Comments on: NAR Saw its’ Shadow, 6 More Months of Falling Home Sales? http://www.creditwithdrawal.com/wordpress/2007/11/29/nar-saw-its-shadow-6-more-months-of-falling-home-sales/ Helping You Kick the Credit Habit, One Good Idea at a Time Thu, 31 Dec 2009 04:56:04 -0700 http://wordpress.org/?v=2.8 hourly 1 By: Randall http://www.creditwithdrawal.com/wordpress/2007/11/29/nar-saw-its-shadow-6-more-months-of-falling-home-sales/comment-page-1/#comment-177 Randall Thu, 29 Nov 2007 16:10:27 +0000 http://www.creditwithdrawal.com/2007/11/29/nar-saw-its-shadow-6-more-months-of-falling-home-sales/#comment-177 The NAR are scared for the sector, so they're trying to do a "everything's fine here, nothing to see" type response. It's in their own best interest, not the sellers/buyers. That's why I think things are going to get rougher before they get better, BUT THEY ARE GOING TO GET BETTER. People that got into ARMs are still just waiting their turn to see their payments balloon up at some point. Better to lock in something you can afford, than HOPE it doesn't go up beyond your means. The NAR are scared for the sector, so they’re trying to do a “everything’s fine here, nothing to see” type response. It’s in their own best interest, not the sellers/buyers. That’s why I think things are going to get rougher before they get better, BUT THEY ARE GOING TO GET BETTER.

People that got into ARMs are still just waiting their turn to see their payments balloon up at some point. Better to lock in something you can afford, than HOPE it doesn’t go up beyond your means.

]]> By: Erin http://www.creditwithdrawal.com/wordpress/2007/11/29/nar-saw-its-shadow-6-more-months-of-falling-home-sales/comment-page-1/#comment-176 Erin Thu, 29 Nov 2007 15:42:41 +0000 http://www.creditwithdrawal.com/2007/11/29/nar-saw-its-shadow-6-more-months-of-falling-home-sales/#comment-176 "there are still other warnings about an upcoming surge of mortgages that will be adjusting in the March-April timeframe." Yep. There will be a large amount of ARM loans resetting at this time. So those who haven't been affected yet will be scrambling when their mortgage shoots up in the spring. Anyone with an ARM loan resetting soon should try and refinance for a lower fixed rate. I'm a bit skeptical of the NAR, I'm not sure they have completely realized (or want to admit) the severity of the housing situation in certain areas of the country. There are many parts of the country where this thing will not be over with in 6 months. Places like Las Vegas, parts of Arizona, San Diego, Riverside county, CA etc. have been hit hard and it will take awhile to dig out. Phoenix for example has well over a year of inventory on its hand. In September they had 64,000+ homes for sale, and only 3,050 sold. “there are still other warnings about an upcoming surge of mortgages that will be adjusting in the March-April timeframe.”

Yep. There will be a large amount of ARM loans resetting at this time. So those who haven’t been affected yet will be scrambling when their mortgage shoots up in the spring. Anyone with an ARM loan resetting soon should try and refinance for a lower fixed rate.

I’m a bit skeptical of the NAR, I’m not sure they have completely realized (or want to admit) the severity of the housing situation in certain areas of the country. There are many parts of the country where this thing will not be over with in 6 months. Places like Las Vegas, parts of Arizona, San Diego, Riverside county, CA etc. have been hit hard and it will take awhile to dig out. Phoenix for example has well over a year of inventory on its hand. In September they had 64,000+ homes for sale, and only 3,050 sold.

]]>