal in terms of listings going on/ off the market.

I have seen several listings go on in march and be removed by September year after year. This is perhaps the best example I could find (for a roof): http://www.zillow.com/homedetails/15927-S-Shore-Dr-Truckee-CA-96161/2132038033_zpid/

The middle class have been priced out of the area (and are renting) and a large majority are 2nd home owners from the bay area with deep pockets and long arms.

I am curious to find out how you get the graphs on inventory? I cannot seems to find out how to see the YOY changes in inventory on Zillow. All I know is that inventory has increased, prices have stagnated (still high) and looks like they are now becoming a hot potato as I see huge price reductions (buying season over) as QE also winds down it will be interesting to see what happens in this area.

smaulgld says

siklidkid says

smaulgld says

Housing Crashing from a Demand Perspective

Yet GDP pumping along at 3%

http://app.hedgeye.com/media/1249-mccullough-housing-train-wreck-within-a-train-wreck

"A certified train wreck within a train wreck." lol

As i have mentioned for over a year- the housing "recovery" has been in price alone

Poor sales even poorer new home construction- a fed created farce

Just like the stock market where the fed, sovereign funds and the companies themselves are the majority of buyers on the stock exchanges

Party's over. Slowly back to more intrinsic valuations. The middle-class can only benefit from this.

Barney_Franks says

I am curious to find out how you get the graphs on inventory? I cannot seems to find out how to see the YOY changes in inventory on Zillow. All I know is that inventory has increased, prices have stagnated (still high) and looks like they are now becoming a hot potato as I see huge price reductions (buying season over) as QE also winds down it will be interesting to see what happens in this area.

try this
http://www.movoto.com/truckee-ca/market-trends/#city=&time=1Y&metric=Inventory&type=0

At the bottom of each movoto listing there is a link to market trends in that market

Next up stock market crash to reset some things..........

smaulgld says

Mortgage Applications Fall to 14 year Low

No worries, "all cash" buyers will pick up the slack to keep the prices inflated.

bubblesitter says

smaulgld says

Mortgage Applications Fall to 14 year Low

No worries, "all cash" buyers will pick up the slack to keep the prices inflated.

Thankfully there is someone to fill in for the working people.

APOCALYPSEFUCKisShostikovitch says

Americans are so rich from their success in flipping shacks that everyone can just pay cash now.

That's part of it. I also like to think that we're in a situation where everyone already has the idyllic executive family Travertine home that they desire.

This means homeowners will take loving care of their sacred homes, being careful to remove their fry-cook uniforms before entering the foyer, and prices will at worst move sideways.