How About That Real Estate Market Now.

[Boa1277]

Wheres are all the realtors now telling us the real estate market is the best thing since sliced bread. I think it was back in August when I said the market was in trouble, check all the numbers over 3 to 4 times more homes available now than 1 yr ago, new home starts almost at a standstill, that is what is going on in AZ how about Cali, people starting to crap their pants now that they cant pay their 3% adjustable mortgage that has increased to 6% I bet there is going to be some good buys on toys, all those people who refinanced to buy bling bling will soon be getting rid of it. I bet Lake Havasu will return to the old demographics, a lot less gang bangers who all of the sudden can afford a boat and a personal water craft so they start invading the lake, we all know the type they wear shorts down to their ankles and cant swim worth a crap, most speak english as a second language. :crossx:

[SHOTKALLIN]

Sorry to inform that gangsta's, even the English speaking ones will still be at the lake. Dope money buys alot of toys. Trash speaks many languages.

[Marty Gras]

You are almost correct! I see the Mom and POP with 2.5 kids, hanging out to dry. They wanted to be "big ballers" with their "cats and off shore V's" and now with all of their toys borrowed against the house (equity loans) they will be out in the street with "bitchen toys!". How can reasonable adults think that "zero equity loans" would help them in any way! It's like the guilty guy and his lawyer on death row. After all of the appeals are done, there is only ONE WAY OUT! The local drug dealers have no problems as of yet, the local party people with money are doing just fine. Please don't confuse drugs with stupidity, only one can be "rehab'ed". I just hope that all of you big-shots that are about to loose your boats, cars and homes really took care of them. I would just hate to buy your "old" DCB cat for 30 cents on the dollar, only to find out that it needs major repairs! I wish you all good luck!

[Phat Daddy]

Less PWCs is always a good thing. :rollside:

[DILLIGAF]

Damn, hostilities....and shit
Ya, some will hit the pavement hard and good buys will be out there. That being said I don't wish anybody any bad luck/times but.......
there are some that will be hurt badly. Nature of the game and life in general.
Good luck everybody

[bchbum]

They'll keep the toys , just move into the inlaws house . No bills

[reDECKulous]

There are always going to be negative people... some people just need to worry about themselves a little more.

[Nord]

In August!!!! LOL, homes were barely on a downfall then. You are right now though, but I still question August. I would have to say that in that month, the downfall was still in its primitive phase.
As for now, I agree you and with Dilligaf. I also agree that there will be a lot of pushed sales and foreclosures to those who are living on paper.
Its a cycle baby...........Let it turn...

[NashvilleBound]

This is a good part of our cycle. It is needed. As previousely posted the people who have these strange loans will be in trouble at some point, maybe. There is no cure for stupid. TN is still going strong. I was hoping for a downturn here too. I wanted to switch from selling to buying for a while. I gots enough single wides right now....need some doubles.

[ROZ]

What happens when you put a realtor on a treadmill ?

[catman-do]

You are almost correct! I see the Mom and POP with 2.5 kids, hanging out to dry. They wanted to be "big ballers" with their "cats and off shore V's" and now with all of their toys borrowed against the house (equity loans) they will be out in the street with "bitchen toys!". How can reasonable adults think that "zero equity loans" would help them in any way! It's like the guilty guy and his lawyer on death row. After all of the appeals are done, there is only ONE WAY OUT! The local drug dealers have no problems as of yet, the local party people with money are doing just fine. Please don't confuse drugs with stupidity, only one can be "rehab'ed". I just hope that all of you big-shots that are about to loose your boats, cars and homes really took care of them. I would just hate to buy your "old" DCB cat for 30 cents on the dollar, only to find out that it needs major repairs! I wish you all good luck!
It doesnt matter if they were at .30 on the dollar. My guess is someone with this type of negativity doesnt have the drive in life to be able to afford one at .30 on the dollar anyway.
My house in Rancho is doing just fine, however Arizona took a shit and now im getting ready to prosper. I found three sfr's, new and in good shape for less than 125k.

[callbob4homes]

I can't quite put this together..............being in the RE business makes me responsible for peeps buying a home with creative financing that they now cannot afford? Granted there are alot of unethical people doing business out there, from RE to Loans, but to gloat over " I KNEW IT WOULD HAPPEN", makes me wonder how much your rent payment is. and how many winning races do you pick at the track? I bought my first house at 16% 30 yr fixed and was glad to have it back then. If 6.35% and under 100 a sq. ft. for new construction isn't a good deal now, I don't have a clue what is. Please enlighten me? :rolleyes:

[Tequila-John]

I can't quite put this together..............being in the RE business makes me responsible for peeps buying a home with creative financing that they now cannot afford? Granted there are alot of unethical people doing business out there, from RE to Loans, but to gloat over " I KNEW IT WOULD HAPPEN", makes me wonder how much your rent payment is. and how many winning races do you pick at the track? I bought my first house at 16% 30 yr fixed and was glad to have it back then. If 6.35% and under 100 a sq. ft. for new construction isn't a good deal now, I don't have a clue what is. Please enlighten me? :rolleyes:
Well said Bob!!!!

[callbob4homes]

hey John, you should have come with me to the boat drags bud.

[Tequila-John]

hey John, you should have come with me to the boat drags bud.
It would have been nice. I am still looking for the invite

[Kilrtoy]

You are almost correct! I see the Mom and POP with 2.5 kids, hanging out to dry. They wanted to be "big ballers" with their "cats and off shore V's" and now with all of their toys borrowed against the house (equity loans) they will be out in the street with "bitchen toys!". How can reasonable adults think that "zero equity loans" would help them in any way! It's like the guilty guy and his lawyer on death row. After all of the appeals are done, there is only ONE WAY OUT! The local drug dealers have no problems as of yet, the local party people with money are doing just fine. Please don't confuse drugs with stupidity, only one can be "rehab'ed". I just hope that all of you big-shots that are about to loose your boats, cars and homes really took care of them. I would just hate to buy your "old" DCB cat for 30 cents on the dollar, only to find out that it needs major repairs! I wish you all good luck!
WISHFUL thinking...
I really don't see any DCB's going up for sale, unless they are upgrading....

[lawbreaker2]

Well all in all, is was fun watching all you ballers spend money on these toys :rollside: There are alot of cool aftermarket parts out there now, I have about 80 thousand pic's on my puter of tricked out toys, so now I will be able to get in to the game at half the price, and then go though all my pic's to see I would like to trick my ride out. :D

[ChumpChange]

What happens when you put a realtor on a treadmill ?
What happens ROZ?

[socalmofo]

What happens ROZ?
He falls off and becomes an used car salesman. J/k
I am a broker and only some are like that.
San Diego had a 9% increase in October. Everyone should keep in mind that the last quarter is ALWAYS the slowest time of the year. So the stats of the market being so slow in december compared to July of 3 years ago is not a fair comparison. Apples to oranges kind of thing.
You would have to be an idiot to not believe it is a hard buyers market. Is it as bad as some people believe, not at all. Even from a consumers point of view it is slow, but a crash is definetly not happening!

[soupersonic]

Its a cycle baby...........Let it turn...
Some people just dont understand that point :)

[Mr.Havasu]

I really don't see it as all the doom and gloom some of you see it as. Sure prices are down, but income is the same. My buyers who bought a second home here in Havasu still have the same income they had last year when they bought the home. Their payments are the same. Gas prices are down so they can visit their second home for less money then when they bought it last year. The only ones being hurt around here are the one who bought last year and want to sell this year(Can't do it without taking a loss). But as long as your plan last year was to enjoy your second home for a few years, nothings changed.
With the lowering of prices now a few more buyers can enter the market and investers can once again put 20% down on a property and have little or no negative which couldn't be done last year. There are great deals out there right now and I for one am taking advantage of it and buying!

[al cole'holic]

...um, the market here is still the best thing since sliced bread :boxed:

[HocusPocus]

By MARTIN CRUTSINGER
(AP) Workers toil at a condominium complex being built in the southeast Denver suburb of Lone Tree,...
Full Image
WASHINGTON (AP) - The U.S. economy has been battered by a bigger-than-expected slump in housing but will keep growing next year as consumers get relief from soaring energy costs.
That is the view of a panel of 50 top forecasters in a survey released Monday by the National Association for Business Economics.
The NABE panel predicted that the overall economy, as measured by the gross domestic product, would expand by 2.5 percent in 2007.
That is down slightly from the previous survey in September which forecast that the economy would grow by 2.7 percent next year. The expectations for 2006 were also marked down with GDP growth now put at 3.3 percent instead of 3.4 percent forecast in the previous survey. The economy expanded by 3.2 percent in 2005 and 3.9 percent in 2004.
A bigger-than-anticipated slump in housing was the primary reason for the reductions. The NABE panel said that housing construction would fall by 3.5 percent this year and an even larger 5.5 percent in 2007.
Both of those figures are larger declines than the NABE forecasters had previously predicted. Both would represent quite a reversal from the 8.6 percent increase in residential investment for all of 2005 compared to 2004.
Housing is currently in a steep slump following an extended five-year boom powered by the lowest mortgage rates in a generation. Sales of both new and existing homes, which set records for five straight years, have been falling. Construction of new homes and apartments has declined, with construction activity in October down 27.4 percent from a year ago.
The Federal Reserve engineered the current economic slowdown with a two-year campaign to push interest rates up. The Fed's goal was to achieve a soft landing in which economic growth slowed enough to reduce inflation without bringing on a recession.
The NABE forecasters predicted the Fed would achieve that soft landing. They saw consumer prices, which rose by 3.7 percent last year, rising by just 2.7 percent this year and an even lower 2.5 percent in 2007.
Part of the good news on inflation will come from lower oil prices. NABE forecasters looked for a barrel of West Texas intermediate crude oil to sell for $60 at the end of this year, instead of the $70 they were forecasting two months ago. Crude oil was forecast to be at $56 per barrel at the end of 2007.
The NABE panel forecast a 2.8 percent increase this year in core inflation, which excludes food and energy, and a 2.4 percent rise in 2007. All the inflation rates were measured from the fourth quarter of one year to the fourth quarter of the next.
"Despite the hindrance of the housing correction, the economy is expected to continue gaining ground in 2007," said Carl Tannenbaum, NABE president and chief economist at LaSalle Bank/ABN AMRO in Chicago.
The slower growth will have an impact on the job market. The NABE panel forecast that the unemployment rate would rise from an expected average for all this year of 4.7 percent to 4.9 percent in 2007.
The forecasters, however, said the fall in inflation pressures will mean that the Fed will not feel the need to raise interest rates further. They predicted that the federal funds rate, the interest that banks charge each other, will remain at the current 5.25 percent for an extended period. After raising rates at 17 consecutive meetings, the Fed has kept rates unchanged since August.
The NABE panel said the central bank's next move would likely be to cut rates, once inflation pressures retreat further. The forecasters saw two quarter-point rate cuts occurring in the second half of next year.
The latest NABE consensus survey was prepared from the responses of its forecasting panel submitted from Oct. 20 through Nov. 6. NABE, with 2,400 members, is a professional association for people who use economics in their work.
Less PWCs is always a good thing.
i think there will be more PWC's then ever on the water and smaller used boats since there wont be the big budgets available to buy the "***boats".

[totenhosen]

...um, the market here is still the best thing since sliced bread :boxed:
You are f-ing hilarious if you believe that.

[Nord]

...um, the market here is still the best thing since sliced bread :boxed:
Your kidding right??

[al cole'holic]

...I have no problems with whats going on, if you do thats your business. If you are part of the doomsday media hype, thats your business.

[DILLIGAF]

...I have no problems with whats going on, if you do thats your business. If you are part of the doomsday media hype, thats your business.
My old lot is up for sale next to my house in BH. Call Jerry S if you are interested in it.

[al cole'holic]

My old lot is up for sale next to my house in BH. Call Jerry S if you are interested in it.
I still have Foothills on my mind Tom, but pushed back the timefame...I made 2 major purchases this year :)

[DILLIGAF]

I still have Foothills on my mind Tom, but pushed back the timefame...I made 2 major purchases this year :)
Just thought I would pass it along. The sign went up today.

[al cole'holic]

Just thought I would pass it along. The sign went up today.
...how much?

[SummitKarl]

I really don't see it as all the doom and gloom some of you see it as. Sure prices are down, but income is the same. My buyers who bought a second home here in Havasu still have the same income they had last year when they bought the home. Their payments are the same. Gas prices are down so they can visit their second home for less money then when they bought it last year. The only ones being hurt around here are the one who bought last year and want to sell this year(Can't do it without taking a loss). But as long as your plan last year was to enjoy your second home for a few years, nothings changed.
With the lowering of prices now a few more buyers can enter the market and investers can once again put 20% down on a property and have little or no negative which couldn't be done last year. There are great deals out there right now and I for one am taking advantage of it and buying!
so what's my new reduced price on Sheanwater :) , I really want that house, think it's my best work yet

[DILLIGAF]

...how much?
I think he is asking 150K but you could probably ink a deal in the 125K range....Jerry has a lot of land and so forth. I don't think he needs the money but putting that lot up for sale makes me wonder. Now is probably a good time to hold it but he is going against what he told me. When he bought it from me he said he wouldn't build on there for a long time. That was 1.5 years ago so who knows if he considers that a long time or not.
There are a few new houses in here that are for sale right now. Don't know what they are asking though.....

[al cole'holic]

I think he is asking 150K but you could probably ink a deal in the 125K range....Jerry has a lot of land and so forth. I don't think he needs the money but putting that lot up for sale makes me wonder. Now is probably a good time to hold it but he is going against what he told me. When he bought it from me he said he wouldn't build on there for a long time. That was 1.5 years ago so who knows if he considers that a long time or not.
There are a few new houses in here that are for sale right now. Don't know what they are asking though.....
Last year I went to every friggin lot he had for sale, by far I love the Promontory lots! How built up is it there now?? Dude that lived down the street from me built the house to the left of the gate and moved there...
Did you sell a lot directly next door to JS??

[DILLIGAF]

Last year I went to every friggin lot he had for sale, by far I love the Promontory lots! How built up is it there now?? Dude that lived down the street from me built the house to the left of the gate and moved there...
Did you sell a lot directly next door to JS??
I sold the lot I had to Jerry and he sold me the house. We just flip flopped. It allowed us to play with the pricing a bit which allowed us a lot of flexibilty. The lot for sale is my next door neighbor.
The Promontory has two houses built and one under construction...I think one is under construction. BIG houses. When they were building your friends house someone came in there and ripped off about 10K in windows that were to be installed. Those lots in there are big but I thought overpriced but WTF does that really mean? The houses in there will of course be bigger than the Foothills or the Enclave.
The other area accross from the Promontory (Enclave) only has one house up there. Most of the building is going on in the Foothills where I am. I think WMC still has his lot for sale in there.

[Speedin' Ian]

Just got back from the NAR (national association of realtors) conference in New Orleans and I can tell you that the mood is a lot different than it has been in the past few years. I will say this, realtors who have been in the biz for a few years saw the writing on the wall and will be fine. It's all the new realtors who thought the market would stay hot and have been spending money with reckless abandon that are in trouble.

[98 Vector 21]

I might need a room to rent.... :cry:

[al cole'holic]

I might need a room to rent.... :cry:
...I just put renters in my house off Kuehner, they have prolly the sickest house for a rental in Simi...one of the hardest things I have ever done, but I guess being in Big Sky might make up for that :)