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Home Sales Fall 4.9% In Slow Start To Spring Buying Season

 
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Old 04-22-2019, 07:31 PM   #1
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Home Sales Fall 4.9% In Slow Start To Spring Buying Season


https://www.foxbusiness.com/economy/...-buying-season
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Old 04-22-2019, 10:15 PM   #2
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


Wonder if this relates to Tax rebates being smaller. I know people that get a big check will spend it. If it's smaller they may prioritize the spending to more essential things.

People got more in their paychecks and a smaller return.$20-25/week doesn't do to much for your buying power compared to a larger one time check. People don't notice that $25/week times 52 weeks is a good chunk of change, it just looks bigger consolidated in one check.

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Old Yesterday, 12:18 AM   #3
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


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Originally Posted by Leo G View Post
Wonder if this relates to Tax rebates being smaller. I know people that get a big check will spend it. If it's smaller they may prioritize the spending to more essential things.

People got more in their paychecks and a smaller return.$20-25/week doesn't do to much for your buying power compared to a larger one time check. People don't notice that $25/week times 52 weeks is a good chunk of change, it just looks bigger consolidated in one check.
Who do you know that gets a big enough refund to put a down payment on a mortgage?

Lumber tariffs added $9000 extra to the average new home. Interest rates went up and income for the "hump" class is stagnant. Do the math
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Old Yesterday, 02:05 AM   #4
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


In these parts they tell me real estate is down partially due to people getting older and looking to cash out and move into more modest living arrangements. Not sure if this is also whats going on with new home starts.
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Old Yesterday, 06:09 AM   #5
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


Spring weather across the whole country sucks. Floodsd, blizzards, tornados, the usual. Seems like they say this every spring. Not too good for breaking ground. Most likely pickup in the next month.
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Old Yesterday, 06:11 AM   #6
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


Quote:
Originally Posted by Irishslave View Post
Who do you know that gets a big enough refund to put a down payment on a mortgage?

Lumber tariffs added $9000 extra to the average new home. Interest rates went up and income for the "hump" class is stagnant. Do the math


Got $12,000 this year. $8,000 last year.
Wife complains she doesn't have any money between pay checks.

Duh, why you give the gov't an interest free $1000 month loan?
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Old Yesterday, 07:05 AM   #7
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


Quote:
Originally Posted by Irishslave View Post
Who do you know that gets a big enough refund to put a down payment on a mortgage?

Lumber tariffs added $9000 extra to the average new home. Interest rates went up and income for the "hump" class is stagnant. Do the math
Last two specs lumber bill went from 28K to 40K. The 40K bill was less lumber and smaller roof. Buyers and realtors think Iím supposed to eat that.
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Old Yesterday, 07:25 AM   #8
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


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Spring weather across the whole country sucks. Floodsd, blizzards, tornados, the usual. Seems like they say this every spring. Not too good for breaking ground. Most likely pickup in the next month.
All of which has nothing to do with buyers buying.
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Old Yesterday, 07:33 AM   #9
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


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Originally Posted by TimNJ View Post
Got $12,000 this year. $8,000 last year.
Wife complains she doesn't have any money between pay checks.

Duh, why you give the gov't an interest free $1000 month loan?
I did that for a long time. Went straight to my rent for the shop. Then I made my Excel program for my checking and it expanded into everything including taxes. So now I get a lot less back and keep a lot more. My wife had a kanipchit when I wasn't giving her 4-5K a quarter (on average). But so far we are still getting money back and I haven't had to pay the IRS at the end of the year, so it's all good. But I do like to get that check at the end of the year even though I know I've given the govt free money.
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Old Yesterday, 07:41 AM   #10
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


I don't know if the link will show up, but here goes:

https://www.linkedin.com/feed/news/m...tably-4652804/

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Millennials won't retire comfortably

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Updated 21 minutes ago

While a recent survey shows that millennials believe that they're going to be rich at a relatively young age, other statistics show just the opposite is true: the cohort that grew up with the internet revolution and came of age during the financial crisis is doing worse than other generations were at their age. The Economist notes that millennials are also not generating enough wealth to retire comfortably.
STG: What the M's are figuring out, is the money in't there. Not their fault, its what we handed them. Makes a big hole in the new home build market.

That's just a fact.
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Old Yesterday, 07:51 AM   #11
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


Quote:
Originally Posted by SmallTownGuy View Post
I don't know if the link will show up, but here goes:

https://www.linkedin.com/feed/news/m...tably-4652804/



STG: What the M's are figuring out, is the money in't there. Not their fault, its what we handed them. Makes a big hole in the new home build market.

That's just a fact.

I honestly don’t care about retiring anymore as long as I’m self employed. I like to work just would prefer to not need to work. The problem is I’m seriously thinking about taking a regular job at this point, maybe doing the self employed thing sometime down the road again. Either way, I figure I can spend half my time finding work and the other half performing it and still make more than working on a spec. Build.


I don’t even save for retirement anymore, my fiance does but not much. Teachers don’t get a pension anymore and their health insurance premiums are very high unless they opt for an HSA. She’s a stereotypical millennial for sure. But you better not tell her that.
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Old Yesterday, 09:53 AM   #12
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


This article says plenty from my state.... Our state workers are well taken care of and keep voting for people that grease their incomes.

https://amp-northjersey-com.cdn.ampp...F2613690002%2F
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Old Yesterday, 09:59 AM   #13
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


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All of which has nothing to do with buyers buying.
Nobody is thinking of that new house when where they are living and everything they own just floated down river. They will be when they get their insurance check or get back to work.

Really two forces at work. Like you say, millennials can't afford it...long term problem.


Weather... short term problem.

Add both together and immediate outlook looks bad. See what happens by end of June.
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Old Yesterday, 10:08 AM   #14
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


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I did that for a long time. Went straight to my rent for the shop. Then I made my Excel program for my checking and it expanded into everything including taxes. So now I get a lot less back and keep a lot more. My wife had a kanipchit when I wasn't giving her 4-5K a quarter (on average). But so far we are still getting money back and I haven't had to pay the IRS at the end of the year, so it's all good. But I do like to get that check at the end of the year even though I know I've given the govt free money.

Those two years were actually kind of a fluke.
Bought a $70,000 truck last year and took the whole deduction in one year.
Previous year bought my new trailer and spent a small fortune replacing my tools with battery ones.

The average is about $4000. End up using that as our vacation fund.
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Old Yesterday, 11:13 AM   #15
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


nahbnow.com/2019/04/lower-interest-rates-help-boost-march-new-home-sales/

?? Didn't come up as a link.


Sales of newly built, single-family homes rose to a seasonally adjusted annual rate of 692,000 units in March after a slightly revised February report, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales pace since November 2017.
“These numbers indicate that builders who can produce housing at affordable price points will experience sales growth,” said NAHB Chairman Greg Ugalde, a home builder and developer from Torrington, Conn. “However, builders are still dealing with a shortage of construction workers and buildable lots, which limits housing affordability.”
“We saw a large gain at lower price points where demand is strong. In March of 2019, 50 percent of new home sales were priced below $300,000, compared to 39 percent in March of 2018,” said NAHB Chief Economist Robert Dietz. “These are the price points that are attractive for renters seeking to become homeowners.”
A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the March reading of 692,000 units is the number of homes that would sell if this pace continued for the next 12 months.
The inventory of new homes for sale was 344,000 in March, representing a 6 months’ supply. The median sales price was $302,700 with strong gains in homes sold at lower price points. The median price of a new home sale a year earlier was $335,400.
Regionally, and on a year to date basis, new home sales fell 17.6 percent in the Northeast, 8.1 percent in Midwest and 5.9 percent in the West. Sales rose 9.6 percent in the South, where 58 percent of new home sales occurred in March
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Last edited by TimNJ; Yesterday at 11:19 AM.
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Old Yesterday, 11:38 AM   #16
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


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Originally Posted by TimNJ View Post
Got $12,000 this year. $8,000 last year.
Wife complains she doesn't have any money between pay checks.

Duh, why you give the gov't an interest free $1000 month loan?
I don't even know if that's enough for a down payment on an FHA. Especially where you live.
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Old Yesterday, 02:26 PM   #17
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


I also think for the millennials, student debt plays a significant factor.
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Old Yesterday, 03:00 PM   #18
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


Quote:
Originally Posted by TimNJ View Post
Nobody is thinking of that new house when where they are living and everything they own just floated down river. They will be when they get their insurance check or get back to work.

Really two forces at work. Like you say, millennials can't afford it...long term problem.


Weather... short term problem.

Add both together and immediate outlook looks bad. See what happens by end of June.
Yeah, that's just not happening here. Weather has nothing to do with what is going on.
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Old Yesterday, 03:35 PM   #19
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


Quote:
US new-home sales climbed 4.5% in March
https://www.foxnews.com/us/us-new-ho...d-4-5-in-march
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Old Yesterday, 03:41 PM   #20
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Re: Home Sales Fall 4.9% In Slow Start To Spring Buying Season


Stop confusing me.....

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