Looking For Happy Pill Real Estate News? Then Don’t Read This
It’s still not Miller Time, especially once you cross the Red River or head east, west. And guess who’s hurting the most? Folks with homes valued over $500,000 on up to $3,000,000. This Reuters story has it right, and is about the same as what I’ve heard here in Dallas: the big ticket homes are not moving without negotiation IF loans are to be found. Roddy’s Foreclosures reports a 30% increase in postings – remember, that does not mean that all those homes will make it to the court house steps. Many will be re-negotiated prior to the public auction. However, it is not good news that more than 5,000 D/FW homes are threatened with foreclosure.
I also read somewhere this week not to count on rising values in “bottomed-out” communities where investors are buying up foreclosures: hello Arizona, Florida, Nevada, we are talking about you. Their point: investors don’t get rooted in the community, they may lease homes for cash flow, they are the quick in and out guys. For pricing to get solid, you need jobs and families to move in, become established. No one night stands.
However, maybe one toast: the very best place to be in this mired mess is Texas, according to David Brown, Director of Metrostudy, Dallas/Fort Worth. And guess what: we may actually have a shortage of new construction in the not too distant future. I’ll have an interview up with him next week, so stay tuned. Also of note: I spoke with Ebby Halliday on Friday, who told me the NAR is doing all they can to extend that $8,000 first time home buyer’s credit. There is no doubt which side of the political aisle Ebby prefers.
“The first-time home buyer credit is the one good thing this administration has done,” said Ebby.
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Ebby must have a touch of dementia. She actually said something half way nice about Democrats…
Tell Ebby we are only in this mess because of her boy W.
@yep: Oh no we are not — this mess crosses all party lines as I have made clear on this blog. The problem started with the notion that everyone should be able to own a home, regardless of their ability to pay for said home, which originated during the Clinton administration in those quasi-government entities, Fannie Mae and Freddie Mac. That was the basic recipe, then we added banking deregulation (Let’s give everyone credit!)and easy credit to it. Then some Wall Street brains decided to securitize mortgages, lumping good with bad, and sell them. Both parties hand their hands in this pie.
@yep: I’m sorry, The CARTER administration:
http://georgewashington2.blogspot.com/2009/10/barney-franks-bad-loans.html
Oh forgot. Clinton had nothing to do with it. Look it up!!!!!!!!!!!