02.19.2007 - Monday Open Thread
This is your open thread for Monday, February 19, 2007. You may post random links and off-topic discussions here...
but why not go participate in the forums, instead?
Off-topic comment? Interesting link?
Head over to the forums, or click here for open threads.
Head over to the forums, or click here for open threads.
9 comments:
I love this quote from the Guardian in the UK. Though it is refering to the UK housing market...I think it applies to ours as well....
"In some ways the housing market has resembled a drunk standing at the bar in some back-street boozer.
With every drink he has, people think he must soon stagger and tumble over. But he doesn't. He keeps drinking and he remains standing. He stays up for so long that eventually people decide they were wrong to think he would fall over.
But then, just as they decide he will never fall, he takes the last drink and finally tumbles to the ground."
If you need to Forbes to tell you the best city for finding a job in order to get a good job... you're already toast.
Besides that, I would have major quality-of-life issues ina ll of those locales except maybe SLC. But that's just me personally.
Imagine what kind of wage growth would have been necessary to have kept pace with the housing markets in many areas!
New related housing article in the PI:
Bungalows biting dust for suburban-size homes: Teardowns cater to buyers who want 2-car garages and more
I'm glad I got that last zinger in on RCG before they closed the thread for comments!
The best flip i've ever seen.
bought in Feb 2006 for $650K.
On the market since July 06: $1.12 million.
about 100% appreiciation (expected).
http://www.redfin.com/stingray/do/printable-listing?listing-id=349034
tom,
nice house though, but not at that price! Realistically,I think $650K is plenty.
Wonder what prevented them from putting double sinks in the master while shooting for this kind of a profit!
I lived in Raleigh for ten years. It is a great place to live and raise a family. I do not think I would recommend it for a young single person though.
Manna From Heaven:
"The Fed’s low interest rates and the lenders’ ingenuity combined to bridge the gap between high house prices and not-always-high incomes. If a simple adjustable-rate mortgage could not close the deal, the bankers and brokers had other ideas. Option ARMs, deferred-interest loans and easily accessible junior liens meant that just about nobody couldn’t qualify. White lies, too, played their part in the drive toward universal home ownership. So-called low-documentation mortgages put the applicant on his or her honor. Income? Job title? Years of employment? Your word was your bond. Low-doc mortgages became especially popular among subprime buyers. In 1999, according to UBS mortgage research, just 21 percent of low-rated loans were closed with less than full documentation. In the past two years, fully 41 percent were. Wall Street gathered up these millions of new mortgages, packaged the collateral and modeled the cash flows to create asset-backed securities. The scale of this operation is one of the wonders of modern finance. Of all the residential mortgages outstanding in the United States, 80 percent were originated after 2002. Of all the subprime mortgages outstanding, 75 percent were originated after 2003."
http://www.lewrockwell.com/orig8/grant1.html
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