December 2009 home sales

[dgreco]

Existing-home sales plunged in December, dropping lower than expected after three straight increases that were fed by a fat government tax credit.

Home resales fell by 16.7% to a 5.45 million annual rate from an unrevised 6.54 million in November, the National Association of Realtors said Monday.

Monday's data said inventories shrank, and prices rose year over year for the first time in more than two years.

Economists surveyed by Dow Jones Newswires expected an 11.6% decrease in sales during December, to a rate of 5.78 million.

Banks are making it difficult for some people to get loans. Joblessness in the U.S. is high, muting the economy's recovery.

http://online.wsj.com/article/SB1000142 ... Collection

[93henfan]

Existing-home sales plunged in December, dropping lower than expected after three straight increases that were fed by a fat government tax credit.

Home resales fell by 16.7% to a 5.45 million annual rate from an unrevised 6.54 million in November, the National Association of Realtors said Monday.

Monday's data said inventories shrank, and prices rose year over year for the first time in more than two years.

Economists surveyed by Dow Jones Newswires expected an 11.6% decrease in sales during December, to a rate of 5.78 million.

Banks are making it difficult for some people to get loans. Joblessness in the U.S. is high, muting the economy's recovery.

http://online.wsj.com/article/SB1000142 ... Collection

[sarcasm on] [sarcasm off]How dare them?[/sarcasm]

If they'd have just kept doing that ten years ago, we might not have been where we are now.

[ASUG8]

I can attest to that. I'm on my third house financed by Wells Fargo and just did a refi/construction loan closing with them. In spite of a spotless payment history, dual income/no kids, very strong credit scores it took from August 20-November 22 to finally close. Maybe it's increased documentation under TARP, bank inefficiency, or incompetence by my loan officer. It was painful no matter what the cause.

[AZGrizFan]

Yeah, big bad banks fucking it up for everybody.

5% delinquency rates on products that should be in the .25% - .5% range have a tendancy to make your butt pucker if you're a loan officer.

It just ain't as easy as it used to be people. Get used to it.

And regarding the original topic of the thread, imagine that: ANOTHER industry artificially propped up by government intervention, and as soon as the intervention runs out, demand plunges.

These guys need to go take Econ 101.

[native]

Yeah, big bad banks **** it up for everybody.

5% delinquency rates on products that should be in the .25% - .5% range have a tendancy to make your butt pucker if you're a loan officer.

It just ain't as easy as it used to be people. Get used to it.

And regarding the original topic of the thread, imagine that: ANOTHER industry artificially propped up by government intervention, and as soon as the intervention runs out, demand plunges.

These guys need to go take Econ 101.

AZGF, what would the default rate be for Freddie Mac and Fannie Mae loans if the government pulled the plug?!???

[AZGrizFan]

Yeah, big bad banks **** it up for everybody.

5% delinquency rates on products that should be in the .25% - .5% range have a tendancy to make your butt pucker if you're a loan officer.

It just ain't as easy as it used to be people. Get used to it.

And regarding the original topic of the thread, imagine that: ANOTHER industry artificially propped up by government intervention, and as soon as the intervention runs out, demand plunges.

These guys need to go take Econ 101.

AZGF, what would the default rate be for Freddie Mac and Fannie Mae loans if the government pulled the plug?!???

Honestly I'm not sure the government backing is helping much. People walking away at record rates because they don't like paying for a depreciating asset...granted most of those loans are already owned by FNMA and FMC, so the banks/retirement plans that purchased these are taking the hit on those (these are the ones that are securitized).

[Ivytalk]

Imagine that! Whodathunkit? Big dropoff in demand the month after a big tax credit expires. Don't tell me that American consumers don't know a free lunch when they see it.

[catamount man]

I can attest to that. I'm on my third house financed by Wells Fargo and just did a refi/construction loan closing with them. In spite of a spotless payment history, dual income/no kids, very strong credit scores it took from August 20-November 22 to finally close. Maybe it's increased documentation under TARP, bank inefficiency, or incompetence by my loan officer. It was painful no matter what the cause.

Hate to hear that. Hope you checked them out good because Wells Fargo's name comes up a lot at www.ripoffreport.com. Be safe my friend. Thanks for checking in on me yesterday as it meant a lot. Much love.

[D1B]

AZGF, what would the default rate be for Freddie Mac and Fannie Mae loans if the government pulled the plug?!???

Honestly I'm not sure the government backing is helping much. People walking away at record rates because they don't like paying for a depreciating asset...granted most of those loans are already owned by FNMA and FMC, so the banks/retirement plans that purchased these are taking the hit on those (these are the ones that are securitized).

Key words.

[ALPHAGRIZ1]

FYI I am buying 2 more houses.

First one closes on Feb 12th and the second will be sometime in March because they guy is getting back from Iraq.

[houndawg]

FYI I am buying 2 more houses.

First one closes on Feb 12th and the second will be sometime in March because they guy is getting back from Iraq.

No way you're old enough to apply for a mortgage, Alan.

Thinking about profiting off of the misfortune of a returning vet? Shame on you.

[ALPHAGRIZ1]

He moving and I am buying his house what the big deal?

I profiteer off of anything I can, its good capitalism.

[ASUMountaineer]

Yeah, big bad banks **** it up for everybody.

5% delinquency rates on products that should be in the .25% - .5% range have a tendancy to make your butt pucker if you're a loan officer.

It just ain't as easy as it used to be people. Get used to it.

And regarding the original topic of the thread, imagine that: ANOTHER industry artificially propped up by government intervention, and as soon as the intervention runs out, demand plunges.

These guys need to go take Econ 101.

And it shouldn't be. Buying a home is the biggest purchase you'll ever make. It shouldn't be easy to get so much credit for so cheap.

[AZGrizFan]

Honestly I'm not sure the government backing is helping much. People walking away at record rates because they don't like paying for a depreciating asset...granted most of those loans are already owned by FNMA and FMC, so the banks/retirement plans that purchased these are taking the hit on those (these are the ones that are securitized).

Key words.

Brilliant analysis, Einstein.

[AZGrizFan]

Yeah, big bad banks **** it up for everybody.

5% delinquency rates on products that should be in the .25% - .5% range have a tendancy to make your butt pucker if you're a loan officer.

It just ain't as easy as it used to be people. Get used to it.

And regarding the original topic of the thread, imagine that: ANOTHER industry artificially propped up by government intervention, and as soon as the intervention runs out, demand plunges.

These guys need to go take Econ 101.

And it shouldn't be. Buying a home is the biggest purchase you'll ever make. It shouldn't be easy to get so much credit for so cheap.

Yeah, it shouldn't be. But just listen to the general public bitch and moan and listen to Obama demand banks make more loans and loosen up.

[Pwns]

Don't worry: Obama will make it better by taxing those evil banks that have paid back the TARP funds and are actually in the black.

[ASUMountaineer]

And it shouldn't be. Buying a home is the biggest purchase you'll ever make. It shouldn't be easy to get so much credit for so cheap.

Oh, I know. It's a sad example of our culture, a lack of knowledge, and the greed of politicians.
Yeah, it shouldn't be. But just listen to the general public bitch and moan and listen to Obama demand banks make more loans and loosen up.

[native]

Don't worry: Obama will make it better by taxing those evil banks that have paid back the TARP funds and are actually in the black.

He may or may not tax the banks or fire Bernanke or freeze the budget...

It will take a while for the Obama populist policy paint ball gatling gun to fire policy trial balloons against the wall to see what sticks.