Housing Poised to Recover But Still Needs US Help

Seriously? The only people making positive comments are shills for the industry. Manhattan Mortgage Company saying positive stuff? That's a surprise. Yun from NAR? Come on....

Bullshit. We're only in the third/fourth inning.

But remember the rest of the country has been in a housing slump for over 3 1/2 years now.

Go into your local bank and see how easy it is to get a mortgage.

In the communities worst and longest hit by the housing slump what percentage of the sales are short or REO? That's driving the prices so low that there is some buying presence, but that would hardly constitute markets ready for a turnaround. Major real estate slumps can last quite a while.

For qualified buyers, getting a mortgage requires the normal FHA guidelines. No more "no income verification loans" so positivecarry, you will have a hard time.
You also need a good to decent credit score and around 20% down or more, so that rules you out as well, positivecarry.

Proof of income does include your unemployment benefits, positivecarry, so I understand why the local bank turned you down.

If it isn't clear... nointerest is SteveF.

Same denial, same cnbc postings...

"activity showing a modest improvement"

Yeah, its already been noted that these are refinancings...

Try again. Market is tanking.

I'm surprised by the CNBC. I figured him to be more of a FauxNews type, but maybe they don't spin it enough.

aboutready, how do you in the same post:
1. ask a question that you don't know the answer to
2. then make a statement based an answer to the question you just posed

why don't you post stats then make statements instead of guessing or even questioning about statistics then making statemetns based on that. Otherwise it's just your opinion and not reality or fact.

note that the entire article is only about mortgage activity.... and completely ignores that refinancing is most of it.

Sorry, but this market is toast. Volume down 75%, and prices already down 20%

Nointerest,
I work in finance, so I'm not applying for a loan. I'm just well aware of the credit markets...

nointerest, unlike some here I don't just throw out random stats. I've read a number of stats which are different depending on the given market, in some places it may be around 35%, some 50%, some depend on foreclosure moratoriums, etc. There isn't one given stat, just like there isn't one market. I'm sure that if I had the time and inclination I could try to gather the stats from, say, seven or eight markets, attempting to make them representative, and average them out. I haven't personally seen that done, but if someone else has I'd be interested in that statistic myself. But in all the cases where I've read of an uptick in activity it's been ascribed to the foreclosure/short/reo market.

By the way, many parts of the country have not been in a slump for three and a half years. Maybe you have a source for that you'd like to quote, or maybe it's just opinion?

aboutready:
nice ATTEMPT at trying to cover your post, but you just proved that when backed into a corner, you give up.
Your original post that I challenged, you said ... 'in the communities longest and hardest hit by the housing slump'... those communities slumps began in August 2005.
Then said there are lots of data and statistics out there and you've heard 35-50% blah blah blah that's why you don't use data you just throw around general numbers.
But there are data and stats for the 4 hardest and longest hit areas, which are Las Vegas metro, Los Angeles-Long Beach-Santa Ana-Riverside metro, Miami-Miami Beach-Fort Lauderdale-West Palm Beach metro and Phoenix-Glendale metro.
You are truly an apprentice and frankly, your opinion, is of no value to me, as you have demonstrated you have NO IDEA what you are remotely talking about. Why are you on this website, anyway? You obviously have no RE, business or finance background.

"But remember the rest of the country has been in a housing slump for over 3 and a half years."

Tell that to Texas, San Francisco, Seattle.

Why should I look up the numbers that I recall reading for you? You challenged the concept, saying that I should provide the stats, and I asked you where your stats are, so where are they? Of course there are numbers for those areas, and if you can show that any increase in sales in those regions have been because of a fundamental change in market conditions, not desperation sale, great. You think I should have given the figures for the "four hardest hit" regions. Why not the five or six? Or seven...

nointerest, your animosity often seems to border on the personal. i have no interest in defending myself or my credentials to you. piss off.

“We've made a lot of progress,” says Melissa Cohn, CEO of The Manhattan Mortgage Company in New York City. “Volume has definitely picked up.”

What a crock.

It is personal. You don't know who I am?? I thought you knew.

Not being the paranoid sort, nor really caring about it too much, I haven't given it much thought. I could hazard a guess or two, however. If it's personal, then there are quite a few people you have issues with. Ciao.

nointerest is steveF/vwear.... having lost all credibility, he figures a "refresh" will get folks to pay attention to his tantrums.

I guess denial is a powerful thing.

10022, I don't know. He doesn't seem to have the same writing style as vwear at least. I don't know about steveF. Tiburon, maybe. I haven't been back that long, but there definitely do seem to be some trolls with more than one name. Where's the integrity?

Denial? How about transference and projection?

"Denial? How about transference and projection?"

I've never seen any of you guys exhibit any of these traits (granted this statement is more aimed at nyc10022 than aboutready, but that's who aboutready said the above quote to)

tech guy, I was referring to nointerest. but maybe I'm reading your post incorrectly?

That article read more like marketing material than a news item.

aboutready: I worded it ambiguously. You were talking to nyc10022 about nointerest. My point was that transference and projection are nyc10022's forte also.

nyc10022...nointerest is not me, but he seems like an in-your-face kind of Bull...i wouldn't mess with him.

"10022, I don't know. He doesn't seem to have the same writing style as vwear at least. I don't know about steveF. Tiburon, maybe"

SteveF and notinterest for sure... same source, same posting style - starts thread with headlines, post a cnbc article, and clearly didn't finish reading it.

Then, oh, the denial....

And, of course, him basically admitting it right above this...

"My point was that transference and projection are nyc10022's forte also"

And, once again.... trolling is tech_troll's....

After throwing all my temper tantrums on here, I'm ready to admit that I'm going to buy in The Caledonia in the new year. A 1 bed/1 bath for around $1.25MM. I love the architecture of the building and can not wait for the Standard to open.

Really steve? But what happened to the 50% declines you are waiting for? Don't you think a 1 bedroom apartment for $1.2 million is a little, oh I don't know, "bubbly"?

Prices have dropped and now I'm ready to take the plunge. I was just waiting for that 20% drop that was long overdue. If I can get it for $1.1 on a high floor with a nice terrace, that would be ideal. That's what I'm holding off for and I hope that around March or April that should happen.

50% declines are just a fantasy. More reality is 25% decline.

stevejhx and stevexjh on one thread. have you met?

Clearly he's joking.....

All right, whose impersonating steve? YOu have been caught! So who is it? Juice Man? NY10023?

he is my alter-ego. I'm getting bored with this website. Now that my predictions have come true, I'm just using this for my personal amusement. Thank you for keeping me entertained during the day.

steveF - do you think he ever went long Citi?

What predictions have come true? 50% price declines?

Financial crisis, and we're about halfway to a 50% decline...

Given the responses to the original predictions, I think you can say its the vindication point...