I just heard that on CNBC that the US housing market prices will fall 30 % more this year, so if you owna home say at about $400k, your going to Lose another $120k on your value this year, gotta love Bush !
Also oil price per Barrel $121.85
also no future tradeing on commidities(corn, wheat, rice and other food ) per the Fed. Chairman

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Originally posted by SirNick58:
I just heard that on CNBC that the US housing market prices will fall 30 % more this year, so if you owna home say at about $400k, your going to Lose another $120k on your value this year, gotta love Bush !
Also oil price per Barrel $121.85
also no future tradeing on commidities(corn, wheat, rice and other food ) per the Fed. Chairman

What does the President have to do with the housing market? Please explain this in great detail, I'm quite sure your explanation will be interesting. Secondly, commodity prices would drop if we got out of the ridiculous, government subsidized ethanol fuel business. Oil prices would also drop if we drilled in ANWR, drilled off the west coast of Florida, built more refineries and built more nuclear power plants; all moves democrats and liberal environmentalists vote against.

That's a big generalization.

It’s all about location and supply/demand. Our place is still gaining value and has never stopped for the last 10-years. The town we live in has a population of less than 8000 people, and we're close enough to commute to many major areas offering high-tech/high-salary jobs. And the sectors I speak of, have not seen a downturn as other-sectors have.

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Originally posted by Presley:
What does the President have to do with the housing market? Please explain this in great detail, I'm quite sure your explanation will be interesting.

x2

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What does the President have to do with the housing market?

Only so far as the President's job includes setting overall economic policy. Our economic health depends on a lot of inter-related factors such as GNP, employment and job creation, debt to income, manufacturing, durable goods, housing starts and existing home sales, etc. etc. This administration allowed sub-prime mortgage lenders to aggressively market to a large segment of the population that couldn't afford the loans, and investment banks like Bear-Stearns were encouraged to make speculative investments in all that sub-prime debt. Sooner rather than later, the bubble popped worse than the dot.com bubble in the 90s.

I agree about ethanol, which is a major factor in the skyrocketing price of food in your local supermarket. Too much corn is going into ethanol, and not enough to feed livestock.

I'm of two minds about drilling in ANWR, because there's too much conflicting data from equally qualified experts on just how much oil could be taken and how much it would relieve our mideast dependency. I think contemporary drilling technology can probably do it reasonably safely, but still, I want to see some definitive numbers first.

Oil prices will also go down if we'd just stop using so freakin' much of it. Lifting the gas tax for three months during the summer is a dumb, dumb idea. In my opinion.

The simple answer as to why oil is $121 a barrel is because India and China have become industrial giants. Simple economics, demand has sky rocketed.

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Originally posted by SirNick58:
I just heard that on CNBC that the US housing market prices will fall 30 % more this year, so if you owna home say at about $400k, your going to Lose another $120k on your value this year, gotta love Bush !
Also oil price per Barrel $121.85
also no future tradeing on commidities(corn, wheat, rice and other food ) per the Fed. Chairman

Depends on where you live. The housing market in my area has remained steady.

Housing prices with contract to affordable levels. That means they will come down to median income levels. No choice it will happen.

And the President has nothing to do with the fluctuations of oil, gas or housing market, MORON.

Read my gas and oil thread.

I just got a speeding ticket.......It's Bush's fault.

I wouldn't mind if my house value falls. That means the tax base will fall too, means more money in my pocket, MEANS MORE SMOKES IN MY HUMI!!!!

What a lot of people seem to overlook is that a HUGE part of the rise in oil is due to the weakening Dollar.

While the President doesn't directly control that, he can certainly work with the Fed to strengthen the dollar and shore up a lot of this price increase.

There are MANY factors that go in to all of this, the president has little control over most of it, but a little influence over a lot of it.

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Originally posted by Presley:

quote:

Originally posted by SirNick58:
I just heard that on CNBC that the US housing market prices will fall 30 % more this year, so if you owna home say at about $400k, your going to Lose another $120k on your value this year, gotta love Bush !
Also oil price per Barrel $121.85
also no future tradeing on commidities(corn, wheat, rice and other food ) per the Fed. Chairman

What does the President have to do with the housing market? Please explain this in great detail, I'm quite sure your explanation will be interesting. Secondly, commodity prices would drop if we got out of the ridiculous, government subsidized ethanol fuel business. Oil prices would also drop if we drilled in ANWR, drilled off the west coast of Florida, built more refineries and built more nuclear power plants; all moves democrats and liberal environmentalists vote against.

ANWR HERE WE COME I AGREE TOTALLY

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Originally posted by TXsmokeater:
I wouldn't mind if my house value falls. That means the tax base will fall too, means more money in my pocket, MEANS MORE SMOKES IN MY HUMI!!!!

I do I just put 80k in my house what do i have to show for it?

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Originally posted by Dave the Cigar Man:
What a lot of people seem to overlook is that a HUGE part of the rise in oil is due to the weakening Dollar.

While the President doesn't directly control that, he can certainly work with the Fed to strengthen the dollar and shore up a lot of this price increase.

There are MANY factors that go in to all of this, the president has little control over most of it, but a little influence over a lot of it.

True. Although I don't know how much more strengthening with the FED he can do? There have been numerous rate drops already, at this point they are probably trying anything and everything behind closed doors. This country is just in a financial funk right now. It has happened many times before and will happen again. For people to pin it all on Bush is rather short-sided.

I'm in the financial industry and alot of people are pointing to Greenspan. I don't know enough about that to comment, but I will say this:

The US housing market, especially down here in south Florida had a rediculous run up. From my college days, I remember doing a research report(a long time ago so don't get too hung up on the rate) where real estate typically appreciated at 5%. We were having 20% and 30% appreciation down here. I remember seeing double wides over $150,000 and they were selling like hotcakes.

We have a mortgage guy in the office and he was telling me he could get a $700,000 loan for something like $2,500 a month a few years ago. I told him even simple interest was more than that. He said they have a minimum interest payment and the difference between that and the real payment was tacked onto the principal of the loan. This was inevitable.

To boot, the government is doing everything in its power to lessen the severity of this. Again, from my recollection in college(economics class) EVERY time the government tried to intervene, they only made the situation worse.

I do feel for the people caught up in this. I was almost one of them. Many families are going through some rough times because other people were "flipping" houses for a quick buck and pushed the price of houses up to a rediculous level. That, coupled with some unscrupulous mortgage brokers pushing people into loans they had no business getting into turned this into a catastrophy. I see those same mortgage brokers slamming the Federal Reserve and gov't. Kinda funny how the mortgage brokers took home the big checks on those same subprime loans.

Same thing happened in my business in the late 90's. We had mechanics making 150k plus a year driving Mercedes' from day trading in the stock market. I have an uncle who is a truck driver. He was making more day trading than as a trucker. He lost a substantial amount. The Nasdaq is still half its all time high.

I want a president that micro manages the country down to the housing market level.

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True. Although I don't know how much more strengthening with the FED he can do? There have been numerous rate drops already, at this point they are probably trying anything and everything behind closed doors

It won't matter if the interest rate was reduced to zero. If there is no secondary market for loans, most banks won't make them. Fear is ruling right now and I believe only time will cure this. Emotion swings from one extreme to the other. On one side is greed. Fear is obviously the other.

My mother in law is a pretty successful realtor and she says even when a buyer and seller come together on a price, alot of times the bank will come back and say the price is too high and decline the loan.

I remember reading about a family who set their house on fire to get out from under it. Very sad indeed.

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That, coupled with some unscrupulous mortgage brokers pushing people into loans they had no business getting into turned this into a catastrophy.

...and the investment banks that risked and lost our retirement or college fund money making speculative investments in that mortgage debt.

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Originally posted by Pangea:
I want a president that micro manages the country down to the housing market level.

Great point! In the post-9/11 world, I would hope the President has more important issues to worry about.

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Originally posted by KKL:
The simple answer as to why oil is $121 a barrel is because India and China have become industrial giants. Simple economics, demand has sky rocketed.

I was wondering if you were going to suggest bombing them.