Inventory tops 4000
The MLS for Eastern Monmouth says inventories are 4004. Although the market is supposedly stronger according to anecdotal accounts, it is clear that we are going into the spring selling season with record inventories for our area. Meanwhile, in other parts of the country, it looks like some markets are headed for a complete collapse, especially with sub-prime liquidity drying up.
Take a look at this comment from Ivy Zelman.
"We believe that 40% of the market ... is at risk of significant fallout from tightening credit and increased regulatory scrutiny. In particular, we believe the most pressing areas of concern should be stated income (49% of originations), high CLTV/piggyback (39%), and interest only/negative amortizing loans (23%)...."
Take a look at this comment from Ivy Zelman.
"We believe that 40% of the market ... is at risk of significant fallout from tightening credit and increased regulatory scrutiny. In particular, we believe the most pressing areas of concern should be stated income (49% of originations), high CLTV/piggyback (39%), and interest only/negative amortizing loans (23%)...."
posted by Little_Silvered at 10:29 PM
7 Comments:
I'm waiting for the next Realtor pitch: "buy now while houses are still valuable."
watch these videos again and again
this forewarned homebuyers and investors in Real Estate !!!
copy and paste link below
http://www.paperdinero.com/BNN.aspx?id=93
This was a bubble just like any other. Why should a house on Long Beach Island that sold for $250,000 in 1999 be on the market for $900,000 in 2007? What else quadrupled during that period? Peoples incomes? Nope. The stock market? Nope. Easy money and speculation always produce bubbles followed by a crash. Never in the history of this country has real estate become so overvalued so quickly. Take Southern California as an example. Literally no one there without substantial wealth can be a first time homebuyer. That spawned dozens of mortgage schemes to make it affordable. It's going to be interesting, but a lot of innocent people who should never have bought real estate did just that and are going to learn a painful lesson.
Has anyone heard from Sally lately??? She said all systems were go! I wonder what she thinks of the subprime blowup and the rising rate of foreclosures? Is this what she had in mind for the turnaround she predicted?
Sally's too busy plugging holes in her spring bounce theory.
She's furiously writing Sen. Chris Dodd (D-CT) to encourage him to push his sub-prime borrower bailout legislation.
Great to see you post again. This is a very useful site.
Post a Comment
<< Home