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Previously Owned U.S. Home Sales Unexpectedly Fell in March
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2013 Apr 22, 1:13am 9,656 views 18 comments
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Tenpoundbass
2013 Apr 22, 1:30am
Ah what happened? I thought all of the investors were buying up all of the houses, rather than letting them fall back into affordability. Although the "Investor Class" got sweet deals, that were not offered to FHA approved buyers. Often as much as 100K difference in price. (but that's another rant).
These self serving sc*mbags thought they were so smart to buy up all of the single family homes in lower income neighborhoods. They thought they would have it easy, and those people would rent from them, for what ever rent they charged.
Well as it turns out, about $500 or $600 a month, or what a typical mortgage would have been for them if the investors didn't intervene, is all they can afford for housing. So they are either homeless or more family members are condensing them selves into fewer housing units.
To all of you investors out there just barely hanging on right now, I want to extend a hardy heart felt...
HA HA!
So now these investors can't sell these houses for a $100K mark up, because Big Mama still owns her house outright. Big Mama's house is just across the street, and her 32 year old son Ray Ray likes to hang out on door stoop sitting on a milk crate, so every time a potential buy rides by, they get one look at Coolio, and just keep going.
Sorry Charlie.
Tenpoundbass
2013 Apr 22, 2:00am
A price uptick in a year does not a fortune make.
There were numerous upticks from 2000-2007.
Melissa
2013 Apr 22, 2:04am
patrick.net readers, try READING the articles you link...
I did read the article and in fact included the price uptick in the parts that I pulled out. Yes, I could have pulled out more bits, but figure I'd do a few to whet appetites and promote conversation.
I felt the article was relevant to the audience here and I had not seen it posted yet. I get that a month or two does not a market make. But this was relatively new news of things going differently than projected. I found it interesting. You don't have to be obnoxious and beat on everyone.
Tenpoundbass
2013 Apr 22, 2:07am
He bought the house next door to Ray Ray, he can't help it.
He would talk to Ray Ray like that, but Homie don't play dat.
RentingForHalfTheCost
2013 Apr 22, 2:15am
A price uptick in a year does not a fortune make.
There were numerous upticks from 2000-2007.
10.6% a year is hardly an "uptick"...
and actually, virtually every news source that I've seen, has pointed out that in many areas, sales are slowing due to low inventory...
Last year and this years numbers are both anaemic. Take off your cheerleader outfit, them days are over. Sale are low because they are low. Buyers are dead and sellers are trapped.
tatupu70
2013 Apr 22, 2:24am
Last year and this years numbers are both anaemic. Take off your cheerleader
outfit, them days are over. Sale are low because they are low. Buyers are dead
and sellers are trapped
How does that explanation square with the fact that prices are up? Sure seems like there are more buyers than sellers right now.
Bubbabeefcake
2013 Apr 22, 3:37am
I'd do a few to whet appetites and promote conversation.
Melissa, Just be careful what you post next time because-
"OMG"the fairness police are always watching...
Done
2013 Apr 22, 7:56am
Actually if confirmed pricing is taken into account housing is a buy and that will not likely change for a RE season and more than likely 2. If the bottom was missed then feel lucky in that there is more risk jumping in at the bottom or selling the top initially. Each person needs to know their own risk appetite so the consequences of being wrong can be dealt with quickly.
It's really not a being left out thing missing the RE bottom. At present price has confirmed it's going up so although you buy at a little higher price your risk is less as will the reward be.
Unlike buying unconfirmed tops or bottoms (more risky), right now you will be buying into price confirmation, if you are waiting for prices to go down it's a simple mistake 95% make by ignoring price as it runs away from them....
JodyChunder
2013 Apr 22, 9:19am
It's not too late to get in on the ground floor down here whereabouts I am.
New Renter
2013 Apr 22, 12:31pm
It's not too late to get in on the ground floor down here whereabouts I am.
If Victorville hasn't taken off yet what makes you think it will?
JodyChunder
2013 Apr 22, 12:49pm
If Victorville hasn't taken off yet what makes you think it will?
Sales are up over in the valley 25% year over year. You shoulda listened to Jody all these years.
Homeboy
2013 Apr 22, 2:58pm
Remember when you said 2009 was the bottom, and that people who waited a couple years made a mistake, and I pointed out to you that I bought a house in Q1 of 2012, and it was actually a good time to buy?
Do you remember that I pointed out to you that prices in Concord, the town where you yourself have bought property, were lower in 2011-2012 than 2009?
Do you remember how you flipped out and screamed that median prices mean nothing? No, of course you don't...
Here's the chart. Concord, CA median price per square foot, THE SAME METRIC THAT YOU ARE USING FOR LOS ANGELES COUNTY:
Homeboy
2013 Apr 22, 3:22pm
Are you going to own up to your blatant mistake in belligerently insisting that median "is not part of the calculation. At all." in Redfin's charts?
[quote corrected]
New Renter
2013 Apr 22, 4:09pm
If Victorville hasn't taken off yet what makes you think it will?
Sales are up over in the valley 25% year over year. You shoulda listened to Jody all these years.
Sales or sale price/sqft? Last time I checked prices were remarkably flat.
JodyChunder
2013 Apr 22, 5:32pm
Sorry -- it's more like a 20 percent increase in sales per sq ft.
Part of the secret is that we have a train coming through here soon.
Might be time to move out of boring ass'd San Jose, eh? You shoulda damn listened to Jody. I'm like Vitamin C for your portfolio, bubba.
CameronCrazy
2013 Apr 22, 9:00pm
In other news, Arizona is holding steady as a shithole desert.
in other news, morons who are wrong, continue to make stupid comments.
No, it’s true. A team of the top scientists and mathematicians from the best community colleges did a study and found Arizona to be “the World’s shittiest shitholeâ€. I’m surprised you weren’t part of the team, let alone heard about it.
http://www.bloomberg.com/news/2013-04-22/sales-of-u-s-previously-owned-homes-unexpectedly-fell-in-march.html
Purchases (ETSLTOTL) of previously owned houses, tabulated when a contract closes, fell 0.6 percent to a 4.92 million annual rate last month, figures from the National Association of Realtors showed today in Washington.
The median price of an existing home rose 11.8 percent, the most since November 2005, to $184,300 last month from $164,800 in March 2012.
At the current sales pace, it would take 4.7 months to sell those houses compared with 4.6 months at the end of February.
[February numbers were] revised to 4.95 million from a previously reported 4.98 million.
#housing