Headlines...
- Thread starter effenheimer_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
profette_IHB
New member
Sterling gained against the dollar ( but fell against the euro and the yen). Guess the euro and yen made some gains after the jobs data came out.
effenheimer_IHB
New member
Does this mean I can go on unemployment and ride my bike all day?
EvaLSeraphim_IHB
New member
Only if you move to France.
profette_IHB
New member
<p>Vive la differance!</p>
No_Such_Reality_IHB
New member
<p>And so it starts.... <a href="http://news.yahoo.com/s/ap/20070907/ap_on_bi_go_ec_fi/economy_45">http://news.yahoo.com/s/ap/20070907/ap_on_bi_go_ec_fi/economy_45</a></p>
<p>"WASHINGTON - For the first time in four years, employers have cut jobs, raising new fears that a deep housing slump and a painful credit crunch could push the economy into a recession."</p>
<p>"WASHINGTON - For the first time in four years, employers have cut jobs, raising new fears that a deep housing slump and a painful credit crunch could push the economy into a recession."</p>
Trooper_IHB
New member
<p class="textBodyBlack">Home builder <strong><strong><a href="http://www.cnbc.com/id/15837290/site/14081545/?q=BZH"><strong>Beazer Homes USA</strong></a> </strong></strong>said Friday it received default notices related to senior notes from U.S. Bank, the trustee for the notes, sending its shares down as much as 13 percent. </p>
<p class="textBodyBlack"><a href="http://www.cnbc.com/id/20638851">Beazer Homes Receives Notice It's in Default - Credit Market * US * News * Story - CNBC.com</a></p>
<p class="textBodyBlack"><a href="http://www.cnbc.com/id/20638851">Beazer Homes Receives Notice It's in Default - Credit Market * US * News * Story - CNBC.com</a></p>
Trooper_IHB
New member
Funny you should say that......regarding yesterday's comments.
IrvineCommuter_IHB
New member
My favorite line from the Beazer article was:
"Beazer which faces a deteriorating U.S. housing market as well as two separate probes related to its mortgage-origination business, <strong>said it believes the default notices are "invalid and without merit.</strong>"
Yes, the old ostrich in the ground/Sargent Schultz defense has always worked with creditors in the past. Geez, come up with something better than that Beazer. You're being shut down by U.S. Bank, not the Bank of Guam. . . I'm sure U.S. Bank has no idea what it's doing.
"Beazer which faces a deteriorating U.S. housing market as well as two separate probes related to its mortgage-origination business, <strong>said it believes the default notices are "invalid and without merit.</strong>"
Yes, the old ostrich in the ground/Sargent Schultz defense has always worked with creditors in the past. Geez, come up with something better than that Beazer. You're being shut down by U.S. Bank, not the Bank of Guam. . . I'm sure U.S. Bank has no idea what it's doing.
Trooper_IHB
New member
<p>"invalid and without merit".</p>
<p>Classic bob and weave.</p>
<p>Classic bob and weave.</p>
EvaLSeraphim_IHB
New member
<p>Classic lawyerese.</p>
IrvineCommuter_IHB
New member
Hey, if it wasn't for language like that, I would be out of a job
IrvineRenter_IHB
New member
<strong><strong>
<a href="http://www.pe.com/business/local/stories/PE_Biz_D_appleton-young07.33453a8.html">Real estate agents advised to limit listings to serious sellers</a>
I find this article amusing on many levels. Enjoy...
</strong></strong>
<p> To cut the glut of homes on the market, the chief economist for the California Association of Realtors on Thursday urged real estate agents to refuse listings from clients who don't need to sell or won't lower their price to reflect declining values. </p>
<p> "The best thing you as a real estate professional can do in this market is to encourage sellers who are not serious about selling their homes not to list. Don't take a listing from someone on a hope," Leslie Appleton-Young told a group of Inland mortgage brokers and agents in Rancho Cucamonga. </p>
<p> Appleton-Young said several factors, including a sharp rise in mortgage delinquencies and foreclosures and the subprime mortgage meltdown, mean that statewide, the decline in home sales for 2007 will be about 20 percent, or triple the association's original forecast. She said she expects the sales decline to continue into next year, tapering off into single digits. </p>
<p> California home sales for July dropped to the slowest pace since 1995 and will slow further because sales don't yet reflect the credit crunch, with the lessened availability of all mortgages and the virtual elimination of loans to buyers lacking good credit or a down payment. </p>
<p> Hardest hit in the current housing down cycle, Appleton-Young noted, are areas such as the Inland counties, which have a lot of entry-level homes and new housing developments competing with the resale market for a limited pool of buyers. </p>
<p> Median home prices have not fallen as sharply as sales, she said, because homeowners are reluctant to cut prices and because sales are shifting toward the higher end of the market, which is less affected by the availability of low-cost loans. </p>
<p> In Riverside and San Bernardino counties, she said, the median home price has dropped 5.3 percent to $393,070 from a peak of $415,000 in January. </p>
<p> Appleton-Young said statewide home prices, which remain high, and a shortage of workable financing have made things hardest for those seeking to become first-time buyers. </p>
<p> She said among homes priced above $750,000, sales so far this year are down only 5 percent from those for the same period last year. </p>
<p> However, among homes priced at $500,000 or less, the decline is 24 percent, and for the move-up homes, priced at $500,000 to $750,000, the drop is 26 percent, she said. </p>
<p> Appleton-Young's suggestion that the huge inventory of unsold homes could be significantly reduced by eliminating speculative and unrealistic sellers was received with some skepticism by Beverly Bayer, an appraiser from Moreno Valley. </p>
<p> "The problem is there are no buyers," said Bayer, who attended the meeting with Appleton-Young sponsored by the Citrus Valley Realtors Association and the Inland Chapter of the California Association of Mortgage Brokers. </p>
<p> Bayer said in Moreno Valley, 59 homes in the multiple listings sold last month, while there are 2,200 homes on the market. She figures at that rate, it will take three years to sell all the houses now for sale. </p>
<p> On a related subject, the number of Americans who may lose their homes to foreclosure reached a record in the second quarter as late payments by subprime borrowers surged to one loan in every seven. </p>
<p> Lenders began the process of seizing properties on 0.65 percent of U.S. mortgages in the second quarter, an all-time high, the Mortgage Bankers Association reported Thursday. </p>
<p> Bloomberg News contributed to this report. </p>
<a href="http://www.pe.com/business/local/stories/PE_Biz_D_appleton-young07.33453a8.html">Real estate agents advised to limit listings to serious sellers</a>
I find this article amusing on many levels. Enjoy...
</strong></strong>
<p> To cut the glut of homes on the market, the chief economist for the California Association of Realtors on Thursday urged real estate agents to refuse listings from clients who don't need to sell or won't lower their price to reflect declining values. </p>
<p> "The best thing you as a real estate professional can do in this market is to encourage sellers who are not serious about selling their homes not to list. Don't take a listing from someone on a hope," Leslie Appleton-Young told a group of Inland mortgage brokers and agents in Rancho Cucamonga. </p>
<p> Appleton-Young said several factors, including a sharp rise in mortgage delinquencies and foreclosures and the subprime mortgage meltdown, mean that statewide, the decline in home sales for 2007 will be about 20 percent, or triple the association's original forecast. She said she expects the sales decline to continue into next year, tapering off into single digits. </p>
<p> California home sales for July dropped to the slowest pace since 1995 and will slow further because sales don't yet reflect the credit crunch, with the lessened availability of all mortgages and the virtual elimination of loans to buyers lacking good credit or a down payment. </p>
<p> Hardest hit in the current housing down cycle, Appleton-Young noted, are areas such as the Inland counties, which have a lot of entry-level homes and new housing developments competing with the resale market for a limited pool of buyers. </p>
<p> Median home prices have not fallen as sharply as sales, she said, because homeowners are reluctant to cut prices and because sales are shifting toward the higher end of the market, which is less affected by the availability of low-cost loans. </p>
<p> In Riverside and San Bernardino counties, she said, the median home price has dropped 5.3 percent to $393,070 from a peak of $415,000 in January. </p>
<p> Appleton-Young said statewide home prices, which remain high, and a shortage of workable financing have made things hardest for those seeking to become first-time buyers. </p>
<p> She said among homes priced above $750,000, sales so far this year are down only 5 percent from those for the same period last year. </p>
<p> However, among homes priced at $500,000 or less, the decline is 24 percent, and for the move-up homes, priced at $500,000 to $750,000, the drop is 26 percent, she said. </p>
<p> Appleton-Young's suggestion that the huge inventory of unsold homes could be significantly reduced by eliminating speculative and unrealistic sellers was received with some skepticism by Beverly Bayer, an appraiser from Moreno Valley. </p>
<p> "The problem is there are no buyers," said Bayer, who attended the meeting with Appleton-Young sponsored by the Citrus Valley Realtors Association and the Inland Chapter of the California Association of Mortgage Brokers. </p>
<p> Bayer said in Moreno Valley, 59 homes in the multiple listings sold last month, while there are 2,200 homes on the market. She figures at that rate, it will take three years to sell all the houses now for sale. </p>
<p> On a related subject, the number of Americans who may lose their homes to foreclosure reached a record in the second quarter as late payments by subprime borrowers surged to one loan in every seven. </p>
<p> Lenders began the process of seizing properties on 0.65 percent of U.S. mortgages in the second quarter, an all-time high, the Mortgage Bankers Association reported Thursday. </p>
<p> Bloomberg News contributed to this report. </p>
Daedalus_IHB
New member
Wait, I thought it was a good time to sell (per a NAR radio spot I heard not 3 weeks ago). Who needs to hope in such a great seller's market?
Trooper_IHB
New member
<p>"Bayer said in Moreno Valley, 59 homes in the multiple listings sold last month, while there are 2,200 homes on the market. She figures at that rate, it will take three years to sell all the houses now for sale".</p>
<p>This quote stood out...wow ! </p>
<p>This quote stood out...wow ! </p>
IrvineCommuter_IHB
New member
Nomination for obvious statement of the year:
<strong> "The problem is there are no buyers," said Bayer</strong>
Supply and demand is such a novel concept
<strong> "The problem is there are no buyers," said Bayer</strong>
Supply and demand is such a novel concept
graphrix_IHB
New member
IIRC they tried the same thing in the 90s. I guess they really believe that it is "different" this time and it will work. Of course they forget that the banks are the sellers adding more and more homes to the inventory everyday. Especially out in the I.E.
Trooper_IHB
New member
<p>Phrases that can be put to bed: </p>
<p>1. Multiple offers</p>
<p>2. This one will go fast</p>
<p>3. Sold for over asking</p>
<p>4. 50% DTI, everyone is doing it</p>
<p>5. You can always refinance and pull out equity</p>
<p> </p>
<p>1. Multiple offers</p>
<p>2. This one will go fast</p>
<p>3. Sold for over asking</p>
<p>4. 50% DTI, everyone is doing it</p>
<p>5. You can always refinance and pull out equity</p>
<p> </p>