Doctor Housing Bubble 11/03/13

[Crewleader]

Is the housing boom running out of gas? Pending home sales face largest monthly drop since home buying-tax credit expired in 2010. Median price nationwide drops.

There are now signs that the unrelenting housing price boom is slowing down. Pending home sales faced their largest monthly drop since the home-buyer tax credit expired back in 2010. If you notice a pattern, any time the government even remotely hints at pulling back the housing market suddenly reverses. The Fed’s hint of a taper ending sent mortgage rates soaring. Of course the taper never materialized and the Fed even became more aggressive in QE. The government shutdown did impact housing from data we are seeing. Existing homes sales pulled out a weak performance and the drop in pending sales, a leading indicator are showing signs of a slowing housing market. In this boom and bust market with no middle ground, are we now to expect a “normal” healthy market after this recent boom?

http://www.doctorhousingbubble.com/housing-boom-pending-home-sales-tax-credit-existing-home-sales-drop/#more-6970

[Snarkoleptic]

1. I have a number of friends in the mortgage biz who have been laid off in recent weeks.

There's a decent upside, but the constant layoffs are brutal, so I've left the sector a few years ago.

[Crewleader]

2. Sorry to hear about your friends Snarkoleptic, the sign of the times in housing.

You'll always find Doctor Housing Bubble a very good read.
He's been a help for many during the first housing bubble and still helps us to see through the haze.

Nice meeting you.

[bemildred]

3. You go up quick, you come down fast too. nt

[Crewleader]

4. You said it bemildred

Remember this movie on selling real estate and these lines:




A - Always
B - Be
C - Closing

They’re sitting there waiting to give you their money — are you going to take it?

You know what it takes to sell real estate? It takes brass balls to sell real estate.

[bemildred]

5. Yep, it's all about the "liquidity event", when the magic of cash flows.

And good agents know that and makes it happen, BECAUSE that's when they get paid.

I had an agent once spend 6 months with me & my wife looking at houses, and when we finally found what we wanted, the sellers agent wanted to be a double agent (for the double payday), and I said then "nothing is going to happen unless I have my own agent". And the seller told me afterwards that was the smartest thing I did. But that was in a buyers market.