Zillow Advice: Home Buying - Spring bounce this year?

As I understood it, fully ...

Thu, 29 Jan 2009 03:30:00 GMT

As I understood it, fully half of sales in this reported volume "bounce" (December?) were foreclosures. Hard to to see that as a sign of recovery.

Boy I don't know I just heard ...

Thu, 29 Jan 2009 02:49:00 GMT

Boy I don't know I just heard a talking head this morning jazzed up about the unexpected jump in home sales last month I think. The RE industry is pulling for a spring V shaped rebound based on 4.5% mortgages, pent up consumer demand and deep discounts over bubble prices. I don't see it myself with the weak employment, but for now we wait for srping. I also wonder how much keeping the foreclosure inventory on hold for that 60+ days over the holidays influenced the market. It kept the low priced spoilers off, reduced inventory and allowed things to look more normal for a while.

Just from listening to neighbors, ...

Thu, 29 Jan 2009 02:38:00 GMT

Just from listening to neighbors, I predict an inventory jump coming to my little area, beginning in March or April, as more would-be sellers give up on the waiting game. I welcome it as part of the process that will bring us to real capitulation on home prices.

This canard that housing is going to lead a recovery (as in, housing started the problem, housing will lead us out) is being repeated less often as even the most thick-headed realize how implausible a notion that is. Prices can't go back to where they were, because the free-flowing credit that took them there isn't coming back -- not in our lifetimes.

With more prime borrowers upside-down and "stuck," and rising unemployment killing consumer confidence, I see demand falling. No amount of incentives are going to persuade buyers who are worried about their incomes.

My dog wants her own condo ...

Thu, 29 Jan 2009 02:35:00 GMT

My dog wants her own condo with a sunny couch too, but the likelihood is that she might not be able to qualify since dog employment/income is difficult to verify.

"Many potential home buyers ...

Thu, 29 Jan 2009 02:29:00 GMT

"Many potential home buyers are choosing to live with family or friends while riding out unemployment or other economic distress."

They calling people who cannot afford to rent their own place a "potential buyer"? Seems the mentality that anyone can/should be a homeowner is still alive.

Dead things don't really ...

Thu, 29 Jan 2009 02:05:00 GMT

Dead things don't really bounce they sort of thud, flop.

Thu, 29 Jan 2009 01:36:00 GMT

''Consequently, there is ...

Thu, 29 Jan 2009 01:33:00 GMT

''Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a nonrepayable home buyer tax credit," Yun said.''

You sign up for a measly tax credit and in return you get to be underwater in 3 months. Nice.

BUAHAHAHHAGroups say housing ...

Thu, 29 Jan 2009 01:28:00 GMT

BUAHAHAHHA

Groups say housing boost needed by spring