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kshRox
07-12-2012, 01:03 PM
Just a general question really - wanted to get some feedback and take your temperatures.

The Governors have been leaning on banks recently to start turning loose some of their inventory (non-performing loans or foreclosed homes) and the housing market has seen the beginnings of an upturn recently.

That said, many of the 'creative' loans banks have done over the past decade or so are going to start coming due in the next 6 months or so.

Another issue is the election - I think politicians pull strings, cash in favors and play with numbers to make the economy seem stronger in an election year than may be justfiable and after the election - boom, we get hit with a downturn smothered in excuses and blame.

Do you guys see the housing market sustaining an upturn or do you see it taking another downturn within the next year?

What do you guys think?

Conley
07-12-2012, 03:25 PM
It's hard to predict the national housing market because there are some state issues you mentioned, like governors and state attorneys getting involved in the market. I don't think you'll see a rebound until the economy improves, and in many places there are still foreclosures or short sales going up that are creating a glut of supply without a corresponding increase in demand. My guess is that nationally we stay around this level for the next year, not a continued downturn but no recovery either.

roadmaster
07-12-2012, 03:40 PM
Last month in NC more people homes are under foreclosure. Short sales are not selling fast. I think it's going to get worse before it gets better. I could sell mine and make a nice profit now but it's best to sit another year because of all the foreclosures on the market. They say upturn but if the economy is not strong and the banks are not lending they are only playing games.

Trinnity
07-12-2012, 03:47 PM
Another issue is the election - I think politicians pull strings, cash in favors and play with numbers to make the economy seem stronger in an election year than may be justfiable and after the election - boom, we get hit with a downturn smothered in excuses and blame.Of course they do. Obama is doing it right now. Anyone who's paying attention can see it. Trolls will deny it and demand proof. They can kiss my ass.


Do you guys see the housing market sustaining an upturn or do you see it taking another downturn within the next year?

What do you guys think?Depends who the nest prezzy is.

Peter1469
07-12-2012, 06:26 PM
In general the housing market still has another 30% to drop.

michaelr
07-15-2012, 09:51 PM
Just a general question really - wanted to get some feedback and take your temperatures.

The Governors have been leaning on banks recently to start turning loose some of their inventory (non-performing loans or foreclosed homes) and the housing market has seen the beginnings of an upturn recently.

That said, many of the 'creative' loans banks have done over the past decade or so are going to start coming due in the next 6 months or so.

Another issue is the election - I think politicians pull strings, cash in favors and play with numbers to make the economy seem stronger in an election year than may be justfiable and after the election - boom, we get hit with a downturn smothered in excuses and blame.

Do you guys see the housing market sustaining an upturn or do you see it taking another downturn within the next year?

What do you guys think?

In the housing market the release of foreclosed homes has slowed down a bit. This is done to show a little gain in real estate. It isn't really working, and there are still foreclosures hitting the market.

The banks were to buy home so they can rent them, this was to be done in blocks. It hasn't happened and that in itself has a story, it says we are a long way from bottom.

Before the slow down of foreclosures the banks made a deal, and all 50 state AG's signed on to it. There is a fine that will be paid to the states. This was a real bad idea, it leaves the homeowners in the cold, and those homes were taken fraudulently.

The deal signals a huge upswing in fresh foreclosures, and there will be those homes that are being held released.

A large part of the on going derivative crash has to do with these mortgages sitting idle, the MBS can't trade when that happens, and that is one reason for this newest slowdown in growth is taking place.

If your question on the duration of the down turn pertained only to the housing market then you still have a couple/few years till bottom. The problem is the paper crash, credit/currencies/bonds&securities are tanking simultaneously.

I think Oct will yield a surprise.

Peter1469
07-16-2012, 03:16 PM
I too don't think that the housing market has hit bottom (in general). There is too much old inventory, and too much new inventory being built.

waltky
10-21-2012, 12:51 AM
Obama tellin' Congress to get onna stick an' help distressed homeowners...
:cool2:
Obama: Congress Should Help Responsible Homeowners
October 20, 2012 - U.S. President Barack Obama and Republicans both focused on the economy in Saturday's weekly addresses.


The president urged Congress to pass legislation that would help responsible homeowners refinance their mortgages at historically low rates. Obama accused Republicans of sidelining the plan, which he said could give homeowners a chance to save about $3,000 a year. "Republicans in Congress still won't let that happen. And that's only held back the economy, when we should be doing everything we can to accelerate our economic engine," said Obama.

In the Republican address, Congressman Jeff Flake of Arizona said President Obama had done little to improve the economy during his four years in office. "His answer to persistently weak jobs numbers is pressure to spend another half a trillion taxpayer dollars on legislation that would fail to even take steps to deal with the economic slowdown," said Flake. Flake said the four years of Obama's presidency have represented a "recess from fiscal sanity." Flake called on Senate Democrats to pass a budget, saying "it is time for us to get to work."

Meanwhile, Republicans sharpened their attacks on Obama for his handling of last month's deadly attack on the U.S. consulate in Libya. In a statement released late Friday, House Homeland Security Committee chairman Peter King demanded that Obama release the intelligence data that led administration officials to initially call the attack a spontaneous reaction to a film posted on the Internet that had angered Muslims.

The September 11 attack on the U.S. consulate in Benghazi killed U.S. ambassador Christopher Stevens and three other Americans. Obama could face more questions about his administration's handling of the attack on Monday when he squares off against Republican presidential challenger Mitt Romney in the third and final debate before the November election. The debate, in Florida, will focus on foreign policy.

Source (http://www.voanews.com/content/obama_congress_should_help_responsible_homeowners/1530137.html)

IGetItAlready
10-21-2012, 12:58 AM
The Governors have been leaning on banks recently to start turning loose some of their inventory (non-performing loans or foreclosed homes) and the housing market has seen the beginnings of an upturn recently.

Don't forget Rox, it was some of these very same legislators who were leaning on the banks to lend to those who couldn't possibly afford to pay them back in the first place. I'm sure doing so bought some votes from new home owners but unless you're a US Congressman living in a bubble insulated from the reality of the housing crash, was it worth it?

Our lawmakers were NEVER intended to have such influence on our economy nor lending institutes. When they ignore that simple fact we have serious problems as we should all know by now.