Talking to a guy this week (in his 50"s) who is involved in housing industry. Works with builders locally as a contractor. He said all of the builders are saying things are looking much worse. They have held off laying some people off but they can't anymore. Layoffs anticipated enmasse. Some builders have been hammered already. They say the buyers are not there at all. This should be a good time of year, even with the weather. Worse yet there aren't many lookers either. We might see this show up in a few months on the news. So far nobody has really taken notice.
anecdotal evidence on housing here in Chicago area
Started by
nimblebear
, Feb 12 2007 11:43 AM
2 replies to this topic
#1
nimblebear
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- Traders-Talk User
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Welcome to the Dark Side !
Posted 12 February 2007 - 11:43 AM
OTIS.
#2
pdx5
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I want return OF my money more than return ON my money
Posted 12 February 2007 - 01:10 PM
More anecdotal evidence...
My niece has taken her house off the market for lack of "lookers" in Murietta, CA
Asking price: $500,000
Two of our friends in Vancouver, WA have taken their homes off the market because
keeping the house in immaculate condition became too much of a hassle with the derth
of lookers coming in for a lookover. They will relist in April-May. One of the houses is
4000+ sq-ft McMansion.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule
#3
Islander
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Member
Posted 12 February 2007 - 04:00 PM
More anecdotal evidence...
My niece has taken her house off the market for lack of "lookers" in Murietta, CA
Asking price: $500,000
Two of our friends in Vancouver, WA have taken their homes off the market because
keeping the house in immaculate condition became too much of a hassle with the derth
of lookers coming in for a lookover. They will relist in April-May. One of the houses is
4000+ sq-ft McMansion.
Anecdotal evidece can be very informative. We do some work for homebuilders in marketing and our results for January suggest that things have deteriorated more than the press has reported. "Visits" for new construction are down by 50% on average in the NE and more in the West including California, Oregon and Washington. Our historical data lead us to feel it might be well into 2008 before anything positive happens to the housing market nationally. The real concern is the subprime market which seems on the edge of melt down. The danger there is the mortgage bankers. HSBC has shown that sector's judgement is questionable, and there are others in the bushes bleeding. This is the next recession can come from. Islander.
