Comments on: First-Time Homebuyer Traffic Nose-Dive

By: La Fiducia dei consumatori USA e l’acquisto di case da parte di “nuovi proprietari”. | Banche, Risparmio, Investimenti e Trading

Thu, 01 Jul 2010 05:52:16 +0000

[...] elemento in questa discussione, ci sembra interessante segnalare un grafico dal blog di Barry Ritholtz , che mostra la dinamica delle vendite di case (“usate”) negli [...]

By: vine2wine

vine2wine — Tue, 29 Jun 2010 17:56:32 +0000

I live in SoCal and can say that at least in San Diego there has been a fear in the market to buy for first time buyers. The fear being that home prices and or interest rates will rise again to a point that is not in line with median household income. But I digress because quite frankly, San Diego is a pretty dynamic market overall. Its geographically diverse and incomes are all over the place.

I am a first time buyer on the fence and have seen multiple offers on “affordable” homes here (<$350k) in desirable areas. I would say that a good majority of these offers have flopped last minute due to lending standards being what they should have been in the first place and first timers just not cutting the mustard.

I am waiting until the CA tax thingy is over and the buzz fades away on govt giveaways. This should at least illustrate some transparency in the real market and the buyers out there. The word on the street here is that there is just so much shadow inventory, that releasing it without some restraint actually might cause another bubble-like rise.

By: Tuesday links: flight-to-safety Abnormal Returns

Tuesday links: flight-to-safety Abnormal Returns — Tue, 29 Jun 2010 17:16:43 +0000

[...] First-time home buyers have disappeared. (Big Picture) [...]

By: ps_fedex

ps_fedex — Tue, 29 Jun 2010 16:58:17 +0000

I don’t like the definition of a strategic defaulter. You are a strategic defaulter if you don’t pay your mortgage but pay your other bills like car payment, phone bill, electricity, water, sewer etc. Without a car, phone and utilities, how can you really survive? Especially these bills are usually much smaller than a typical mortgage payment.

By: patient renter

patient renter — Tue, 29 Jun 2010 16:56:43 +0000

The fact that California has a ~$20 billion deficit (again) and still managed to come up with an industry giveaway shows the extent to which our pols can be completely and utterly bought and paid for by special interests.

By: b_thunder

b_thunder — Tue, 29 Jun 2010 15:41:23 +0000

“1 in 5 choosing to default on mortgages though they can pay”
http://www.palmbeachpost.com/money/real-estate/1-in-5-choosing-to-default-on-mortgages-774736.html quotes a study by Experian.

Is this the study that will finally sort-of, kind-of maybe partially convince BR that strategic defaults are:
1) happening at a fairly high (19%) rate, and that includes the states where banks can go after borrowers to recoup the losses, and
2) “strategic defaulters” still pay off their car and credit card loans, which means they’re spending MORE than they otherwise would have? iPad, Kindle, 52″ 3D LED LCD TV anyone?

By: Mannwich

Mannwich — Tue, 29 Jun 2010 13:34:43 +0000

BTE, Cognos?

By: super_trooper

super_trooper — Tue, 29 Jun 2010 13:33:17 +0000

@Mr. Obvious,
clearly not, as has been mentioned before for their are at least two types of US housing markets. Hence why Schillers housing index for 20 cities is the best indicator.

By: super_trooper

super_trooper — Tue, 29 Jun 2010 13:31:48 +0000

Is it back to pre tax-incentive days for first-time home buyers?
Why not include the last 10 years for example.

By: ashpelham2

ashpelham2 — Tue, 29 Jun 2010 13:27:37 +0000

When I bought each of my homes (in 2001 and again in late 2003), the economy was in a very different place. I bought my first home in 2001, without the aid of any “credit” and with the 10% I could scrap together living in Charlotte, NC working as a junior accountant. In retrospect, should have waited. But sold that first home 2 years later for a small appreciation, and moved on.

I doubt I’ll ever get that kind of appreciation in the house I’m in now, which I’ve resided in for nearly 7 years now. Funny….talking to my mom the other night on the phone….My mom and dad’s first home doubled in value in just around 9 years. This was in the early 1990′s when they sold it, after buying the mid-80′s.

It sucks to be in my generation.