David Rosenberg via Zero Hedge: Not a Single New Home Over 750k Has Been Sold for 2 Months

[Corcaigh]

I'll check it out, thanks.

I thought there might be a problem when an acquaintance told me about her Countrywide Mortgage job at a xmas party in 2005.

High school educated lady of average intelligence and a nice smile. Career secretary. Started selling mortgages. Did well. Became head of an office. Made 400k that year.

Here's your sign.

I don't know if she's in jail or not.

It used to be the same (and possibly still is) with certain financial services products. I remember when I graduated, wandering around career fairs, and there were companies with pictures of helicopters and Ferraris. It wasn't clear what they sold. One of their products was very popular in the UK in the 80s - 'endowment mortgages' where you only paid interest and a separate investment would take care of the principal (and more). Of course, people soon found out that the investment wasn't growing as 'promised'. It got ugly.

[Corcaigh]

There aren't really any poor in Europe though, that's kind of the difference right? Generally speaking of course.

Much of the advertising here is not targeted at the poor ...

"Get the cash you need in a flash as Cashpoint" (just give us your car title so you have the money to take a vacation or to buy some new jewelry, as suggested in the ad).

Rent-a-Center (maybe you should just wait until you can buy the flat screen and new couch versus renting it)

Or Montell Williams on TV offering you a $1000 dollar loan for any purpose provided you have "a monthly income of at least $800". WTF?

[twa]

LOL. exactly.

The ones who get hurt a bit are small business owners who file as a sub s. Hard to say where my income begins and the businesses ends. Same thing with debt ratios.

That's always entertaining,and illustrates how little some finaincial officers know about small business.

I was doing a credit line the other day and naturally gave them last yrs returns and the monthly statements....idiot wanted to know what my income was:silly:

No Dingus ...just because I took in X doesn't mean I made X:ols:

on topic

I imagine the high end market is shopping among all the deals on used housing...who can blame them?

[Burgundy Burner]

on topic

I imagine the high end market is shopping among all the deals on used housing...who can blame them?

But, but, but, but, but taxing the rich will make everyone have more money.

[redskins59]

Don't even bother reading that website. It's crappy. All they do is talk negative about the economy. I haven't read even one positive story on that site. It's just pathetic.

If you look at existing home sales that came out a few days ago, the only reason home prices went up was due to homes over a million. Even sales for homes above a million went up even though everything else went down. Sales were down 27%, but not true for homes for the rich.

[Busch1724]

Don't even bother reading that website. It's crappy. All they do is talk negative about the economy. I haven't read even one positive story on that site. It's just pathetic.

Well yeah the stories will be negative if the economy is not doing well. Common sense would tell you that. The fact of the matter is the administration artificially propped up the market and the first time home buyers that wanted to buy a house bought one in that period. Who's left to buy. It pushed people to the front of the line and now there are very few people left in it. How can you put a positive spin on the economy right now?

[TheDoyler23]

...the first time home buyers that wanted to buy a house bought one in that period. Who's left to buy. It pushed people to the front of the line and now there are very few people left in it.

Pretty much. I wasn't really planning on buying a home in 2010, but myself and my wife successfully put in a really low offer on a short sale and will get a tax credit.

[A Walton]

I think the key is new home..

I am sure there were existing homes sold over 750K

I lost out on two houses in Arlington (existing) that were priced over 750k in July.

[zoony]

I think the title of the article should be "builders aren't constructing $750k + spec homes anymore"