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post #21 of 27 (permalink) Old 07-29-2008, 08:15 PM Thread Starter
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People who lost money are, for the most part, the speculators who caused the bubble. So I'm not too concerned. And as home inventories come down, even they might realize some equity in their properties. The new law (giveaway) just passed Congress will probably "help" too. And I see the overall credit markets, especially the banks, improving. Things are looking up!

The Fed is taking good care of sick banks so I wouldn't worry too much about those Lex banks. The two that closed the other day got 100% of everything covered w/out regard to the $100k rule or anything else. There were no lines and no panic, which is as it should be. Banks fail every year, and I doubt that we will see any unusual numbers this year, in spite of the various bubbles bursting. The system really works!
The notion that it was speculators that caused the bubble has been pretty much blown out of the water. But, that is not particularly relevant.

So why is the new law a "giveaway" which you imply is bad with brackets and quotes yet the next paragraph you suggest that the FED is taking good care of sick banks and imply that is good? If bad decision making was at the root of both issues, why the contradictory implications. Both giveaways are coming out of the next generations pocketbooks through enhanced debt.

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post #22 of 27 (permalink) Old 07-29-2008, 08:27 PM
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The notion that it was speculators that caused the bubble has been pretty much blown out of the water. But, that is not particularly relevant.

So why is the new law a "giveaway" which you imply is bad with brackets and quotes yet the next paragraph you suggest that the FED is taking good care of sick banks and imply that is good? If bad decision making was at the root of both issues, why the contradictory implications. Both giveaways are coming out of the next generations pocketbooks through enhanced debt.
Apples and oranges... Just because the orchards are in the same state doesn't make them the same thing.

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post #23 of 27 (permalink) Old 07-29-2008, 08:50 PM
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Sorryeee Guys.... McBeary's post has better information that seems to stand up much better and more accurate than anything Ya'll have posted related to this issue.

It may not reflect Utah hah haaa's market but it seems to me they are fucking money stupid here house sales are rolling along and new houses still popping up like crazy with 210 to 240s being the low range...

Sure there has been some hit by money woes and that is certainly up a bit however the next road over has sold 7 houses in the area in the last 3 weeks and all of em were over 200k!

I keep getting hit with sell your land to me requests from developers so much I think what I will do is Charge them a Fee for the chance to talk to me and see the land along with permission to make an offer... .

That may work for a little while Hmmm? lets say $100 Fee that must clear first or cash what the hell I'll take that too....
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post #24 of 27 (permalink) Old 08-01-2008, 10:23 PM Thread Starter
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I keep getting hit with sell your land to me requests from developers so much I think what I will do is Charge them a Fee for the chance to talk to me and see the land along with permission to make an offer... .

That may work for a little while Hmmm? lets say $100 Fee that must clear first or cash what the hell I'll take that too....
Screw $100, ask for a minimum of $2500 non-refundable to start a discussion as you have vetting expenses, legal advice, time and other expenses incurred with any offers. Make any contract completely nonbinding where there is ZERO obligation on your part to agree to anything other than fair consideration. You will either make your mortgage monthly OR you will filter out the lookieloos and just get the serious offers.

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post #25 of 27 (permalink) Old 08-07-2008, 12:07 PM
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Surprise: June pending home sales rise

WASHINGTON (Reuters) — Home sales contracts signed in June unexpectedly rose across the country, but still were well below year-earlier levels, a real estate trade group said Thursday.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in June, was up 5.3% to 89.0 from a downwardly revised 84.5 in May.

It was the highest reading for the index since October, when it was at 89.8. But the index was 12.3% below year-ago levels.

The pickup in June signings was sharply contrary to forecasts by economists polled by Reuters, who had expected home sales contract signings to decline 1%.

The association's senior economist, Lawrence Yun, said the swings in monthly signings "indicates a housing market in transition."

"This is welcome news, because a rise in contract activity is necessary for an overall housing recovery," Yun said.

Contract signings rose in June by 9.3% in the South, by 4.6% in the West, 3.4% in the Northeast and 1.3% in the Midwest.

The realtors said the improvement in contract signings "appears to be broadening" and expressed hope that housing legislation signed into law last month will further encourage buyers. The legislation offers a tax credit to first-time home buyers and aims to ward off some foreclosures.

Surprise: June pending home sales rise - USATODAY.com

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post #26 of 27 (permalink) Old 08-07-2008, 01:23 PM Thread Starter
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WASHINGTON (Reuters) — Home sales contracts signed in June unexpectedly rose across the country, but still were well below year-earlier levels, a real estate trade group said Thursday.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in June, was up 5.3% to 89.0 from a downwardly revised 84.5 in May.

It was the highest reading for the index since October, when it was at 89.8. But the index was 12.3% below year-ago levels.

The pickup in June signings was sharply contrary to forecasts by economists polled by Reuters, who had expected home sales contract signings to decline 1%.

The association's senior economist, Lawrence Yun, said the swings in monthly signings "indicates a housing market in transition."

"This is welcome news, because a rise in contract activity is necessary for an overall housing recovery," Yun said.

Contract signings rose in June by 9.3% in the South, by 4.6% in the West, 3.4% in the Northeast and 1.3% in the Midwest.

The realtors said the improvement in contract signings "appears to be broadening" and expressed hope that housing legislation signed into law last month will further encourage buyers. The legislation offers a tax credit to first-time home buyers and aims to ward off some foreclosures.

Surprise: June pending home sales rise - USATODAY.com
Why don't we wait for the ACTUALS to come through. Pending contracts are based on contingencies such as selling a current home and tightening credit guidelines. Good to see even this number up but it is a wish number.

How many contracts are signed only to have them dissolve due to 1) couldn't sell my house, 2) financing didn't come through, 3) down payment was not enough, 4) walk away from contract.

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post #27 of 27 (permalink) Old 08-07-2008, 02:04 PM
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Why don't we wait for the ACTUALS to come through. Pending contracts are based on contingencies such as selling a current home and tightening credit guidelines. Good to see even this number up but it is a wish number.

How many contracts are signed only to have them dissolve due to 1) couldn't sell my house, 2) financing didn't come through, 3) down payment was not enough, 4) walk away from contract.
Be that as it may, I still believe it is a legitimate number--comparing apples to apples--and although it will likely change a bit, it is nevertheless very good news. IMO!

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