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Well, if the slaves are predicting a crash,

BigJim#1-8

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South Florida is a toughy..........you are building in a swamp praying a limestone sinkhole doesn't move in next door
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edsl48

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Locally here it seems that the slightest bump in the low interest rates creates an immediate slowdown in housing sales. This makes me assume that the "how much down and how much a month" club are skating at the very edge of the skin on their teeth when it comes to qualifying for a mortgage. I have seen the so called homeowners at places like Home Depot practically in meltdown over having to buy a new water heater that naturally the Depot will finance with no payments for some months and an exorbitant rate of interest. My thoughts are many would be in foreclosure had we not been in the so called moratorium on foreclosures and I also read that there is about 5% of mortgages set to hit the foreclosure court when the moratorium is lifted. So to me with buyers sitting at the edge and so many so called homeowners ready for foreclosure it seems pretty obvious that somewhere along the line the hammer is going to drop unless that is it is different this time and in all of my years when the day is done it is never any different.
 

Voodoo

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Locally here it seems that the slightest bump in the low interest rates creates an immediate slowdown in housing sales. This makes me assume that the "how much down and how much a month" club are skating at the very edge of the skin on their teeth when it comes to qualifying for a mortgage. I have seen the so called homeowners at places like Home Depot practically in meltdown over having to buy a new water heater that naturally the Depot will finance with no payments for some months and an exorbitant rate of interest. My thoughts are many would be in foreclosure had we not been in the so called moratorium on foreclosures and I also read that there is about 5% of mortgages set to hit the foreclosure court when the moratorium is lifted. So to me with buyers sitting at the edge and so many so called homeowners ready for foreclosure it seems pretty obvious that somewhere along the line the hammer is going to drop unless that is it is different this time and in all of my years when the day is done it is never any different.

We probably don't want to know just how close many are to the edge. I mean we have heard that what, 40%, of people can't come up with $400 but how many of those bought a home? I also work in the industry and never really thought they a small quarter point here or there would make much difference. BUT they absolutely do. My backlog is quickly drying up with only a 0.5% increase. On a relative basis though moving from 2.5% to 3% is a 20% increase but it really doesn't mean much on a bigger scale. A 3% 30 year mortgage would have been considered stealing just a few years ago.
 

Scald

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Peak insanity: Houses in the Phoenix area are selling at 10% above asking price. The feeding frenzy continues...