Bad new for Real Estate In EverettTopic: Home selling
This is a triple dose of bad news for real estate in Everett. These three separate bits of information spell bad news for homes for sale Everett. If I hear any more talk about a recovery I am going to puke.
NAR (National Association of Realtors) said pending homes sales showed the biggest declined in several months. "Experts" were expecting a 2% decline and they got a 16% plunge.
Why is it that the "Experts" never expect bad news? Why call them experts if they don't know their jobs?
Then on top of that we hear that personal bankruptcies increased over 32% from the previous years highs. If you remember back in 2005 the Feds changed the law to make it harder to file for a bankruptcy. So in 2005 a record number of filings were set to beat the law change. Guess what; those records were just beat as we now have another new negative record set at 1.41 million new bankruptcies filed in 2009.
And here is the other shoe dropping from this 3 legged monster, construction activity. It fell for the seventh consecutive month for both residential and commercial projects. The Commerce Department said Monday that construction spending dropped 0.6 percent in November, a bigger decline than the 0.4 percent drop that economists had been expecting. Again those "experts" were stumped. The "experts" expected a 0.4% drop and we got a 0.6% drop.
Personally I would like to be one of these constantly bemused "experts" because I would simply guess at results and never be held accountable. Wouldn't that be great to be paid to be wrong all the time. Sounds like politics to me.
Let's consider the decline in pending home sales was the largest drop, point-wise, since NAR started the index in 2001, dragging the indicator to its lowest level since June 2009. NAR officials blamed this decline on the deadline for the First Time Home Buyer Credit that was scheduled to end in November. The credit has since been extended to April 30, 2010. NAR "experts" said that home sales normally slow in winter and should pick up in the spring.
I think NAR is whistling in a dark graveyard on this. I think without jobs there will be no recovery in pending home sales. Remember in Everett real estate a pending contract may take several months to close. So if someone signs a contract on new construction now they may not close until April.
Now if I combine the decline in pending home sales with the increase in personal bankruptcies and the decline in construction spending we have the recipe for a double dip recession.
I don't need an "EXPERT" to connect the dots. Mr. Obama affordable health care is a laudable goal, cap and trade is a spacious goal and amnesty for illegals is a terrible goal. You have only one goal and that is JOBS, JOBS and MORE JOBS.
I want to see real estate in Everett moving again. I want to see homes for sale Everett back on tract again, Mr. President focus on creating jobs.
PS How is the Hope and Change working for you?
Thank you for reading this, Comments are welcome.
Jim Johnson Everett-mortgage-on-line.
by Jim Johnson
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