Still not much – I’m growing increasingly convinced that people can’t afford to move.
Filed under Uncategorized
If they’re like me, they can’t afford to take a bath on a house bought in 2007 (OUCH!) I’d love to move right out of Greenwich, but it’s just not possible right now!
Any thoughts on the house on Riverside Ave that has the train tracks as a backyard?Just saw the Broker Open House sign .
The low inventory (being touted as a problem by NAR w/o any explanations as to why?) is largely because of the low equity in the home problem (negative equity and tight mortgage standards are also problems but are more well known and understood). With home prices “recovering” but still far below their 2006/2007 levels, home owners have low equity (generally defined as > 80% LTV) even if they are not negative equity per se.
or maybe the market is supply constrained for houses listed at reasonable levels?
What planet are you guys on?
Almost $300 MILLION DOLLARS of SALES in the past 8 weeks and another 70+ accepted offers in January.
People are moving in and out of town every day…
actually accepted offers and contracts
While you are out, check out the Greenwich Hyatt. All 400 global partners of Goldman Sachs are gathered for the next 48 hours and perhaps you can sell them some real estate. President Sarkozy of France spoke earlier today; he would love a backcountry estate as well!
After negative 4th quarter, Art Cashin appears to predict new recession:
Via Art Cashin,
For why that annual reading may be important, let me quote my Bloomberg pal, Rich Yamarone:
The year-over-year change in real GDP was 1.5 percent. There has never been a time since measurement commenced in 1948 when the annual pace of real GDP has fallen that low without the economy ultimately slipping into recession. Sub-2.0 percent readings are historically the warning signal.
Lot more older residents holding till they die with the new big capital gains tax. Maybe we see more rentals of these houses if people want to move.
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