I spent this weekend with some realitors.
Found out some shocking information..
IN The seven county metro area here in MPLS./St.Paul last year there were 108,000 new realestate listings. add the ones added since the first of the year and those not sold previously we’re talking about nearly 250,000 homes for sale.
Last year total of all homes sold in the same 7 county metro area was 14, 700 or less than 6% Please note that the metro area grows annually by about 40,000 per year or assuming 4 people per household we’re speaking about maintinace sales only, no growth.
Add to that interest rates climbing and a higher than forcast rate of inflation. plus an increase in unemployment it looks grim for the new housing industry for a while..
I used to get pages and pages of new building permits every single day. Now days I get a few per day and lately even just one or two..
How is the new housing businees in your area?
Replies
I wrote that to someone here just the other day. In my little town there's over 20 houses in the 2 million dollar range just sitting. I have my eye on em' just to see how things are moving...or not. Thank god I'm not looking to sell for another year+. I'd end up having to stay in this dump.
Houses like those usually move pretty fast no matter what b/c people with that kind of scratch aren't usually as effected as the middle class. We'll see how it goes as Spring moves along into summer which is when things usually pick-up.
I'm hoping with the elections in 08 things will be a whole lot better the end of this year into next...who knows. One more dumb azz war and the economy is gonna really go to hell.
I wish this murdering idiot of a president would just resign out of embarresment if nothing else...right.
Be well
andy...
"When you point your finger, you got three long fingers pointing back at you". Mark Knophler
http://WWW.CLIFFORDRENOVATIONS.COM
One more dumb azz war and the economy is gonna really go to hell.
I wish this murdering idiot of a president would just resign out of embarresment if nothing else...right.
"When you point your finger, you got three long fingers pointing back at you". Mark Knophler
Hey, thanks for the big heaping bowl of irony with my morning coffee. Please tell me that was intentional. <G>
Bam, Bam, bam, tada, boom, tada, tada, boom. Why can't anyone else hear the music in my head ?
Around here, a small town (1400 people) near a big lake, it seems that the big houses (400+) aren't moving at all. I had one I thought of selling at $300 and it doesn't look like it will hapen so I won't bother. Lower price houses are moving some. My broker said he's got 4 contracts pending. I can say that I have seen more signs for real estate auctions than I ever did before, and the last one that we went to 2 weeks ago couldn't make assessed value.
Lots of builders in the area, and more coming in. I don't know how they will stay busy.
Don K.
EJG Homes Renovations - New construction - Rentals
Wasn't me that pointed my finger in the voting booth in his direction!
"When you point your finger, you got three long fingers pointing back at you". Mark Knophler
http://WWW.CLIFFORDRENOVATIONS.COM
"Wasn't me that pointed my finger in the voting booth in his direction!"from some of your posts it seems likely you waved a finger in his direction.
bobl Volo, non valeo
Baloney detecter WFR
"But when you're a kibbutzer and have no responsibility to decide the facts and apply the law, you can reach any conclusion you want because it doesn't matter." SHG
Wasn't me that pointed my finger in the voting booth in his direction!
Me neither, it was just the juxtaposition of the bald finger pointing, then the anti finger pointing aphorism right after.... no idea why, just struck me funny.
Yeh...I thought of that too when I wrote it,,,didn't keep me from writing it though. I felt/feel "more" than justified in that remark...both of them!
"When you point your finger, you got three long fingers pointing back at you". Mark Knophler
http://WWW.CLIFFORDRENOVATIONS.COM
Frenchy, I saw in the paper BEND OREGON is the fastesd growth in the nation, I however dont live there but on the North Oregon coast. It is a very small town but a lot of rich people have summer homes, 3 people i know have been trying to sell for a few years, They all sold this last month, One million, 1.5 million and 400 grand, I know this is very local but im surprized, on the whole i would say oregon is pretty good
We're nowhere near as populated as you, but you nailed it pretty much. Record number on the market, record average days to sell, solds percentage wise huge under two years ago, new homes built, heck. Most of the ones built two years ago are still sitting.
And the occasional oddball that's still going up. But not much.
Course, people here, they dont look nationally as much as locally, and we got hit good. Many fingers at the current mayor, and her policies. She singlehandedly made housing unaffordable for a whole lot of people. And she aint gettin re-elected. She's quite the story. Elderly, arrogant, oblivious, and completely lacks the concept of responsibility and accountability. You ought to google Lincoln Firetruck and see if you can drum up stories about the fiasco.
Real trucks dont have sparkplugs
Out here in my neighborhood (CT) we have a couple things going on...
People that really don't want to sell have put there houses on the market, too late to hit the crazy days of last year, but they have their fingers crossed. If someone comes along and comes close to their asking price, they'll sell to cash out the equity.
With ARMS being not what they used to be, I know of two people that HAVE to sell because they are idiots. Maxed out their pocketbooks on the purchase with hopes of paying a low ARM rate, enjoying a climbing market, then selling and taking the equity, or refinancing to another ARM. They're both toast, just waiting for the financial ax to fall. I've already talked to the bank that holds the paper on one of the houses, I may buy prior to foreclosure if we can come to terms.
So yeah, there are more houses on the market. Some sellers are dipping their toes in the water, others are outright drowning.
Frenchy, haven't "written" in a while, but I have to say the pics I saw of your house a while back? Niiiiice!
Mongo
I think your numbers are in error.
GHR
Why do you believe my numbers are wrong? Since my income depends on the building of new houses, I keep abreast of the numbers pretty well.
Reuters...
"The pace of U.S. home construction rose a sharp 9 percent in February but permits for future building slid, according to data on Tuesday that shed little light on whether the housing market was stabilizing.
The cloudy home construction data and recent woes in the subprime mortgage market are sure to be on the minds of Federal Reserve members as they weigh monetary policy when they meet Tuesday and Wednesday.
The unexpectedly large boost in home construction reversed a sharp decline a month earlier -- a swing that some attributed to an unusually warm December and cold January.
"It's a surprise that the (cold) weather didn't kill off starts," said Kurt Karl, chief economist at Swiss RE in New York.
While the national home starts figure was up, he said, the picture was mixed across the country.
"The gains in the South and West made up for the drops in the Northeast and Midwest," said Karl."
>>>>>The pace of U.S. home construction rose a sharp 9 percent in FebruaryI heard those numbers on the radio. Does that mean a 9% rise from last Feb or from a dismal Jan '07?http://logancustomcopper.com
http://grantlogan.net/
"We have enough youth, how about a fountain of smart?"
Commonly those are year to year numbers - Feb to the previous Feb. When they wish to show monthly trends change for some reason, the chartologists will note the month to month comparison, and then sometimes with different colored lines in a graph, each showing a different year.
The cloudy home construction data ...
har-har-har -
you kill.....
here's hoping that 'cloudy homes' are on the uptick -
"there's enough for everyone"
I haven't noticed any change (which is not said to tempt fate), but then, I have a pretty narrow focus--the number of CAD files in the "Active" folder on my computer. I have no sense of the larger picture, other than being glad I was selling my house then, rather than now.
Cloud Hidden,
I suspect that your assumption is in error..last month (January) it was announced that new home starts had dropped to the lowest point in 17 years. An increase from those numbers of 9% would be noteworthy an increase of 9% over the previous Febuary which was before all the hoopla over spec home construction had hit the fan would be astonishing. Last year construction locally was off a tiny bit but remained strong right up thru June when the amount of spec built homes came to lite.. after that construction steadily dropped off.
Geez Frenchy, you gotta be the least careful reader I've ever met. You keep missing who writes what. That was an blurb from Reuters...no assumptions by me.
Cloud Hidden,
I saw that, I am refering to your response to the question asked, was it compared to the previous month or previous year.. Oops! that was Peteslager who responded. My mistake. I apologize..
Edited 3/21/2007 1:51 pm ET by frenchy
In our little town (outside a slightly bigger town), two large developments have had sales stall and had to call off associated TIF improvement agreements. Sales less than half of what were projected, I'm guessing.