It's always interesting to see how the CAR view the housing market (http://www.car.org/index.php?id=MzgzNzc) here are a few highlights:
"Although sales rose for the fourth straight month in February by 9.5 percent compared to the previous month, they continue to be dragged down by the ongoing effects of both the credit/liquidity crunch and tighter underwriting standards that have reduced the pool of qualified buyers who can obtain a loan," said C.A.R. President William E. Brown.
"It is crucial that FHA reform legislation currently under consideration by congress include higher loan limits for high-cost states like California," he said. "The proposed legislation also includes a reduction in the down payment requirement for FHA loans and will include condominiums in the FHA single-family program, which will make it easier for buyers in the condominium market to qualify for loans."
Is this guy a fool or what--increased sales? higher loan limits? reduce down payment requirements? This is the reason we are in this mess in the first place!
The Federal Reserve Bank’s recent action to reduce the federal funds rate will have little near-term direct effect on the housing market," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "However, Fed rate cuts should result in more favorable real estate finance rates as we move through the year."
Give that woman a hand, that Harvard degree sure comes in handy!
Subscribe to:
Post Comments (Atom)
1 comment:
I do not have much faith in the recent jobs report is really anything to get very excited about. If you take a deeper look into the data you will find that much of the increase in employment was temporary employment during the last couple of months of the year. I believe that much of the current employment problems stem from a lack of real wealth creating companies. Untill the country gets away from all the jobs in the financial service sector. I believe that the unemployment situation will not improve. Jim Rogers has stated this in many of the interviews that he has given to the news media that the financial services sector is much to large. Jim Rogers has stated in recent interviews that he believes that the savings rate must be much higher if we are to sustain any high degree of economic growth. Many retailers can make more money loaning money to their customers at 20% interest than they can make selling product to their customers. What does that tell you about jobs.
Post a Comment